AMP Bank is tempting brokers to come on board with a new cashback deal.
The lender is offering brokers the chance to help their customers save up to $2,000 through a limited-time promotion tied to its new AMP Bank Broker Platform.
The promotion, which runs until 30 September, was unveiled Wednesday at a live panel event in Sydney, marking the launch of AMP’s new broker platform. And it's positioned as an incentive for brokers to adopt the platform, which promises to streamline processes and enhance the broker experience.
"The cash backs are a neat way to help brokers support that transition of using a system that maybe is new," Paul Herbert, head of lending and everyday banking distribution at AMP, told Australian Broker. "The incentives are there for the borrower, and that's by design. We want to make sure the borrowers are rewarded for the brokers' effort, because that's ultimately what the brokers are trying to do to deliver the best experience for their customers.
"We have a great product at the moment; we'll continue to have a great product," he added. "Stand alone, I think the product – and if we're talking about the product, that's our home loan product – [and] the experience stacks up on its own. But it doesn't hurt when you're trying something new to make that a little bit easier for a broker."
Applications must be submitted via Simpology's Loanapp platform
Applications submitted through AOL or ApplyOnline are not eligible
Minimum loan size: $100,000
Settlement must occur by 31 December 2025
Offer applies to: Essential package, Professional package and Loan Land packages only
$2,000 cashback paid within 90 days of settlement
One cashback per loan application (limit of one $2,000 payment)
In addition, AMP's cashback offer is available directly to brokers only and not available by way of the direct-to-consumer channel.
AMP Bank's latest offer arrives amid a surge in lender incentives and as competition heats up in Australia's loan markets. The list of lenders offering cashbacks include Regional Australia Bank, BankVic and ME Bank, ANZ and more.
At the same time, borrowers in Australia are increasingly grappling with a rising cost of living, housing shortages and uncertainty over the next interest rate reductions. This is where brokers come in. At AMP, more than 95% of AMP home loans are written through the broker channel.
