Why choose Nice Loans?

At Nice Loans, we believe in excellence. Our services are completely free for most types of home and car loans, with your satisfaction being our utmost priority. Although we are a Brisbane-based brokerage company, we offer our services nationwide throughout Australia. We also have access to more than 40 different lenders, which include several major banks and specialist lenders. Nice Loans is also a full member of the Australian Financial Complaints Authority (AFCA) and the Mortgage and Finance Association of Australia (MFAA). You can rest easy because we guarantee credibility.

Are you owned by a bank?

While there are brokerage companies owned by banks, Nice Loans is a private Australian outfit with no connections to any lender whatsoever. We operate completely independently.

Do you choose specific banks to get a higher incentive?

Nice Loans is an independent organisation not unduly tied to a single lender, so we have the freedom to work with however many lenders we want. Our goal is to bring you a variety of loan products to choose from. Regardless of the incentive distribution, our clients are the utmost priority.

Do you hold a Credit Licence?

Yes. Nice Loans holds a Credit Representative (CRN 499665) authorised under Australian Credit Licence 390261, as required under the National Consumer Credit Protection Act.

We don't live in Brisbane. Can you still help us?

Regardless of your location anywhere in Australia, our mortgage brokers are willing to help you. We have a record of approved loans for customers in every state and territory. If you are overseas and wish to invest or buy in Australia, feel free to contact us — we are fully capable of meeting your requirements.

Can I buy a property interstate?

Absolutely! We help clients purchase property across Australia. Lenders finance most areas, though some remote locations may have different terms. We recommend engaging local conveyancers and building inspectors for peace of mind.

Why should I use a mortgage broker when I can go with a bank?

What a mortgage broker produces is access to options. Why would you want to stick to a single bank when mortgage brokers already work with various lenders to secure the best loan package available to suit your needs? Not only do you have all available options at your fingertips, but our services are also free of cost. There's no need to toil with the hassle of home loan applications when brokers can easily do them for you.

How do I work with a mortgage broker?

A broker will assess your financial situation, work out the maximum home loan a lender is likely to allow, and calculate other upfront costs. Once you provide all required information, the broker identifies the products that best suit your needs and guides you through to settlement.

How do mortgage brokers get paid?

Mortgage brokers are paid directly by the lenders. Given the mutually beneficial relationship where banks service mortgage clients and brokers introduce them to new applications, the payment is made accordingly. The banks are not required to make payments if we fail to lodge applications with them.

How can I be sure that you'll recommend suitable loans?

Unscrupulous acts in the mortgage industry are far less common than one might expect. Under Australia's Best Interests Duty, brokers are legally required to act in their clients' best interests when providing credit assistance. We provide a series of options that we believe would be a perfect fit for your financial circumstances, and then the choice is entirely yours.

Do you charge any service fees?

Our services are provided free of charge in most cases — feel free to reach out when required. Since we are compensated by the lenders, no expectations of payment fall upon the borrowers.

Will you charge a brokerage fee?

Our services do not come with costs attached. You can feel free to reach out when required. Since we are compensated by the lenders, no expectations of payment fall upon the borrowers.

Which banks can approve us?

We are connected to a range of 40+ lenders adept in their departments — giving you a high chance of approval. Having several options available allows borrowers to pick the perfect lender, one that suits their needs and offers an attractive loan package.

What do I do when I need a Home Loan?

To apply for a home loan, determine exactly how much you need to borrow and can afford. You can directly apply to a lender or choose to go through a mortgage broker who can help you with applications and connect you to the best possible lenders. If your application is approved, the lender will offer you the loan, which you will need to pay back over time according to the agreed-upon terms and conditions.

How does applying for a home loan work?

Home loan applications lodged through mortgage brokers are straightforward. All you need to do is fill out the application and provide all required documents. Once the preliminary assessment is complete, we give you options to choose from. Our brokers will do all the work for you. As soon as we know which lender you would like to proceed with, the loan will be processed after a quick approval.

What documentation do I need for a home loan application?

The documents required vary depending on your employment type and financial circumstances, but common requirements include: (1) Proof of Identification, (2) Income Verification Documents such as payslips and ATO Notice of Assessment, (3) Bank statements showing salary deposits, and (4) If self-employed, business-related financial statements and additional tax documentation. Through your broker, you will be provided a checklist tailored to your situation and lender-specific requirements.

How long will a preliminary assessment take?

As long as the right documents are provided in one go, the preliminary assessment is possible within 24 hours. Remember to inform us in case you're in a hurry for auction appointments or a deadline.

How long does a pre-approval last?

Pre-approvals are usually valid for three to six months. If your pre-approval expires before you find a property, or you believe you might need more time, an extension application is possible.

What happens after I find a property?

The steps lead you to final approval: (1) Make an Offer, (2) Sign the Contract, (3) Property Valuation by your lender, (4) Final Loan Approval, (5) Settlement (transfer of ownership), and (6) Move In.

What happens on settlement day?

Ownership legally transfers on settlement day. Repayments usually start one month later. We coordinate with conveyancers for a smooth process.

What are the costs associated with buying a home?

Beyond the purchase price, buying a home in Australia involves several costs: Loan Fees (application, valuation and settlement fees), Stamp Duty (state government tax), Lender's Mortgage Insurance (required if your deposit is less than 20%), Building and Pest Inspections, and Moving Costs.

Do you need money in your account to apply for a home loan?

Yes, when applying for a home loan, lenders require a certain amount of deposit saved up. They need the deposit to be genuine savings, meaning you must have had the funds in your account for a while, and they should belong solely to you.

What is the minimum amount that should be in the account to apply for a home loan?

The minimum amount required to apply for a home loan depends on the deposit required by the lender. Generally, a deposit of 20% is accepted. You can get home loans with a lower deposit (low-doc or no-deposit options exist), however you may need to pay Lenders Mortgage Insurance (LMI).

What are my options if I don't have a 20% deposit?

Options include: (1) Apply with a smaller deposit (as low as 5%) and pay LMI, (2) Use a guarantor (usually a parent) to reduce or eliminate the deposit requirement, (3) Access the First Home Guarantee for as little as a 5% deposit without LMI, or (4) Use equity from another property if you are an existing homeowner.

How do I apply for a home loan with insufficient savings?

If you have a limited amount in your bank account but still wish to apply for a home loan, there are options. You can consider applying with a low or no deposit, but you will need to pay Lenders Mortgage Insurance (LMI) accordingly. Government schemes like the First Home Guarantee, if you qualify, can be helpful to land a low-deposit home loan without LMI. Check with your lender and feel free to contact us for further guidance.

If I don't have money in my account but borrow some from relatives, would that be okay to apply for a home loan?

Some lenders allow gifted funds from family members as part of your deposit, but documentation proving that the money is a gift — not a loan to be paid back — is essential.

Can I use gift money from family as my deposit?

Yes, genuine gifts from immediate family can be used. Lenders require a signed statutory declaration stating it is a gift and not a loan, along with proof of transfer typically 3 months before application.

What is genuine savings and do I need it?

Genuine savings is money accumulated over at least 3 months through your own efforts (bank accounts, shares). Lenders typically want to see 5% of the purchase price in genuine savings, though rental history may sometimes be accepted as an alternative.

Can I access my superannuation for a home deposit?

Via the First Home Super Saver Scheme (FHSSS), you can save inside super and withdraw up to $50,000 of voluntary contributions plus earnings for your first home deposit.

What is the difference between a fixed-rate and a variable-rate home loan?

Fixed-Rate Home Loan: Locks the interest rate for a set period, generally 1 to 5 years — your repayments remain constant. Variable Rate Home Loan: The interest rate can fluctuate based on market conditions, potentially leading to lower or higher repayments over time.

Can I split my loan between fixed and variable rates?

Yes! Splitting provides rate security on one portion and flexibility (offset/extra payments) on the other. We can structure splits based on your risk tolerance and financial goals.

What happens when my fixed rate period ends?

It converts to the standard variable rate. This is the best time to review, re-fix, or refinance for a more competitive deal. We proactively contact clients before this occurs so you're never caught off guard.

What is an offset account and should I have one?

An offset account is a transaction account linked to your loan. The balance 'offsets' your debt, reducing the interest you pay without reducing the principal balance. It's a powerful tool for saving on interest over the life of your loan.

What is a redraw facility?

A redraw facility allows you to access extra repayments made above your minimum. Useful for emergencies or opportunities while keeping your funds working to reduce your interest charges.

Should I choose principal and interest or interest-only repayments?

Principal and Interest (P&I) builds equity over time. Interest-only keeps repayments lower (standard for 1–5 years) but doesn't reduce the loan balance — often used for tax purposes on investment properties or during renovations.

What is a line of credit and how does it work?

A line of credit is a flexible loan working like an overdraft secured by your property. You pay interest only on what you use. It's popular for investors and renovators who need flexible access to funds.

How do Construction Loans Work?

Unlike standard mortgages where you receive a lump sum, construction loans are paid in instalments (progress payments). Each time you reach a new stage in the construction schedule, the lender makes a progress payment directly to the builder.

What if I need bridging finance?

Bridging finance is a short-term loan designed to provide immediate capital — typically used to bridge gaps between transactions, such as purchasing a property before selling an existing one. We can help you assess your financial situation, determine the amount you need, and connect you with specialist lenders for bridging finance.

What is a reverse mortgage?

For retirees (60+) to borrow against home equity without making regular repayments. The loan is repaid upon sale of the property, moving to care, or passing — it can provide income but reduces the value of your estate.

How do family pledge/guarantor loans work?

Family members (usually parents) use equity in their property as additional security for your loan. This helps you borrow with little or no deposit and avoid LMI. Liability is usually capped at 20% of the purchase price.

Can I get a loan for a property at auction?

Yes, but timing is critical. You need unconditional finance in place before bidding at auction. We strongly recommend obtaining pre-approval and, if possible, formal approval before auction day.

What is a 'non-conforming' loan and when would I need one?

Non-conforming loans are for borrowers who don't fit standard lending criteria (credit issues, unique properties, etc.). They typically have higher interest rates but provide financing when major banks say no.

How much can I borrow?

Your borrowing capacity depends on your income, debts, living expenses, and credit history. Lenders often allow up to 6 times your annual income. We use sophisticated calculators to provide accurate estimates based on your specific situation — get in touch for a free assessment.

What is the maximum LVR (Loan-to-Value Ratio) I can get?

Generally up to 95% for owner-occupiers (5% deposit) and 90% for investment properties (10% deposit). The higher the LVR, the more you'll pay in Lenders Mortgage Insurance (LMI).

Will my credit card limit affect how much I can borrow?

Yes. Lenders assess borrowing capacity based on the full credit card limit, not the current balance. A $10,000 limit could reduce your borrowing capacity by $50,000–$100,000. We recommend reducing limits before applying.

Does having a car loan affect my home loan application?

Yes, all debts reduce your borrowing capacity. Lenders factor car loan repayments into their affordability calculations. Paying off the car loan beforehand can significantly increase your borrowing power.

Can I get a good interest rate even without fitting the standard bank criteria?

Often, lending criteria can be a hard bone to crack. It's not always an issue with your application — it may be the lack of flexibility on the lender's part. You just need to find the right lender with better rates and features. This is exactly the job of a mortgage broker — we identify lenders willing to work with your circumstances.

How will my credit score impact my ability to get a mortgage?

A low credit score doesn't automatically mean you won't qualify for a home loan. However, it could mean you have fewer lender options and that low-deposit products become harder to access. A low credit score indicates financial irresponsibility to lenders, who typically gravitate toward borrowers who can minimise the risk of defaults.

Can I get a home loan with bad credit or defaults?

It depends on the recency and severity of the credit issues. Minor paid defaults might not block mainstream lenders. Bankruptcy or recent arrears may require specialist lenders. Resolving issues 2+ years prior generally improves your options significantly.

How long after bankruptcy can I apply for a home loan?

Mainstream lenders usually require 2–3 years post-discharge from bankruptcy. Some specialist lenders consider applications 6–12 months after discharge, but with higher interest rates and lower LVRs.

Will my partner's bad credit affect my home loan application?

In joint applications, yes. Strategies include applying solely (if borrowing capacity allows), waiting for credit improvement, or working with flexible specialist lenders who take a broader view of applications.

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