Hi Guys,
Saw a company called Sucasa(https://www.sucasa.com.au/faqs) via FB ad who claims to offer loans with very low deposit. They mention being backed by investors and isn't a bank.
Anyone has experience with them? Are they similar to Mortgagehouse who has good reviews on Productreview? Any other better alternatives?
Thanks
If they can afford rent they can likely afford the mortgage payments if they are sensible.
No experience with them and hadn't heard of them but am familiar with the parent company Columbus Capital and Origin Mortgage Management
I just had a play around with their Key Facts Sheets - was interested because the main web page for rates and fees doesn't actually quote their full suite of products, just says "from … %pa" . Apparently they split your loan into two parts - one with LVR to 80% and a second loan for the remainder, up to 95% without LMI. The catch is in the rate for the second portion - I did an example of $800k @ 80% and the rate for that is 5.85%. Then did the second, smaller split $100,000 taking the LVR to 90% (using the Low Fee Accelerator Variable option) and the rate for that portion was quoted at 15%. These were both over a 30yr term. Still cheaper than paying LMI I guess. The aim would be to throw every spare dollar against that smaller loan to get rid of it asap.
There is a low rate option available that brought the rate down to 9.50% on the smaller loan but I would imagine the fees would be higher - can't be sure though - the key facts sheet mentions that fees will be determined after application. Very basic list of fees on the website itself.
I guess there's a niche for this type of lending. But if you fit the target market and are a professional you'd possibly be better off approaching one of the big four that does the LMI waivers for professionals - I'm pretty sure NAB does something for doctors and engineers, not sure if they've widened the professions that they accept (probably a broker would know).
"loans with very low deposit"
Doesn't Qld have a homestart equivalent? in SA it is government backed low deposit loans.
https://www.homestart.com.au/about
.
Can you really afford the loan?