Sovereign launches two competitive non-formula home loans

It has launched a Go Low-Doc and Go-First Home into this competitive part of the lending market.

The products will cause waves as they have standard interest rates, as opposed to all the other products in the market which tend to be priced at a premium to prime rates of between 1 and 1.2%.

" While there is an upfront lenders mortgage insurance fee, it is considerably lower than the net effect of a higher interest rate,” Sovereign’s marketing manager home loans Sheryn Atkins says.

“An added benefit is that our Go home loan is also one of the few transactional banking packages offered for these types of products.”