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For many aspiring homeowners, saving for a deposit is one of the hardest obstacles. Although one alternative is to pay Lenders Mortgage Insurance, home loan provider Sucasa eliminates the need for either.
You can borrow between 80% to 95% of the property value simply by using Sucasa's offer of a second loan to cover the difference above 80%. Sucasa's upfront costs are lower than LMI. You do need to be based in a metro capital city area to be eligible for a loan.
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Review by
Rebecca Pike is Finder's senior writer for money. She joined Finder after almost four years writing for business publications in the mortgage and finance industry, including three years as editor of Mortgage Professional Australia. She regularly appears as a money expert on programs like Sunrise and Today, as well as across radio and newspapers. She also holds ASIC-recognised certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products.
This loan offers a way onto the property market for borrowers worried about not having enough of a loan deposit. The way the loan is structured means borrowers can borrow up to 95% of the property value, with upfront costs lower than LMI.
In terms of fees the loan has an establishment fee, which is calculated based on individual borrower circumstances. There is also a quite a high $795 discharge fee.
The Sucasa home loan offering works through 2 loans. A primary loan covers the first 70–80% of the value of the property. There is then a second loan for the remaining amount you'd like to borrow.
Although you might want to avoid a higher deposit or LMI, you need to consider your own personal circumstances as to whether the additional loan value is manageable for you.
To first check your eligibility and borrowing power, go to the Sucasa website. It only takes 5 minutes to fill in your details and see how much you can borrow.
You can also apply on the website in just 10 minutes. Sucasa's digital application means it can verify your identity and assess your financial situation automatically. In some cases you may need to back up your application with additional paperwork, like payslips.
Using the online application process means you simply need to provide 2 of the following:
Sucasa may request other documents like payslips under some circumstances.
You must:
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