Personal › Home Loans › Home loans simplified › Finding the right loan: questions to ask About AMP | Contact us | Careers | Feedback Login AMP online services About AMP online services Register Personal Banking Home Loans Superannuation Retirement Investments Insurance Advice & Guidance Business Planners & Brokers Shareholders My Portfolio Print Share Home loans simplified Tips for first home buyers Finding the right loan: questions to ask Refinancing your loan Borrowing to renovate Borrowing for an investment property Tools & calculators Understanding the jargon Manage your home loan AMP Bank Home Loan Products Business Loans SMSF Bank Products Interest Rates Forms Help & FAQs Tools & Calculators Cost of Home Loan calculator Extra repayments calculator Other tools & calculators Finding the right loan: questions to ask How do you work out which home loan is right for you? The first thing you have to do is work out what your circumstances are, what sort of property you want, how much you can borrow, what additional financial benefits you require, and so on - so that you can find your 'perfect fit'. Because AMP Bank has created different home loans for different circumstances, you're more likely to get one that suits you. What should I consider when choosing a loan Do I want a fixed or variable rate loan? With a variable interest rate loan, repayment amounts may vary during the term of your loan, as economic conditions change. They could increase or decrease according to whether the rate moves up or down. Selecting a fixed rate loan can offer protection against rate changes. This means you can know exactly how much your repayments will be for a fixed period of time. Fixed rate loans are only for a limited time (usually up to five years) after which time the loan converts to a variable rate loan. Should I split my loan? If you like the certainty of a fixed rate, but would like some flexibility, then you might consider a split loan. You can choose which proportion of your loan you would like at a fixed rate, and which you would like at a variable rate. You benefit from the lower rates and flexibility of a variable loan, but also give yourself some protection against potential rate increases. Should I get a line of credit? A line of credit is a smart way to consolidate all your debts (home and personal) into one easy to manage account. It simplifies your banking and gives you flexibility in repaying and accessing your credit. A line of credit account isn't just a home loan - it's a facility you can use again and again up to the approved limit, for things like home improvements, investments or any other worthwhile purpose. There's no need to go through the process of applying for a whole new loan. Do I want a redraw facility? If you make additional repayments to your home loan, redraw allows you to access the additional repayments at any time. Your additional repayments are the difference between your current balance and what the balance would have been without making any additional repayments. Do I want a mortgage offset? A mortgage offset arrangement links your variable loan with an offset deposit account, so that money you hold in your deposit account can reduce the amount of interest you pay on your loan. If the deposit balance exceeds the loan balance, no credit interest is payable on the excess deposit balance. What can I do to get a better deal on my home loan Introductory rate loans Introductory or 'honeymoon rate' loans can be a good way to get started and can help you save. During the introductory period you are charged a lower interest rate, which you can take advantage of to pay more off your loan. When the introductory period ends, your mortgage will generally revert to the variable rate loan. Basic Package A low cost loan offering great access to your money when combined with 100% mortgage offset facility on variable rate loans, and now with the option of fixed rates. View AMP Bank's Basic Package Professional packages If you are borrowing $100,000 or more you may be eligible for a Professional Package, which may offer considerable savings. You do not actually need to be a white collar 'professional' to qualify. Professional Package loans offer up to 0.70%pa discount on standard interest rates for the life of the mortgage and have a wide range of features. View AMP Bank's Professional Package Low Doc loans A Low Doc package is a loan that makes it easy for the self-employed to get a loan. You need to have been self-employed for at least 2 years, and may not need all the documentary financial evidence usually required for a loan. Instead, you certify your income in the form of a declaration. Like all loans, ensure that you have the ability to repay the loan without undue hardship. View AMP Bank's Low Doc Package I want to know more If you are still unsure which home loan is right for you - the AMP Bank home loan selector may help you decide. View all AMP Bank home loans. Compare AMP home loans side by side. What can I do now? 1300 157 820 Application forms Have us contact you Questions? What are AMP Bank's Transfer cut-off times? Can I have an AMP Bank Cheque Book? What is an entity? How do I transfer funds to or from another bank account? How can I change my BankNet password? Superannuation Learn about your choices in Super. Take control today What is Super Find your lost super Changing jobs? AMP Flexible Super Banking There is another Bank. Find out more. Bank Accounts Home loans SMSF bank products Contact AMP Bank Find an ATM Other Useful Links Tools and calculators Careers in AMP Financial Planning Opportunities Subscribe to AMP eNews Enquiry form Interest rates © Copyright 2011 AMP Limited. All rights reserved. AMP Bank customer service : 1300 157 820 | Super consolidation : 133 888 | AMP on || Social responsibility | Careers | Media Centre | Help Centre | Sitemap | Terms & conditions | Privacy | Financial Services Guide | Term deposits | About AMP | AMP Capital