AMP launches all-in-one home loan account

AMP Banking has launched a flexible home loan which offers borrowers the ability to pay off their home loan sooner.

The Flexible Term Loan with RapidPay allows customers to have their salary deposited direct into the loan account and then use it as they would a day-to-day transaction account.

There are an increasing number of such flexible loan accounts available these days and by having salary deposited direct, the borrower reduces their outstanding loan amount as soon as they are paid. And because the loan is being reduced by the full salary payment, rather than just the minimum repayment amount set by the bank, the amount of interest paid reduces and the loan can be paid off faster.

The borrower makes withdrawals from the account for spending when needed, just like a normal bank account. AMP customers can do so using an AMP Access Card, credit card, online banking or telephone banking. BPay and GiroPost are also available.

To view full details on this loan see BankChoice’s Home Loans Summary.