Effective Dates:
– New Customers: 28 February 2025
– Existing Customers: 3 March 2025

Will the customer receive more information on this change and how can they find out what their new repayment amount is?

• Customers who opted for electronic communication will receive an email by 11 March 2025. Others will receive a letter by mail on the same date. The notification will detail the new interest rate and repayment amount, including scheduled weekly or fortnightly payments.
• The updated repayment amount will also appear in the next statement.
• • Customers can log into My AMP from 4 March 2025 to view their new minimum repayment.

What must the customer do to ensure their repayment amount changes to the new amount?

• Direct Debit: If repayments are set up via direct debit, no action is required as AMP will automatically adjust the repayment amount. Customers should ensure sufficient funds are available.
• Salary Deduction: Customers must contact their payroll office to update the salary deduction before the next repayment date.
• Periodic Payments from Another Bank: Customers should contact their bank to update the payment amount before the next repayment date.
• Additional Repayments: Customers making extra repayments (e.g., an additional $50 per fortnight) via direct debit should contact AMP if they wish to modify this amount.

For Weekly or Fortnightly Interest-Only Variable Rate Loans:

• The customer’s letter will include an estimated repayment amount based on the outstanding balance (net of any offset balance), the new interest rate, and a 31-day month. The estimate is for reference only, as actual payments will vary depending on the daily outstanding balance and the number of days in the repayment period.

Source: AMP