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. (6.63% p.a. comparison rate*) interest, which is well below the average basic variable rate (6.84% p.a.) in our database (out of 111 owner-occupied, principal and interest loans of $400,000, with an LVR of <80%, at 12 April 2024). However, the loan is currently only available to those living in metro areas of the nation’s capitals – excluding those in the NT.
The Ultra Low Rate home loan from Sucasa eliminates the need for lender’s mortgage insurance (LMI) for those borrowing up to 95% of their new home’s value, which is pretty unique. While this means you might be able to get a home with a lower deposit, as well as save yourself thousands of dollars, it’s worth noting that their lending criteria may be stricter as a result.
When it comes to fees, you won’t pay for application, legal, or any recurring service fees, lowering your up-front costs somewhat. However, you will still need to fork out $395 each for both the valuation and settlement fees. It’s also worth noting that Sucasa’s discharge (or, exit) fee is noticeably higher than what similar lenders in our database charge, at $795.
For those keen to chip away at their mortgage quicker, the addition of being able to make fee-free extra repayments is surely a boon. To add to that, Sucasa also provides a free redraw facility. Sucasa does not offer an offset account with this loan, which might otherwise seal the deal for those racing to pay off their loan early.
Sucasa’s Ultra Low rate home loan is good for those seeking the flexibility of extra repayments and a redraw facility, who might not have a full 20% deposit saved up just yet. Due to not charging borrowers LMI, it’s assumed that Sucasa’s lending criteria are stringent. Therefore this loan may be more suitable for those who have their finances well and truly ‘in order’ – or, what they describe as “high-quality borrowers”.
The main catches include the higher-than-usual discharge fee ($795) which you’ll pay when your loan is over, and the fact that this loan is only available to those buying in metro areas of capital cities – excluding the Northern Territory.
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6.30% p.a. |
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n/a |
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n/a |
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n/a |
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6.63% p.a. |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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n/a |
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$0.00 |
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$0.00 |
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$395.00 |
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$395.00 |
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n/a |
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$0.00 |
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$795.00 |
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$350,000 |
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$2,000,000 |
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none |
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98.00% |
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Owner Occupier |
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Principal & Interest |
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Monthly |
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yes - free |
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no |
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yes - free |
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$0.00 |
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yes |
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no |
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Metro Capital Cities Only |
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Unlimited Prepayments, No Guarantors Required, No Income Caps |
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none |
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.
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6.17% p.a.
$0.00
Elevate
6.09% p.a.
6.20% p.a.
$0.00
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.
