AMP Home Loan Lending Policy 2026

An AMP home loan fits when the borrower’s verified income supports the proposed repayments and the property meets AMP Bank’s security rules. Product choice matters: Essential has no offset, Professional Package supports more repayment structures and Equity Flex allows an investment-only term of up to 40 years.

As at October 2026, AMP Bank Limited is the residential credit provider. Its Broker Hub lending policy sets the borrower and security assessment rules, while product documents define the selected loan’s features. Match both to the same application before recommending AMP.

The lender policy guides help compare these assessment rules with other lenders.

Employment and Income Assessment

AMP Bank accepts permanent employment, qualifying casual and contract work, self-employed income and supported rental income, subject to its evidence rules as at October 2026. Serviceability means the income remaining after living costs and other commitments can cover the assessed loan repayments.

For pay as you go (PAYG) employees, the starting requirement is six months with the current employer. Permanent full-time or part-time workers with shorter tenure, including probation, can qualify with 12 months’ continuous work in the same occupation or industry.

Casual employees and PAYG contractors need six months with the current employer. They also need 12 months’ continuous employment in the same industry and role type, with no more than two roles during that period. Tax records, an income statement or bank statements must show consistent earnings across those 12 months.

Match the Evidence to the Income

Use AMP’s income policy to identify the documents that support each component of income.

Income type	Evidence and assessment conditions
PAYG base wage	Two consecutive computer-generated payslips showing at least three months’ year-to-date income. The latest payslip must be less than 60 days old at submission.
Payslips with less than three months’ year-to-date income	Supply both current payslips plus an accepted supporting record, such as the latest income statement, tax return and assessment, prior-year final payslip, signed employment contract or recent employer letter.
Casual income	Show the employment history and earnings consistency above. AMP generally calculates income over a maximum 46-week year, or 40 weeks for casual teachers without a fixed-term contract.
PAYG contract income	Provide the full employment contract. Paid-leave entitlements and ongoing employment prospects determine whether AMP can assess a full 52-week year.
Overtime and commission	AMP accepts up to 80%, subject to consistent payslip evidence. Its listed essential-service occupations can receive 100% overtime treatment with current payslips and the prior-year income statement.
Bonus	Up to 80%, supported by the latest company bonus letter or payslip, completed financial-year tax return or income statement. A bonus letter or payslip must be no more than 12 months old.
Self-employed income	At least two years’ self-employment. Provide the most recent personal and relevant business tax returns, with the latest notice of assessment for each income source.
Rental income	Provide a current lease or managing-agent statement. AMP also accepts specified rental estimates. A private lease also needs six months’ bank statements showing rent received.

An Australian Taxation Office (ATO) notice of assessment confirms the assessed tax return. For self-employed files submitted after 31 March, AMP requires the latest year’s returns. Income projections and income from a business being purchased don’t qualify for servicing.

AMP’s rental-income treatment changes with the application’s loan-to-value ratio (LVR), which compares the loan with the property value. Its rental policy also caps the gross rental yield used in assessment. Apply both rules before counting rent, rather than assuming all rent is available for repayments.

For parental leave, supply the leave dates, income during leave and confirmed return-to-work conditions before unconditional approval. AMP limits parental leave to 12 months and can accept savings covering an unpaid gap of up to 12 months between settlement and the verified return date.

Funds and Repayment Structure

AMP’s funds-to-complete assessment connects the purchase deposit with settlement costs and the selected repayment structure, as at October 2026. A lower advertised repayment during interest-only years does not remove the later principal repayments from servicing.

For purchases with a base LVR of 85% or less, AMP’s policy does not require supporting savings evidence. The application still declares the asset position and deposit already paid. Gifted funds require AMP’s Gift Declaration Letter from the giver.

For owner-occupied purchases above 85% base LVR, AMP requires a genuine contribution of at least 5% of the purchase price. The funds must be in the borrower’s name and cannot be borrowed. The acceptable-source list includes savings, property equity or sale proceeds, non-repayable gifts and inheritance, alongside other specified sources.

At application, evidence the deposit plus settlement disbursements, less funds from the First Home Super Saver Scheme.

That contribution rule does not establish a universal three-month savings-history requirement. Match the actual source to AMP’s rule and show enough money for the whole transaction. The genuine savings guide explains how to distinguish saved funds from a repayable family loan.

Ten-Year Interest-Only and Forty-Year Loans

AMP permits up to ten years of interest-only repayments on eligible loans. During that period, scheduled payments cover interest and leave the principal outstanding. AMP assesses principal-and-interest repayments over the remaining term.

Structure	AMP’s published treatment
Standard principal-and-interest loan	Maximum standard full-documentation term of 30 years. Principal reduces through scheduled repayments.
Standard 30-year loan with ten years interest-only	Servicing uses the remaining 20-year principal-and-interest period.
Professional Package investment loan with six to ten years interest-only	Maximum LVR of 90%, including lenders mortgage insurance (LMI), subject to other policy limits.
Predominantly owner-occupied lending with six to ten years interest-only	Maximum 70% LVR where interest-only lending exceeds 50% of the relevant loan size.
Equity Flex investment loan	A 31-to-40-year total term with a mandatory six-to-ten-year interest-only period. Maximum 80% LVR, with servicing assessed over up to 30 years of principal-and-interest repayments.

AMP’s Equity Flex product page identifies investment security and purchase or refinance purposes. Equity Flex requires at least one six-to-ten-year interest-only split of $10,000 or more. It excludes construction and the Master Limit feature.

A request for an AMP 40-year mortgage secured against an owner-occupied home therefore does not fit Equity Flex.

The approved ten-year interest-only period does not need a reassessment after year five. That feature does not guarantee a further extension when the approved period ends. Record the borrower’s reason for interest-only repayments and the capacity to meet the later principal-and-interest amount.

For refinancing, list each debt being replaced, any extra borrowing and the use of those extra funds. AMP uses complete comprehensive credit reporting data for conduct and liabilities where available. Otherwise, it requires six months’ statements for secured loans being refinanced, with the latest less than 30 days old at submission.

Security Review

AMP’s security rules depend on the property’s use, location and physical characteristics, as at October 2026. The lowest applicable LVR restriction controls the application, including where different splits have different limits.

Record the address and postcode, zoning, title type, land area and occupancy. For a unit, include internal living area, the development’s size and how many units the borrower already owns there. Identify flood exposure, contamination, coastal erosion and any unfinished work.

AMP accepts serviced residential or rural-residential property up to 40 hectares under its general security policy. Rural-residential security must not produce income. Vacant-land and construction rules impose smaller land limits, so the general 40-hectare rule cannot be carried into those applications.

Units generally need at least 45 square metres of living area, excluding balconies and parking. AMP permits 40 square metres for good-quality properties in desirable, high-demand capital-city metropolitan locations. This is a conditional property rule, not a general acceptance of small studios.

The security policy lists serviced apartments, commercial-use property and partly completed construction among unacceptable security types. A large deposit does not make an excluded property acceptable.

Use the Security Property Location Guide linked from AMP’s policy page to identify the postcode’s zone. Zone limits then interact with loan amount, repayment type and product. Zone 5 is assessed case by case and requires LMI even below 80% LVR, while construction excludes Zone 5 entirely.

For a hypothetical investor seeking Equity Flex, a $640,000 loan against an accepted $800,000 investment-property value is 80% LVR. If the valuation is $760,000, the same loan is about 84.2%. Equity Flex’s 80% limit would then require a lower loan or a different structure.

Submission Evidence and Escalation

An AMP submission needs a traceable record of the borrower, income calculation, funds and property, matched to the chosen product. As at October 2026, AMP’s public policy also sets specific contract and refinance-document timing.

File component	What to include
Borrower	Identification, residency and applicant details, employment history, dependants and ownership or entity information relevant to the application.
Income	The applicable payslips, employer or contract records, tax returns and assessments, rental records and a calculation showing each accepted component.
Funds	Purchase contribution, deposit paid, settlement costs and the source of funds. Include the giver’s AMP declaration for a gift.
Liabilities	Existing facility limits, balances, repayments and conduct evidence, including debts that remain after settlement.
Property	Contract, address, title, zoning, size, occupancy, valuation and any non-standard security facts.
Proposed loan	Product, amount, purpose, total term, interest-only period if any and each split’s repayment and offset requirements.

Before formal purchase approval, AMP requires the completed front page of the contract and special conditions. The contract can be unsigned at that stage. Before settlement, it requires the full contract signed and dated by the vendor.

Make a policy enquiry specific enough for an assessor to answer. For example: “For this $640,000 Equity Flex refinance on an $800,000 investment property at this postcode, does the security classification impose a limit below 80%?”

Include the title type, internal area and any unusual property features in that enquiry. For an income exception, state the employment dates, evidence available and the exact standard rule the file misses. Retain the written response, its date, conditions and whether it is guidance or formal credit approval.

Use AMP’s business development manager (BDM) for a case-specific boundary. The AMP broker portal guide explains accreditation, access and live-file support routes.

For policy file notes, Bulma’s Policy Advisor quotes the lender wording behind its answers. A broker can retain that wording with the scenario and any AMP response. AMP’s own assessment determines approval.

AMP Home Loan Review: Fit and Constraints

AMP’s residential range fits different borrower priorities, rather than one product serving every purpose. As at October 2026, the current product documents distinguish basic principal-and-interest lending, packaged flexibility and longer-term investment borrowing.

Product	Practical fit	Constraint affecting the file
AMP Essential Home Loan	A variable loan with extra repayments and redraw for a borrower who does not need offset.	Personal customers, principal-and-interest repayments and a single residential security. No offset or package fee.
Professional Package	Borrowers needing eligible variable offset, fixed and variable splits, interest-only options or construction.	An annual package fee applies. A fixed portion does not receive offset benefits.
Equity Flex	Eligible investors seeking six to ten years interest-only with a longer total term.	Investment purpose and investment security only, up to 80% LVR. No construction or Master Limit.

AMP’s Essential product page lists no annual, ongoing or settlement fees. Legal and government costs can still apply. Professional Package and Equity Flex have annual package fees, and valuation, legal or special-service costs can affect the transaction.

Use the home-loan fees guide with the selected offer to itemise those costs. Include discharge and any fixed-rate break costs on the outgoing loan when reviewing a refinance.

AMP First Home Loan is a specific eligibility-based product, not the general name for every first-home buyer’s loan. AMP’s offset eligibility information identifies its variable loan as an employee product. A first-home buyer must still choose an eligible product and meet the ordinary income, funds and security assessment.

AMP’s online interest-only application has narrower eligibility than the broader broker policy and excludes construction. A broker construction file therefore belongs in the supported broker channel. Judge AMP on the chosen residential product and the borrower’s needs, with the later repayment burden included in the recommendation.

Construction Loans and Progress Payments

AMP finances qualifying residential construction through its Professional Package variable construction option, as at October 2026. Its construction policy covers new dwellings and qualifying structural renovations, with construction borrowing of at least $100,000.

The security needs a registered first mortgage, acceptable services and land no larger than 2.02 hectares. A fixed-price contract with a licensed builder supports the on-completion valuation. Include plans, specifications and quotes for excluded work such as fencing or driveways.

AMP excludes owner-builders, labour-only contracts, modular or transportable dwellings and refinancing a build already in progress. It also excludes construction in Zone 5 and non-arm’s-length building arrangements. AMP finances no more than two dwellings simultaneously and requires completion within 12 months of loan approval.

Construction limits depend on location, purpose and the repayment structure after completion. AMP’s insured construction table caps owner-occupied base LVR at 90%, with zone-based loan-amount limits. Its insured loan caps are $850,000 in Zones 1–2, $600,000 in Zone 3 and $450,000 in Zone 4.

Investment construction with principal-and-interest repayments after completion has a 90% limit including LMI.

An investment build rolling into interest-only repayments has a below-80% limit in that table. Apply construction limits before the broader residential maxima. Equity Flex’s longer term is unavailable for the construction facility.

Release Funds in the Approved Order

1. Have the borrower use their contribution before AMP loan funds are drawn. The funding schedule must cover the build, interest and other related costs.
2. Supply the executed building contract, approved plans and specifications before settlement. Give AMP the documents at least one week before settlement if a final valuation is required.
3. Before the first progress payment request, supply the builder’s licence or verified registration, builder insurance and homeowner warranty insurance.
4. Submit progress payment requests signed by all borrowers and applicable guarantors. Tell AMP about any builder dispute before payment.
5. Meet AMP’s applicable inspection requirements. At each stage, the remaining undrawn funds must cover the cost to complete. Resolve a shortfall before further drawdowns.
6. Before the final payment, provide building insurance noting AMP as first mortgagee. Supply occupancy or equivalent state completion evidence before converting out of the construction facility.

AMP’s inspection requirements change with contract value and contract type. A construction contract above $2 million requires a quantity surveyor for progress inspections, alongside the required initial and completion valuations.

During construction, repayments are monthly interest-only on the amount drawn. AMP’s product documents include 100% offset for the eligible Professional Package construction option. After completion, AMP closes the construction facility and opens the selected replacement product, so its repayment and offset arrangements need to match the approved structure.

Offset Account Eligibility and Linkage

AMP’s Offset Deposit Account provides a full offset against an eligible variable loan portion, as at October 2026. Up to ten accounts can link to one eligible portion. The combined daily credit balances reduce the balance used to calculate interest.

The offset product page includes Professional Package variable loans, including the eligible construction-purpose option. Equity Flex’s product documents also include offset. Eligibility depends on the specific product and variable portion, for both owner-occupied and investment loans.

Fixed-rate portions, Essential, lines of credit and standalone construction or land loans are excluded. For a fixed-and-variable split, the linked account offsets the eligible variable portion. It does not offset the fixed balance.

Professional Package has an annual package fee. The Offset Deposit Account has no monthly fee unless linked to an AMP Basic home loan, where AMP lists a $6 monthly account-management fee. Special-service fees can still apply, and excess deposits above the linked loan balance earn no interest.

Open, Link and Confirm the Benefit

1. Identify the eligible variable loan account in the loan documents. For split lending, record the exact portion to receive the offset.
2. Open an Offset Deposit Account through AMP’s account-opening page. It supplies online personal or sole-trader applications and separate forms for existing customers and company or trust accounts.
3. Request linkage during loan approval or call AMP on 13 30 30. Opening the deposit account does not automatically link it.
4. Retain AMP’s linkage confirmation with both account numbers and the effective date. Check that the deposit account ownership is in one, some or all of the borrowers’ names.
5. Inspect the first loan interest record against the daily loan balance, linked deposit balances, applicable rate and effective dates. AMP’s loan conditions charge the resulting net interest on the repayment date.

In a hypothetical example, an eligible $500,000 variable portion with a constant $40,000 linked offset balance has interest calculated on $460,000. An unlinked $40,000 deposit produces no offset benefit. The loan conditions require AMP to agree to the requested link.

When changing the linked portion, ask AMP for the new effective date. Its conditions warn that relinking can cause a gap in offset benefits between repayment dates. Keep the loan contract, linkage confirmation and first interest calculation together so the file shows which balance actually received the benefit.