Sucasa: the low-deposit home loan lender charging no LMI to help you buy your home

By Jack Dona · · 2 min read
Fact Checked
Advertiser disclosure
A young couple high-five inside their new home in between moving boxes into their place

A low-deposit home loan with no LMI? In the words of Darryl Kerrigan from The Castle, “Tell him he’s dreaming”. 

Traditionally, if you wanted to avoid paying lenders’ mortgage insurance (LMI), you’d need to amass a 20 per cent deposit. 

To get a deposit for a $750,000 property in Australia, you’re looking at saving $1,250 per month for the next ten years. Yikes… 

But the new kid on the block, Sucasa, has done away with LMI, meaning you could be holding the keys to your own castle much sooner than that. 

In fact, you might be able to get a Sucasa home loan with as little as a 5 per cent deposit. 

On a $750k loan, that equates to about $37,500 – far more achievable for the average Australian household. 

But is it a home loan for the average Aussie? 

No LMI could mean tighter eligibility criteria for borrowers

As LMI is a way for your lender to insure itself in case you can’t repay your loan, that may mean Sucasa has tighter lending criteria. 

So, those applying for a Sucasa home loan will likely need to be financially responsible and clearly demonstrate their ability to service a mortgage. Or in their words, “high-quality borrowers”.

There’s also the matter of geographic eligibility. 

Location, location, loan application 

At the moment, Sucasa home loans like the Ultra Low Rate are only available in metro capital cities, except for those in the Northern Territory. 

So, if you’re a capital city dweller, looking to purchase a home with a low deposit and skip the LMI, it’s worth considering something like the Sucasa Ultra Low Rate when you compare low-deposit home loans.

Sucasa home loans

Sucasa Ultra Low Rate home loan
    What's hot:
  • 6.30% p.a. (6.58% p.a. comparison rate*)
  • Pay no lender’s mortgage insurance (LMI) when borrowing up to 95%
  • Free extra repayments and redraw facility
    • What's not:
  • Only available in metro capital cities
  • High discharge fee ($795)
Find out more

The Sucasa Ultra Low Rate is a low-deposit home loan, with low up-front fees, and even gives you the flexibility to make fee-free extra repayments on your mortgage. It’s a variable rate home loan, charging 6.30% p.a. (6.58% p.a. comparison rate*) interest, which is bang on the average basic variable rate (6.29% p.a.) in our database (out of 111 owner-occupied, principal and interest loans of $400,000, with an LVR of <80%, at 19 February 2024). 

Compare low-deposit home loans with Mozo - last updated 28 April 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Express Home Loan

    Owner Occupier, Principal & Interest, LVR <90%

    interest rate
    comparison rate
    Initial monthly repayment
    6.01% p.a. variable
    6.14% p.a.

    Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

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  • Featured Product
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    Unloan Variable

    Owner Occupier, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a. variable
    5.90% p.a.

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

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Compare all home loans with Mozo - last updated 28 April 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Featured Product
    Mozo Expert Choice Badge
    Unloan Variable

    Owner Occupier, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a. variable
    5.90% p.a.

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

    Compare
    Go to site
    Details
  • Mozo Expert Choice Badge
    Express Home Loan

    Owner Occupier, Principal & Interest, LVR <90%

    interest rate
    comparison rate
    Initial monthly repayment
    6.01% p.a. variable
    6.14% p.a.

    Get fast online approval from the award-winning Bendigo Bank Express Home Loan. Multiple offset accounts and redraw available. 100% offset on variable rate loans and partial offset on fixed rate. Flexible repayment options. New home loans only.

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    Go to site
    Details
  • Discounted Home Value Loan

    Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.09% p.a.

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Settlement fee waived on new borrowings from $50,000 (T&Cs apply).

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  • Featured Product
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    Unloan Variable

    Investment, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.29% p.a. variable
    6.20% p.a.

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

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  • Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a.
    fixed 3 years
    6.12% p.a.

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $750,000.

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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.

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