AMP Bank Lowers Mortgage Rates For Entry Level
AMP Bank dropped the interest rate on its basic variable home loan by 22 basis points to 6.27 per cent, and cut the rate on its introductory variable mortgage by 45 basis points to 5.94 per cent.
The rate cut may surprise some, given that Australia’s official cash rate is trending upwards and the major banks have warned that their funding costs remain high.AMP in January successfully issued A$1 billion of residential mortgage-backed securities, having originally intended to raise just over A$500 million.
The Australian Prudential Regulation Authority will release the latest banking sector figures on Tuesday.
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