Some people will consider the Sovereign Go Home Loans as a non-bank option, but this is a home loan offered by ASB Bank and it is therefore an option that you should consider if you are looking for a home loan with a bank.
Many professional mortgage advisers will say this will be the best option, and in many cases it is.
The Sovereign Go Home Loans have all the advantages that you would expect with a leading banks home loans, but then they offer some extra features that make this an option that you should consider.
Features That You Want With A Home Loan
There are all the key features that many home loans offer and these include;
- Best Interest Rates – with the Sovereign Go Home Loans you get the same home loan interest rates that ASB Bank can offer which are generally some of the best available. Of course there may be a bank that offers a better rate at a specific time; however with a long-term commitment like a mortgage you can be assured that the Sovereign Go Home Loans will always have competitive rates which makes keeping to a good strategy easier. Even if you have less than 20% deposit the rates including the low equity margins are some of the best.
- Cash Contributions – when you get a home loan with Sovereign Go Home Loans in most cases your adviser will negotiate a cash contribution. These cash contributions help cover the costs of getting a home loan like the solicitor costs, valuations (if needed), building reports (if you want these) and there may be some funds to help with your shift. What you use the money for is up to you, but you need to stay with the lender for 3-years otherwise you will need to repay this.
There are some other things that make switching to the Sovereign Go Home Loans are very good option.
- No Account Fees – when you have your lending with Sovereign Go Home Loans you can split the lending up into multiple loans and not be concerned about account fees.
- Internet Banking Access – these days we always want to have access to our home loans and especially if you have a revolving credit account where you have access to funds. A lot of people want to
- Flexible Loans – the Sovereign Go Home Loans offer some of the most flexible loans around. The underlying loan structure is a revolving credit loan which means you can pay off your loan faster for a period, and then revert to the longer loan term should things change. As advisers we know that life changes over the years as you start a family, go to one income, leave a job or start another job, set up a business or have a pay rise or pay cut. Many home loans mean that you are forced to reapply should life events happen and if the bank get nervous they could decide that they don’t want to continue to support you and therefore force you into a difficult or even impossible place.
- Paying Your Loan Off Faster -as mortgage advisers we encourage people to pay the mortgage off faster as this is the best way to improve your lifestyle over time. Unfortunately many banks make it difficult to do this, but with the Sovereign Go Home Loans you can set up and work a strategy that allows you to pay more when you can, and it can be significantly more flexible than most other home loan options.
- Keep Your Banking Separate – when you switch your mortgage to Sovereign Go Home Loans you are just switching your mortgage. Most banks require you to switch all of your banking when they offer you a mortgage; however that is not always the best thing to do nor is it recommended. Your mortgage will often be your largest debt and like all financial advice you will always find it prudent to “not put all of your eggs in the one basket” and it’s why we like to suggest keeping your lending and banking separate.
- Keep Your Business Banking Separate – if you are self-employed or have a business it’s even more important to keep your home loan separate. Of course banks love to have access to all of your deposits and lending as it helps the banks should something go wrong; however the easiest way to protect yourself and your family home is to keep business banking and your home loans separate. Again, the banks will always try and get you to have all of your business banking, personal banking and lending with them; however its a recipe for disaster should the business have issues. Remember too that things like natural disasters or other more recent events like COVID are beyond your control and yet they can adversely affect a business and you do not want the bank to have too much control in these situations as they can and often will force the sale of your home if they think this can help reduce the banks risk.
Sovereign Go Home Loans In Summary
Not everyone will qualify for a home loan like this; however it is definitely worth trying.
As experienced mortgage advisers we have been using the Sovereign Home Loans for many years and have seen the benefits that people can get from having the right home loans and strategy.
They have all of the benefits that most other bank home loans might have like good interest rates and internet banking options, but also had the added benefits listed above.
The home loans offered by Sovereign Go Home Loans are hard to beat.
Let us know if you would like to review your mortgage and compare to how a Sovereign Go Home Loan may work for you.
