Free Mortgage Assessment. Contact Today!!!
Free Mortgage Assessment. Contact Today!!!
Buying your first home is a major milestone, but having to understand your borrowing options, upfront costs and government support can make the process feel complicated.
Nice Loans helps first home buyers across Australia understand the lending process, compare potentially suitable home loan options from our approved lender panel and prepare your application with fewer surprises, from your first borrowing discussion through to settlement.
Australia-Wide Service: Whether you are buying in a capital city, regional area or interstate, our team can assist you at any time via phone or online, without requiring an office visit.
Purchasing your first home involves more than finding a property and choosing an interest rate. Your deposit, income, existing debts, purchase costs, government assistance, property type and lender criteria can all affect the home loan options available to you.
Nice Loans can help you:
Nice Loans does not determine whether you qualify for a government program or approve your home loan. Eligibility for government assistance is determined by the relevant government authority, while lending decisions are made by the participating lender under applicable lending criteria at the time of assessment.
A first discussion can help you understand your current position, the gaps to address and the next practical step — no obligation, no pressure.
It’s easy to fall in love with a property before knowing whether the numbers even work. However, the advertised price is only the starting point. Your deposit, income, existing commitments, buying costs and expected repayments all play a part in determining what you may be able to afford. Therefore, before you make an offer, it’s worth having a clear picture of:
Calculator results are estimates only. They do not constitute loan approval, confirm eligibility for a government program or take the place of an assessment by a lender or relevant government authority.
One of the most frequent questions first home buyers ask is: how much do I actually need to save? The answer isn’t the same for everyone. While a larger deposit generally means borrowing less and may help you avoid lenders’ mortgage insurance (LMI), you may not necessarily need a 20% deposit to buy your first home.
Depending on your circumstances, you may be able to buy with a smaller deposit through options such as:
The deposit you need can depend on more than the property’s purchase price. Lenders may consider your income, existing debts, credit history, savings, the property’s value and location, the loan product and your eligibility for any relevant government or family-supported arrangement. It’s also important to remember that your deposit isn’t the only money you’ll need. You’ll need to budget for costs such as transfer duty, conveyancing, inspections and other expenses associated with purchasing a property.
Want to know where you stand? Read our guide to how much you may need for a house deposit or use our deposit calculator for an initial estimate.
Having enough money in your account doesn’t always mean a lender will treat all of it as part of your deposit in the same way. Some lenders require borrowers to demonstrate genuine savings, genuinely showing that they have built up and held a certain amount of savings over a required period.
Likewise, lender policies differ, and the source of your funds can matter. Depending on the lender, different rules may apply to money such as regular savings, term deposits, shares or investments, rental payment history, family gifts, inherited funds, and government grants or other assistance.
If you’re buying with a smaller deposit, you may come across lender mortgage insurance (LMI). LMI can apply when your loan represents a high percentage of the property’s value and the lender’s LVR requirements are exceeded.
It’s important to understand that LMI protects the lender, not you. The cost is generally added to the overall cost of borrowing and can vary depending on the lender, loan amount, deposit, property and other factors.
Saving a deposit is often one of the biggest hurdles for first home buyers. Depending on your circumstances, you may be able to access an Australian Government program that could reduce the deposit you need, help with the cost of buying or provide another pathway into home ownership.
Eligible first home buyers may be able to use an Australian Government home buyer guarantee to support part of their loan with a participating lender. A government guarantee can potentially allow an eligible buyer to purchase with a smaller deposit without paying LMI.
Shared equity programs provide another potential pathway for eligible home buyers. Under an applicable Australian Government program, government contribution can be up to 30% for an existing home or 40% for an eligible new home.
The First Home Super Saver Scheme (FHSS) may allow eligible first home buyers to access certain voluntary superannuation contributions and associated earnings to help purchase or build their first home. Timing is particularly important since annual and lifetime limits apply, along with specific Australian Taxation Office requirements.
The First Home Owner Grant (FHOG) and transfer duty concessions are funded and administered separately by each Australian state and territory. As a result, the amount of assistance available, eligibility requirements, property types, property value limits and application dates can vary significantly between jurisdictions.
| State / Territory | Assistance to Investigate | Nice Loans Resource | Official Source |
|---|---|---|---|
| ACT | Home Buyer Concession Scheme and current conveyance-duty rules | Stamp duty calculator | ACT Revenue Office |
| NSW | First Home Owner Grant and First Home Buyers Assistance Scheme duty relief | FHOG NSW guide | NSW Government |
| NT | HomeGrown Territory Grant and other current home-owner assistance | FHOG calculator | NT Government |
| QLD | First Home Owner Grant and first-home transfer-duty concessions | QLD grants & schemes guide | QLD transfer-duty assistance |
| SA | First Home Owner Grant and first-home-buyer stamp-duty relief | Property buying cost calculator | RevenueSA |
| TAS | First Home Owner Grant and any current first-home duty relief | FHOG calculator | State Revenue Office Tasmania |
| VIC | First Home Owner Grant and first-home-buyer duty exemption or concession | VIC first-home-buyer grants guide | Victorian Government |
| WA | First Home Owner Grant and First Home Owner Rate of Duty | Stamp duty calculator | RevenueWA |
The national First Home Owner Grant portal provides links to the relevant government authority in each state and territory, making it a useful starting point for checking the latest information. However, your lender may still require evidence that you have sufficient genuine savings or your own funds, as well as enough money to cover upfront costs and maintain an appropriate settlement buffer.
An eligible family member may be able to use a portion of the equity in their property as additional security for the home loan. This can reduce the effective loan-to-value ratio (LVR) and may allow the buyer to avoid or reduce Lenders Mortgage Insurance (LMI).
A no deposit home loan does not necessarily mean buying a property without having any money available. These arrangements may involve a family guarantee or gifted funds, existing family equity, a government grant or another lender-specific policy.
Buying land and building a home can involve a different lending process from purchasing an established property. With construction finance, the lender generally releases funds progressively through progress payments as different stages of construction are completed.
The lowest advertised interest rate is not always the best indicator of the right home loan. First home buyers should consider the overall cost of the loan and its features, flexibility and how well the loan structure aligns with their financial circumstances and future plans.
We start by understanding your goals and circumstances, including your income, expenses, deposit, existing liabilities, employment, preferred property type and home-buying plans.
We compare potentially suitable home loan options available through our approved lender panel. Our panel may not include every lender or loan product available in the market, so the options presented will be based on the lenders and products we can access and your circumstances.
We compare potentially suitable home loan options available through our approved lender panel. Our panel may not include every lender or loan product available in the market, so the options presented will be based on the lenders and products we can access and your circumstances.
Where appropriate, we can help you apply for pre-approval and indicate a lender’s initial position and help you understand your potential price range before making an offer. Learn more →
Once you find a property, you should complete appropriate property and contract due diligence. Depending on the property, this may include obtaining legal or conveyancing advice and arranging building and pest inspections through qualified professionals.
After you have a property and submit the required information, the lender completes its full assessment of the loan application and property. The lender may request additional documents, information or clarification and may impose conditions before issuing formal approval.
Once the loan is formally approved, the lender prepares the relevant loan documents and works towards settlement. Your conveyancer or solicitor manages the legal transfer of the property, while we remain in contact with the lender and relevant parties to help coordinate outstanding lending requirements through to settlement.
For a broader explanation, see the Nice Loans home-loan process.
It is important to disclose your financial circumstances accurately and provide all information requested by the lender. Undisclosed debts, Buy Now Pay Later accounts, changes in employment, unexplained transactions or incomplete documentation can delay the assessment process and may affect the lender’s decision.
Suman has helped buyers, refinancers and investors across Australia navigate the home loan process, including a growing base of Melbourne clients serviced remotely. As an accredited mortgage broker with Vow Financial, Suman has access to a panel of more than 40 leading Australian lenders. This allows him to compare a wide range of home loan products, helping you find competitive interest rates, flexible features and loan structures that best suit your circumstances. Also bound by the Best Interests Duty (BID), he has a legal obligation that requires him to act in his clients' best interests.
We appreciate the positive feedback shared by our clients
Yes, totally. Nice Loans assists eligible borrowers across Australia through phone and online appointments.
Not necessarily. First home buyers may be able to use a standard owner-occupier home loan, a government-supported pathway or another eligible lending arrangement.
Here, the most suitable loan option will depend on factors such as your financial circumstances, deposit, property, borrowing position, lender criteria and any government scheme for which you may be eligible.
Yes, it is possible. Certain grants, concessions and savings programs may be used together, while other guarantees, shared-equity arrangements or government loan programs may have restrictions on combining benefits.
No. While a mortgage broker can help you understand published eligibility criteria and assist with relevant lending and application information, eligibility for government grant or concession is determined by the relevant government authority, while the participating lender determines whether you meet its lending requirements.
Some lenders can offer loans with a deposit below 20%, depending on your circumstances and the lender’s criteria. However, a smaller deposit may mean lenders’ mortgage insurance (LMI) applies, unless an eligible government guarantee, guarantor arrangement or other lender policy reduces or removes the requirement. A higher LVR can also affect your interest rate, borrowing capacity, costs and overall lending options.
No, pre-approval is generally conditional and should not be treated as a guarantee of final loan approval. Final approval may depend on updated financial information and the specific property, the lender’s valuation, applicable lending criteria and satisfaction of all conditions. A lender may also request additional information before providing formal approval.
In many standard residential lending situations, Nice Loans may receive a commission from the lender rather than charging the borrower a direct fee. However, fees can apply in certain circumstances or for particular loan types.
Any fee payable to Nice Loans should be disclosed before you proceed. Ask for the current Credit Guide and relevant remuneration information so you understand how the broker is paid and whether any fees may apply to your situation.
A first discussion can help you understand your current position, the gaps to address and the next practical step.
This page contains general information only. It does not take into account your objectives, financial situation or needs and is not personal legal, tax, accounting, financial-planning or investment advice.
Nice Loans provides credit assistance within the scope of its authorisation. Loan availability, eligibility, government assistance, interest rates, fees and lender policies can change. Final decisions are made by the relevant lender or government authority under its current criteria. Before acting, consider whether the information is appropriate for your circumstances and obtain advice from an appropriately qualified professional where required.
Written by: Suman Nepal, Mortgage & Finance Broker | Read the Nice Loans Editorial Policy
