AMP Bank has moved to lift its rates following the Reserve Bank’s controversial decision to increase the cash rate again by 25 basis points.
This week, RBA has hiked for the 12th time since May 2022, taking the cash rate to 4.1%, as it continues its hawkish fight to tame inflation.
AMP’s interest rate for variable rate home loans increases by 0.25 per cent per annum (pa) starting today for new customers and June 12 for existing customers.
In a statement, AMP Bank said it is “committed to providing competitive rates for home loan customers” and “continues to regularly review its products to ensure they remain competitive and meet customer needs.”
To help customers understand what rising interest rates mean for them and their household budgets, the bank offers dedicated financial wellbeing support.
For information about interest rates and resources to help with building financial resilience, customers can visit amp.com.au/home-loans/interest-rates-explained.
To access more information on home loan rate changes, customers can visit amp.com.au/interest-rate-update.
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