Meet Sucasa: the Robin Hood of home loans for first time buyers
If you are an aspiring first time home buyer, here’s some good news for a change. There’s a new lender in the home loan space and they are hoping to help you break into home ownership faster, easier, and cheaper.
Taking on a Robin Hood vibe, Sucasa is giving back to borrowers by ditching the requirement of Lenders Mortgage Insurance (LMI).
Lender’s Mortgage Insurance is insurance borrowers are generally required to pay when they don’t have a full 20% deposit. Even though you pay for it, it’s not an insurance to protect you. This insures the bank against the possibility of a loan default. While the cost of this insurance usually gets added to the total loan amount, it can total in the thousand of dollars.
With Sucasa’s Ultra Low Rate Home Loan, you’ll still need to have at least a 5% deposit saved and meet strict lending requirements, so having an excellent financial track record will be key to getting your loan approved.
It is also worth noting that the loan is also only available if in metro capital cities (excluding the NT). Other loan features include free repayments and redraw and application or ongoing fees. Upfront fees include a $395 valuation and $395 settlement fee.
So if you’re in the market right now for your first home, Sucasa is worth considering. Another option is the Mozo Experts Choice Award-winning Up Home Loan. It’s got a lower interest rate than Sucasa but it does require borrowers to have at least a deposit of 10% and LMI is payable.
So if you are in the market for your first home loan check out these loans below…
Sucasa Ultra Low Rate Variable Home Loan
- 6.30% p.a. Variable (6.58% p.a. comparison*)
- Pay no lender’s mortgage insurance (LMI) when borrowing up to 95% (T&Cs apply)
- Free extra repayments and redraw facility
- Metro borrowers only
The Ultra Low Rate loan from newcomer Sucasa is a low deposit home loan, just requiring a deposit of as little as 5% and without the need for lenders mortgage insurance (LMI)( T&Cs apply). Enjoy unlimited extra repayments to pay down your loan faster, plus a free online redraw. There are no ongoing fees but there are upfront fees of $790 to cover valuation and settlement. It’s only available for borrowers in metro areas and for purchases up to $2.5m. $795 discharge fee applies.
Up - Variable Home Loan
- 5.95% p.a. variable rate (5.95% p.a. comparison rate*)
- No application, monthly, annual, redraw, or discharge fees
- Multiple Mozo Experts Choice Award Winner 2024^
With a competitive variable interest rate of 5.95% p.a. (5.95% p.a. comparison rate*), Up offers users a low-fee home loan, all accessed through their 2023 Mozo Experts Choice Award-winning app. This eye-catching home loan only needs a 10% deposit and offers free unlimited repayments with a redraw facility, and up to 50 offset accounts (T&Cs apply). It’s no wonder it won awards in the first home buyer and offset home loan categories in the 2024 Mozo Experts Choice Awards. They’ll also cover the first $400 of your property valuation. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank.
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* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
^See information about the Mozo Experts Choice Home Loan Awards
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