AMP Bank has announced an increase on its variable interest rates for new residential investment loans.
Rates for the AMP Basic Investment Basic Variable Loan have increased by 10 basis points to 4.31% p.a. while those for the AMP Bank Investment Professional Package Variable Loan have increased by 20 basis points to 4.34% p.a. for loans above $750,000.
These changes came into effect on Monday (6 February). Variable rates for owner occupiers and existing investment customers have remained unchanged as have fixed rates.
“A number of factors feed into any interest rate decision including the competitive landscape as well as the need to manage wholesale funding costs and maintain a balanced portfolio in line with regulatory guidelines. We remain focused on providing competitive interest rates,” an AMP spokesperson told
Australian Broker.
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