Australian non-bank lender Sucasa has rebranded to Skip.
The rebrand comes just four years after the Sydney-based non-bank lender made its market debut with its 2% deposit offering, and three years after achieving triple-digit growth across both its direct and broker-led channels.
Adam Trouncer, cofounder of Skip (pictured above right), explained that the 20% deposit is a major hurdle for Australians to jump over when trying to achieve the dream of homeownership. As the new name and tagline suggest, the non-bank is in the business of helping Australians "skip to the owning bit."
"The 20% deposit is an ideological handbrake,” Trouncer said. “We’re giving brokers a way to help clients start building equity now, rather than watching their savings be diluted by property price growth and a rental market where costs have spiked 40% in five years.”
In fact, soaring property prices, combined with inflationary pressures on a country already burdened by a rising cost of living and a persistent housing shortage, have made the dream of homeownership even harder for many Australians hoping to get on the property ladder. Skips' founders argue that even revamped government schemes — such as the Home Guarantee Scheme, which offers loans with a deposit as low as 5% — still leaves homeownership beyond the grasp of some aspiring borrowers.
“An obsession with first-time homebuyers is creating an emerging pool of ignored Aussies: people who have outgrown their current footprint and are finding it harder than ever to save for a deposit for the transition to more space," Skip Co-founder Mario Emmanuel to Australian Broker's sister publication MPA.
Meanwhile, traditional banks are tightening lending criteria amid heightened regulatory scrutiny, leaving many borrowers who fall outside conventional norms with limited options. This gap in the market has paved the way for the nation's growing non-bank space — and helped fuel Skip's growth.
The firm said seven out of 10 of its own borrowers are what they describe as "second-chance" owners, people who have previously owned property — including upsizers, divorcees, singles and first-generation Australians — but are now trapped in the rental market for various reasons and "fast becoming second-class citizens."
“Sadly the Australian dream will remain a dream for millions of hardworking people because they’re caught in a trap believing that a double-digit cash deposit is the ‘right way,' making owning a place near impossible," Trouncer told Australian Broker. "High deposit approaches have created a chasm between owners and renters and defined homeownership in this country for the worse. And it will only get worse if this mythical 20% mindset remains the status quo advice."
Skip was founded by Trouncer, Marian Emmanuel and Mario Emmanuel in 2021.
The firm works with clients nationally, offering residential home loans for owner-occupiers, as well as investor loans and refinancing.
While recent government initiatives have made it easier for some Australians to enter the property market, the company says significant barriers still exist. The Labor Party’s Home Guarantee Scheme still requires a 5% deposit, and although the Help To Buy Scheme allows for a 2% deposit, availability is limited. Skip lowers the bar even further, offering 2% deposit loans with no LMI.
