Richard TaylorParticipant@qlds007Join Date: 2003Post 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.
Yours in FinanceDeanCollinsParticipant@deancollinsJoin Date: 2015Post 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.Corey BattParticipant@cjaysaJoin Date: 2012Post 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 BattParticipant@cjaysaJoin Date: 2012Post Count: 1,010
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.Jamie MooreParticipant@jamie-mJoin Date: 2010Post 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.