AMP Bank pulls out of Investment lending

Viewing 5 posts - 1 through 5 (of 5 total)

Richard Taylor
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@qlds007
Join Date: 2003
Post Count: 12,024
July 27, 2015 - 2:05 pm
As a reaction to the tightening lending market AMP Bank are about to announce later in the day a total withdrawal from the investment loan market.
This includes standard investment loans and loans to Self Managed Super Funds of which they were amongst the market leaders.
Interest rates for existing clients will increase by 1% and loans approved but not settled (including fixed rates) will increase by the same amount.
Certainly getting interesting in the investment loan market now.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
DeanCollins
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@deancollins
Join Date: 2015
Post Count: 376
July 28, 2015 - 6:20 am
wow that’s just nuts !!
wonder what all their staff are thinking about now……I’d be looking for a new job as the workload is going to fall dramatically.
Corey Batt
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@cjaysa
Join Date: 2012
Post Count: 1,010
July 28, 2015 - 7:42 pm
The BDM’s I’ve spoken to from AMP have said they’re looking at consolidating the book to re-enter towards end of the year, so it’s a temporary change. Meanwhile they’ll try to be aggressive in gaining owner occ marketshare.
To correct Richard, there isn’t a 1% increase for the existing loans – only those in progress. Existing will no doubt see increases, speculated to be between 0.27-.49%.
SMSF lending options are certainly restricting in the current environment, with adjustments by many of the major lenders who offer this.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
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Investment Focused Finance Strategist - servicing Australia-wide
Corey Batt
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@cjaysa
Join Date: 2012
Post Count: 1,010
July 29, 2015 - 11:34 am
Update:
It’s been announced – rates for investors will increase 0.47% effective 7 September. Owner occupier rates are being adjusted down – the AMP Pro-Pack can get as low as 4.12% variable to try draw in more business which isn’t investor related.
Corey Batt | Precision Funding
http://www.precisionfunding.com.au
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Investment Focused Finance Strategist - servicing Australia-wide
Jamie Moore
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@jamie-m
Join Date: 2010
Post Count: 5,069
August 1, 2015 - 9:07 am
Bye bye AMP – not a lender that I’ll be using in the foreseeable future. The cheap owner occ rate is appealing – but there’s literally nothing on offer for investor clients.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
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