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AMP Bank has joined other lenders in reducing the standard variable rate (SVR) across its home loan products following the Reserve Bank’s cash rate cut last week.
The bank said in a statement that it will reduce the SVR by 20 basis points, with its owner-occupier rate to start at 5.53 per cent (with a 5.70 per cent comparison rate) and its investor rate to start at 5.82 per cent (with a 5.99 per cent comparison rate).
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AMP’s Essential Home Loan variable rate will be reduced to 3.88 per cent (with a 3.90 per cent comparison rate) for all new owner-occupier customers, while its Professional Package variable rate for new owner-occupier term loans of $75,000 and above will drop to 3.95 per cent (with a 4.31 per cent comparison rate).
AMP’s SuperEdge variable rate for new SMSF residential property loans will also be reduced to 4.37 per cent (with a 4.41 per cent comparison rate).
The new rates will be effective on 23 May.
[Related: Rate cut frenzy continues]
