Hi,
Anyone had good (or bad) experience with AMP loan? What are they like to deal with? Do they look favourably or not upon property investors?
Any other feedback welcome
AMP, are fairly tuned in to investors. Has a large Finnancial Planning arm. They have 2 good products for property investors one being I/O and another with an LOC.
Hydra
Neither of which carry friendly pricing though must be said.
Aslo credit policy is pretty tough and a lot of negatives.
Certainly could do better.
Richard Taylor | Australia's leading private lender
Richard,
Credit policy pretty tough? I have had one broker tell me they were the best we had to go with, all other lenders not qualifying?
Can i ask what are the negatives?
He can't think of any yet….. AMP's interest only investor oriented loan is OK, maybe with a fixed interest for 5 years below 7%.
Fact of being in the UK may have slowed me down.
Credit policy is the biggest drain. Certainly they dont want to discuss a deal unlike a lot of other lenders and everything is either black or white.
The way they calculate expenses when it comes to external loans, negative gearing policy list goes on and on.
Richard Taylor | Australia's leading private lender
If you are borrowing 80% or less then they are relatively flexible. Above 80% as with many (but not all) other lenders the LMI providers make the rules. Their customer service is excellent, their turnaround times are better than the majors and the offset account on their basic loans is excellent. Their interest rates are not market leading however they are close. It is hard to recommend anything without knowing your full situation. They are certainly not a terrible choich, I agree with Richard that you could probably do better.
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