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In a sign that competition is reemerging in the home loan market, AMP has announced that it will waive the establishment and settlement fees on its Professional Package variable rate loan.
The bank will also increase the discount available for new customers on its Professional Package by 10 basis points.
AMP’s chief operating officer Rob Slocombe said that the recent changes to the bank’s professional package loan meant customers would save $600 in fees alone.
"The latest changes to our Professional Package Variable Loans reaffirm our commitment to providing customers with competitive products and an alternative to the major banks,” he said.
As of this week, the new pro pack rates will be 6.79 per cent for loans ranging between $250,000 and $750,000.