Non-major slashes mortgage rates

In a statement this morning, AMP Bank said the AMP Essential variable rate loan will be reduced by 30 basis points to 4.08 per cent per annum (comparison rate 4.10 per cent per annum).

The Basic three-year fixed rate will drop by 27 basis points to 4.28 per cent per annum (comparison rate 4.32 per cent per annum).

The variable rate on new investor property loans for the Basic loan will reduce by 40 basis points to 4.57 per cent per annum (comparison rate 4.61 per cent per annum).

The Basic three-year fixed rate for new investor property loans is reducing by 45 basis points to 4.57 per cent per annum (comparison rate 4.61 per cent per annum).