AMP Bank lending policy treats a retained borrower’s top-up as additional credit that needs its own purpose, income evidence and security assessment. For broker pay, distinguish the eligible net increase from debt simply moved between AMP facilities. A higher approved limit and a new loan reference can each mean something different from new commissionable lending.
AMP Bank Commission and Trail
AMP Bank upfront entitlement depends on the originating channel’s agreement and the eligible lending added under that agreement. Identify the agreement covering the original loan before reconciling a top-up payment. Keep the lender’s gross commission separate from the amount your aggregator passes on after its deductions.
AMP’s 2020 licensee agreement explains a net-facility method. It deducts available redraw and linked offsets from the facility limit. Its net-increase definition also deducts AMP debt reduced by the new or varied facility. Those definitions explain why the full replacement limit can overstate additional lending.
For trail, use the eligible net balance for the payment period. An offset deposit can reduce that balance even when the approved limit stays unchanged. Reconcile the balance basis and applicable rate against the statement for that originating channel. The agreement’s older rate table is specific to its channel and loan cohort.
The AMP broker product list includes the Professional Package, Equity Flex and AMP Essential Home Loan, alongside construction, land and SMSF lending. Apply the rules for the selected home-loan product. AMP Bank GO deposit-account features do not establish home-loan commission entitlement.
Clawbacks and Refinance Classification
An external refinance repays AMP debt with another lender’s funds, while an internal replacement moves the borrower between AMP facilities. Both can close an account reference. That closure must be classified before you apply the originating agreement’s recovery provisions.
For an early repayment, record the original settlement event, the amount repaid and the reason for repayment. Match those details to the applicable clawback schedule and any discharge exemption. Keep a utilisation adjustment separate from a recovery caused by discharge. They can use different calculation events.
For an internal replacement, record the outgoing AMP debt beside the incoming facility and any additional funds. Apply the agreement’s internal replacement provisions to the paired transaction. Treating the outgoing account as an external refinance can misstate both the recovery and the new upfront entitlement.
Retain the old settlement history when reviewing exposure after a restructure. Track My Trail’s Clawback Risk lists loans within their clawback period, with days remaining and upfront exposure under the relevant rules. Use that loan-level exposure to prioritise the commission review before recommending a refinance.
Top-Ups and Split Restructures
An AMP Bank top-up adds eligible net lending only to the extent the transaction increases lending after the relevant reductions. Moving existing debt into another split does not make that transferred debt an additional advance.
Consider this hypothetical restructure. An existing $500,000 AMP balance moves into two replacement splits totalling $580,000, with $80,000 drawn for an investment purchase. The movement creates $80,000 of additional debt before the agreement’s redraw, offset and other adjustments. It does not create $580,000 of new borrowing for commission reconciliation.
When an owner-occupied borrower requests investment funds, describe the investment purpose and its amount in the credit application. AMP’s policy permits owner-occupied and investment housing purposes, subject to their respective product and assessment requirements. Keep the retained home debt and the investment advance identifiable in the proposed splits. The investment label alone does not turn the retained balance into new lending.
Reassess repayment type, rental income and the security limits for the investment request. Credit approval of that purpose and entitlement to commission are separate decisions. Record the approved allocation of funds beside the net increase used in the payment calculation.
If an internal replacement produces a new account reference with an unchanged balance, map the outgoing reference to the replacement reference in your reconciliation. Compare the final trail entry on the old account with the first entry on the new account. This avoids counting the same debt twice or treating a reference change as unexplained lost trail.
Employment and Accepted Earnings
AMP Bank separates base wages from variable earnings and applies different evidence rules to each income source. Its broker credit policy requires employment stability, with additional rules for casual workers and contractors.
For wages, collect two consecutive payslips with the required year-to-date earnings. Where they show less than three months of earnings, use an accepted supplementary record such as an employment contract or prior-year income statement. Borrowers employed by family businesses require their personal tax return and notice of assessment.
AMP generally accepts up to 80% of PAYG overtime and commission income, subject to consistency. Its bonus assessment also allows up to 80%, supported by accepted bonus evidence. Certain listed occupations qualify for different overtime treatment, so identify the occupation and earnings history before applying that exception.
Rental evidence can come from a lease, an acceptable valuation estimate or the other evidence routes listed in AMP’s policy. A private lease also requires six months of bank statements showing rent received. AMP shades rental income by property type and loan-to-value ratio (LVR), and applies a rental-yield cap. Use the proposed application’s LVR when assessing rent for the investment top-up.
For self-employed applicants, AMP requires a minimum two-year self-employed history. The standard evidence route uses the most recent personal and business tax returns with the relevant notice of assessment. Forecast business income does not replace that evidence. Document any permitted addback separately so the assessed income can be traced to the financial records.
Residency and Applicant Structure
AMP Bank’s new-to-bank applicants must live and work in Australia, and its applicant policy sets citizenship and residency conditions. Existing AMP borrowers living overseas are assessed under its existing-customer expatriate provisions. Retaining an existing loan does not establish eligibility for every proposed increase or change of borrower.
Joint applicants must receive a substantial benefit from the borrowing. AMP’s policy gives a 30% benefit guide, or an equal share for four or more borrowers. A spouse added solely to support servicing needs the appropriate permitted structure. AMP describes a servicing-guarantor route for qualifying spouses who are not on title and receive no substantial benefit.
AMP accepts Australian-incorporated companies and Australian unit or discretionary trusts subject to its entity requirements. Directors must give the required guarantees. A trust loan must name the trustee in its trustee capacity, with the required beneficiary consents.
The policy also places an aggregate-exposure condition on new-to-bank company and trust business, including directors or trustees. Assess the whole proposed customer structure against that condition. Do not infer a residential trust’s eligibility from AMP’s separate SMSF product.
Security and Permitted Loan Purpose
AMP Bank assesses the proposed security by its location, property type and applicable LVR limits. The security value must support the retained debt plus the additional lending. A purchase price or a borrower’s estimate alone does not establish the valuation accepted for that application.
Standard residential security must meet AMP’s zoning and service requirements. Rural residential property must be non-income-producing. Smaller apartments and unusual property types have additional limits or restrictions. Match the property to the Security Property Location Guide before applying a product’s maximum LVR.
For a refinance with cash-out, show how much repays existing debt and how much funds each additional purpose. AMP’s cash-out rules distinguish declared-purpose lending from amounts requiring supporting evidence. The treatment also depends on LVR and whether interest-expense deductibility is needed for servicing.
Prepare the purpose evidence that applies to the request, such as a purchase contract or renovation quote. Where several purposes share the advance, show the breakdown in the statutory declaration when required. A revised investment purpose can change the income assessment and supporting records even if the same home secures the loan.
SMSF SuperEdge uses separate security and purpose rules. Its published policy excludes top-ups and cash-out. An ordinary residential top-up process therefore cannot be applied to that product.
Document Routes and Approval Conditions
AMP Bank’s evidence routes depend on the applicant and product, while an approval condition records what must happen before the loan can proceed. Keep the document checklist separate from the conditions attached to the credit decision.
For a salaried applicant, a supplementary income record can complete a short year-to-date payslip history. For a self-employed applicant, the standard tax-return route establishes earnings. AMP’s low-documentation category is grandfathered and unavailable to new borrowers. A missing tax return does not make a new applicant eligible for that route.
Record each outstanding item against the fact it must establish. For the investment top-up, that might be rent for the assessed property or the use of the additional funds. Then record any approval conditions separately, including the required security valuation or final purpose evidence.
Before the variation completes, compare the approved amount and purpose with the final facility instructions. After completion, reconcile the references and balances against the commission statement. Credit approval, completed documentation and a paid commission entry are separate checkpoints.
Credit Exceptions and Scenario Changes
An AMP Bank exception request must identify the exact policy departure and show how the proposed transaction addresses its credit risk. Send the scenario through the business development manager with the supporting calculations and documents. Keep the credit question separate from the remuneration question.
For an owner-occupied borrower seeking an investment top-up, a useful exception note contains these details:
- The existing AMP balance, current borrower structure and security.
- The proposed increase, each split’s purpose and the requested repayment type.
- The policy requirement the application does not meet, with the relevant evidence.
- The revised amount or purpose you want assessed, including the resulting LVR and assessed income.
Ask whether a smaller advance, a changed purpose or a different permitted structure changes the credit decision. Record the response against the version of the scenario it answers. A response about a smaller investment advance does not approve the original larger request.
Use the lender-policy directory when comparing the revised scenario with another lender. For the AMP option, finish with a credit decision on the exact proposed splits and a separate reconciliation of the eligible net increase. That leaves both the retained debt and the additional lending accounted for.
