In short: There is no waiting period after a permanent residency grant. You are eligible for the First Home Guarantee, first-home-buyer duty concessions and mainstream lending from day one. What decides the timing is the lender's checklist: a 5% deposit from genuine savings held for three months, stable employment (ideally past probation), a clean credit file and living expenses that leave room for repayments tested at your rate plus 3 percentage points.
Key takeaways
- Day one of PR: no FIRB approval, no foreign purchaser surcharge, no ban on established homes, and First Home Guarantee eligibility.
- Genuine savings is the usual bottleneck: 5% of the price, held or accumulated over three months, at most lenders.
- Probation is negotiable at some lenders for professionals with a track record; others want it finished.
- The loan must pass at 9.00% if your rate is 6.00%, under the APRA buffer, which sets the real ceiling.
Nepali families often assume lenders want a year of permanent residency before they will talk. They do not. Some of our fastest settlements have been families who received a 190 or 186 grant and signed a contract in Wollert or Rockdale six weeks later. Others needed a year, because of a probation period, a thin credit file or a deposit that had not sat still long enough. This post explains what changes on grant day, what lenders check, and a worked example.
What changes on grant day
| Before PR (temporary or bridging visa) | From the day PR is granted |
|---|---|
| Foreign person: established homes off-limits until at least 30 June 2029; new homes need FIRB approval and a fee | Any home, no FIRB approval |
| 8% foreign purchaser additional duty in Victoria; 9% in NSW | Ordinary duty, with first-home-buyer exemptions and concessions |
| Deposit of 20% at most lenders; LMI hard to obtain | 5% under the First Home Guarantee with no LMI; or 10% to 20% with LMI on standard loans |
| Narrow lender panel, often at a rate premium | Full panel |
| No First Home Owner Grant in most cases | $10,000 Victorian grant for a new home up to $750,000 |
The First Home Guarantee is the big one: 5% deposit, no lenders mortgage insurance, no income cap, unlimited places, and a cap of $950,000 in Melbourne and Geelong, $650,000 in regional Victoria and $1,500,000 in Sydney, Newcastle and the Illawarra. You must be 18 or over, live in the home and not have owned property in Australia in the previous 10 years. Details are on Housing Australia.
What lenders check, and how long each takes
Genuine savings
Most lenders want at least 5% of the price saved or held in your name for three months. Money that landed last week from a gift or a bonus usually does not count until it has sat for a quarter, though some lenders accept a clean 12-month rental history instead. If your savings history is already three months old on grant day, this step costs no time. Read genuine savings explained.
Employment and probation
Lenders want to see that the income will continue. A permanent full-time role past probation is the clean case. Some lenders accept probation where the profession is stable (nursing, teaching, accounting) and there is a history in the same field; others want six months in the role. Casual income needs a longer history. If a new job is coming, ask a broker whether to apply before or after the move; the wrong order can cost months.
Source of funds
The deposit must have a lawful, documented source. Nepal Rastra Bank prohibits capital transfers from Nepal to buy property abroad, so do not plan around money from home. Australian savings, NRN-compliant funds and a documented gift from family already in Australia, with a gift letter, are the safe sources; get legal advice on anything else.
Serviceability
Your income, minus living expenses and debts, must cover repayments at your rate plus 3 percentage points. That buffer, not the deposit, most often sets the ceiling for a two-income household with a car loan and childcare. The borrowing power calculator applies it for you.
Deposit realities: the cash you actually need
A 5% deposit is not 5% of the total cash. Here is a $700,000 established house in Craigieburn for first home buyers under the First Home Guarantee.
| Item | Amount |
|---|---|
| Deposit at 5% | $35,000 |
| Victorian land transfer duty (first-home-buyer concession at $700,000, see the State Revenue Office) | $24,713 |
| Conveyancing and searches | About $1,800 |
| Building and pest inspection | About $600 |
| Lender and government registration fees | About $1,000 |
| Moving and connections | About $1,500 |
| Cash needed at settlement | About $64,600 |
| Recommended buffer after settlement | $5,000 to $10,000 |
At $600,000 the table shrinks to about $35,000 because the duty is nil, which is why first home buyers in Melbourne's north should look hard at homes at or under $600,000. The upfront costs calculator and our deposit guide show the full picture.
Worked example: from grant to keys
Suman (civil engineer, $95,000) and Bina (early childhood educator, $68,000) receive their 190 grants on 1 October. They have saved $62,000 over two years, Bina has three months left on probation at a new centre in Epping, and they have no car loan.
| Milestone | Date | Notes |
|---|---|---|
| PR granted | 1 October | Eligible for the First Home Guarantee immediately |
| Broker assessment and document collection | Week 1 to 2 | Payslips, contracts, statements, grant letters, ID |
| Pre-approval | Week 3 | A lender that accepts Bina's probation given her continuous work in the sector |
| Property found and inspected, $680,000 house in Epping | Week 6 | Contract made subject to finance |
| Formal approval and unconditional | Week 8 | Valuation completed; guarantee place reserved |
| Settlement | Week 12 | Keys just before the end of the year |
Their numbers: deposit $34,000 (5%), duty about $19,130 (roughly 53% of the $35,870 general duty at $680,000 under the sliding concession), costs about $4,500, total about $57,600, leaving about $4,400 as a buffer. Loan $646,000; for illustration at 6.00% p.a. over 30 years about $3,873 a month, and at the 9.00% assessment rate about $5,198, which their combined income supports. Had Bina's probation been a problem, the fallback was a cheaper property in Suman's name alone.
Frequently asked questions
Is there a minimum time I must hold PR before buying a house?
No. Permanent residents can buy any residential property from the day of grant with no FIRB approval, and lenders impose no waiting period. The practical constraints are genuine savings held for three months, stable employment, a clean credit file and serviceability at the buffered rate.
Can I use the First Home Guarantee straight after PR?
Yes, if you meet the scheme rules: 18 or over, an owner-occupier, no property ownership in Australia in the last 10 years, and a price within the cap for your area. There is no income cap and no limit on places at the time of writing. Joint applicants generally both need to be citizens or permanent residents. Our eligibility checker runs the test.
Will a lender approve me while I am on probation?
Sometimes. Lenders that accept probation usually want a permanent role, a profession with steady demand and a history in the same field. Others want the probation finished, and a few want six months in the job. A broker matches you to a lender whose policy fits, rather than letting a decline land on your credit file.
How much deposit do I need to buy after PR in Melbourne?
Under the First Home Guarantee, 5% of the price with no LMI: $30,000 on a $600,000 home, $35,000 on $700,000. Add duty (nil to $600,000, then a sliding concession to $750,000), $3,000 to $5,000 in costs, and a buffer. Without the guarantee, 10% to 20%, with LMI below 20%.
Talk to GNT Finance
If your PR has just come through, or is close, bring your grant letter and your last three months of statements and we will tell you how soon you can buy and for how much. Gorakh Timilsina speaks Nepali, and there is no cost to you for our home-loan service in most cases. Book a free consultation or call 0426 403 703, or start with our first home buyer loans page. Sydney families can reach us through our Sydney mortgage broker service by phone and video.
This is general information, not migration, legal, tax or credit advice. Migration rules change often — confirm with a registered migration agent (MARA) or the Department of Home Affairs.
Written by Gorakh Timilsina
Founder, CEO & Senior Mortgage Consultant at GNT Finance. Gorakh started as a broker assistant, spent years as a senior credit officer assessing loan applications, and now helps Melbourne families get the right loan approved. English, Nepali and Hindi spoken.