Fees And Charges
Introduction
Sovereign does not charge loan application fees or account fees for the Go home loan transactional account. Some other costs do apply from time to time.
This is not intended to be an exhaustive list of Sovereign Home Loans' fees and charges. It is a guide to some of the most common fees related to home lending, and charges relating to common attendances to home loan contracts and mortgage security arrangements.
- See here for Sovereigns fees and limits guide for a full list of the fees, charges and transaction limits that apply to your Go Home Loan account.
- See here for a link to Sovereign's web site.
Fees and charges change without notice so, while we try to keep this up to date, you should check the links to Sovereign's web site for the latest figures.
Let's start with the free stuff
Sovereign customers have unlimited free:
- EFTPOS transactions
- Internet banking e-Cheque, bill payment and automatic payment transactions
- Telephone banking transactions
- Loading and changing automatic payments online
- Loading and changing bill payments online
- Transactions at ASB Bank ATMs.
Sovereign do not charge:
- Monthly base fees
- Honour fees
- Fixed rate roll-over fees
- Fees for holding an interest rate.
Sovereign's other services
Additional services, such as bank cheques and foreign exchange transactions, are available through ASB Bank branches; however, charges apply to services through the ASB branch network.
Some common fees
The common fees listed here should really be listed in "the free stuff", but for consistency with our other lenders we have shown them separately.
- Loan approval fee: nil.
- Loan top up fee: nil.
- Go Home Loan account fee: nil.
Other charges that could apply from time to time
These fees mainly relate to alterations to the loan contracts or the mortgage security held for a loan.
- Fixed rate break costs: Sovereign's economic cost recovery may apply.
- Early repayment fee: $50 per loan.
- Low Equity Premium: Applies to lending above 80% LVR.
- Changes to loan contracts or mortgage securities: There are many different things that may cause you to want or need to make changes to the loan contracts or the mortgage securities. Some common examples include; transfers of loans from personal name to a family trust, transfers from joint to single loan ownership or vice versa, single loan owner adding a second person to the loan, changes to mortgagors, discharge of the mortgage. Fees for any of these changes generally range between $50 and $200 per item.