All Topics / Finance / AMP Bank pulls out of Investment lending

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  • Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,018

    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 | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of DeanCollinsDeanCollins
    Participant
    @deancollins
    Join Date: 2015
    Post Count: 376

    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.

    Profile photo of Corey BattCorey Batt
    Participant
    @cjaysa
    Join Date: 2012
    Post Count: 1,010

    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

    Profile photo of Corey BattCorey Batt
    Participant
    @cjaysa
    Join Date: 2012
    Post Count: 1,010

    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
    Email Me | Phone Me

    Investment Focused Finance Strategist - servicing Australia-wide

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    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
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

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