Perks per Share

ASX: AMP

AMP

AMP First home loan

What shareholders get AMP First home loan 500 shares or more

What you get

AMP shareholders with at least 500 shares can apply for the AMP First home loan. The benefit gives access to a restricted product; it does not provide a separate shareholder rate discount.

AMP says the loan has no annual, monthly or ongoing fees. It also waives solicitor, settlement, master limit application and variation fees, and covers up to A$550 of valuation fees. AMP reviews the loan’s comparison rate against competitors every three months.

No minimum for shares bought before 31 January 2006

AMP’s rules say the 500-share minimum does not apply to shares first purchased before 31 January 2006.

What happens if you sell the shares

Shareholders who bought before 31 January 2006 keep the loan for its term even if they lose eligibility. For shares bought on or after that date, AMP may switch the loan to its Professional Package product if no borrower is still an eligible client.

What it takes

You need at least 500 AMP shares.

Before buyingA perk is a minor benefit of owning a share, not a reason to buy one. Share prices fall as well as rise, and dealing costs, spreads and tax can exceed a perk’s value. This page is not investment advice. Read about the risks.

Holding through a broker

AMP’s rules name “AMP Limited shareholders” with a 500-share minimum and say nothing about how the shares are held or how the holding is checked.

Other conditions

Who does not qualify
Applying through a loan originator, financial adviser, mortgage broker or other intermediary

How to claim

  1. 1. Apply directly to AMP BankComplete the enquiry form on the AMP First page or book a call with AMP Bank’s direct sales team.
  2. 2. Existing AMP Bank customers can switchAMP says an eligible customer with a variable-rate principal and interest loan can ask a home loan specialist to switch to AMP First, with no variation fee.

AMP does not say how it checks a shareholding when you apply.

AMP First home loan page 

AMP - Shareholder enquiries: shares@amp.com.au

Exclusions and limits

Excluded: The discount on lenders mortgage insurance, which AMP offers to its employees and contractors only.

Dates

AMP does not say how long you must hold the shares.

Continued eligibility
At least one borrower must be an eligible client when the home loan application is submitted

Practical notes

Compare the loan’s rates and fees

Eligibility gives you access to AMP First, but does not establish that it is cheaper than other loans. Check the current rates on AMP’s product page and compare the fees before applying.

History of the perk

AMP does not state when it first offered the loan to shareholders. Its rules distinguish between shares bought before 31 January 2006 and those bought on or after that date.

  1. Current rules published

    The rules list AMP Limited shareholders among eligible customers and explain the minimum holding and the exception for older share purchases.

  2. Share minimum introduced

    From this date a minimum of 500 shares applied, and shareholders who bought on or after it could be moved off the loan if they later lost eligibility.