AMP announced its reducing interest rate on its basic variable home loan for new customers by 0.10% thanks to the recovery in securitisation markets.
Australia's treasurer Wayne Swan noted in his website that he was informed of the decision last week by AMP managing director and chief executive Craig Dunn.
"Last week we received some welcome news with AMP announcing that it is reducing its basic variable home loan interest rate for new loans by 10 basis points, attributing the cut to the Government's investment in the Australian RMBS market. AMP's rate decision is good news for family budgets, and means more competitive pressure on the big banks. It was also encouraging to read Mr Dunn's statement that "we are also hopeful that we will be further able to reduce our rates in the coming months, as we gear up our operations in light of ongoing improvements in the securitisation market."
The federal government has invested up to $16 billion in Australian residential mortgage-backed securities (RMBS) in a bid to support competition in Australia's mortgage market and enabling smaller lenders to lend at competitive interest rates and maintain a higher level of lending.
Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.
We value your privacy and treat all your information seriously - you can check out