In short: Nepali-Australian families can buy in Melbourne on the same terms as anyone else once they hold permanent residency or citizenship, including the First Home Guarantee and the $10,000 First Home Owner Grant. The extra care goes into proving where an overseas deposit came from, documenting family gifts properly, and structuring joint purchases between relatives. GNT Finance handles all of this in Nepali, Hindi or English.
Gorakh Timilsina founded GNT Finance in Mickleham, and a large part of our work is with Nepali and South Asian families across Craigieburn, Epping, Wollert, Roxburgh Park and Mernda. The questions we get asked in Nepali are usually the same questions, so we have written the answers down. Nothing here is unique to our community, but the practical detail is where families get stuck.
Permanent resident or temporary visa: it changes everything
| Situation | What it means for buying |
|---|---|
| Australian citizen or permanent resident | Full access to lenders, the First Home Guarantee, the First Home Owner Grant and the first home buyer duty exemption |
| Temporary visa (482, 491, 485, student) | Smaller lender panel, larger deposit, FIRB approval, 8% foreign purchaser additional duty in Victoria, and limits on buying established homes at the time of writing |
| Mixed couple (one PR, one temporary) | Often the best of both, with concessions available through the PR partner; structure matters |
If PR is within reach, it is worth asking whether to wait. If it is years away, buying on a temporary visa can still be right, especially for a new home. Our home loans for visa holders page and the temporary resident guide cover the details.
Bringing a deposit from Nepal
This is the single most common issue we solve. Lenders are required to verify where your money came from, and money arriving from overseas gets extra scrutiny. The good news is that it is a paperwork problem, not a barrier.
What lenders want to see
- The origin of the funds. Bank statements from the Nepali account showing the balance building up, or documents for the sale of land or a business in Nepal.
- The transfer trail. Remittance receipts from the bank or licensed remittance provider, showing the sender, the recipient, the amount and the date, matching the deposit into your Australian account.
- Consistency. The Australian statement should show the money arriving in the same amount, allowing for exchange rates and fees.
- Translations. Documents in Nepali generally need a NAATI-certified English translation.
Sending money through informal channels, or in many small transfers from different people, makes the trail impossible to follow and will hold up the loan. Use a bank or licensed remitter and keep every receipt.
Gifts from parents or relatives
Gifts are very common and perfectly acceptable. The lender will want a gift letter signed by the giver stating their name, relationship to you, the amount, that it is a gift and not a loan, and that they have no interest in the property. If the gift comes from overseas, the letter is combined with the transfer evidence above.
One catch: gifted money is usually not treated as genuine savings. Most lenders want 5% of the price as your own savings held for three months. A gift can cover the rest of the deposit and costs. Our genuine savings guide explains how to make gifted funds work, including letting them sit in your account for three months before applying.
Joint applications between family members
Buying with a brother, a cousin or your parents is common in our community and lenders accept it, but structure it deliberately.
- Ownership shares. Joint tenants means equal shares that pass automatically to the survivor. Tenants in common lets you hold unequal shares (for example 60/40 to reflect contributions) that pass under your will. Read joint tenants vs tenants in common before you decide.
- Everyone on the loan is fully liable. If your cousin stops paying, the lender can pursue you for the whole amount, not your share.
- First home buyer schemes apply to everyone on the title. If your father has owned property before and goes on the title, the First Home Guarantee and duty exemption are lost for the whole purchase. Sometimes a guarantee is a better tool than co-ownership. See buying with a guarantor.
- Write down the agreement. Who pays what, what happens if someone wants to sell, and how the property is valued at that point.
A worked example: a family in Wollert
For illustration, a couple with permanent residency, both working, buys a new $680,000 house in Wollert. Their deposit is $34,000 of their own savings plus a $40,000 gift from parents in Kathmandu, transferred through a bank three months before application.
| Item | Amount |
|---|---|
| Purchase price | $680,000 |
| Own savings (5%, genuine savings) | $34,000 |
| Gift from parents (documented) | $40,000 |
| First Home Owner Grant | $10,000 (new home, under $750,000) |
| Stamp duty | Sliding concession between $600,001 and $750,000, well below the full $35,870 |
| Loan under the First Home Guarantee | Around $596,000 after deposit, gift and grant |
| LMI | Nil |
At 6.00% p.a. over 30 years, a $596,000 loan costs about $3,573 a month. With both incomes and no other debts, that passes the lender's test at the assessment rate of 9.00%, which for the same loan is about $4,795 a month. The borrowing power calculator gives you a quick read on your own household.
Common questions from the community, answered plainly
Does my Nepali income or property count? Property in Nepal is generally ignored by Australian lenders for serviceability and is not treated as an asset you can borrow against. Income from Nepal is rarely accepted. Your Australian income is what counts.
Is my HECS or student debt a problem? It reduces borrowing power but does not stop you. Lenders include the repayment as a living expense.
Can I buy a home for my parents? Yes, but if you do not live in it, the loan is treated as an investment loan and the first home buyer schemes do not apply. If you live there together, it can be your principal residence.
Do I have to use a Nepali-speaking broker? No, but being able to ask a question in your own language, and having a broker who has seen your exact situation dozens of times, removes a lot of stress. Visit our Nepali mortgage broker Melbourne page.
Frequently asked questions
Can I use money from Nepal as a home loan deposit in Australia?
Yes. Lenders accept overseas funds if you can prove the source and the transfer trail. Keep Nepali bank statements, sale documents for any assets sold, and remittance receipts showing the funds arriving in your Australian account. Use banks or licensed remitters, avoid many small transfers from different people, and have Nepali documents translated by a NAATI-certified translator.
Does a gift from my parents count as a deposit?
It can cover most of the deposit and costs, but many lenders still want to see 5% of the purchase price as your own genuine savings held for at least three months. The giver signs a gift letter confirming the money is not repayable. Letting the gift sit in your account for three months before applying makes the application much smoother.
Can two brothers buy a house together in Melbourne?
Yes. Both go on the title and the loan, and each is fully liable for the whole debt. Choose between joint tenancy and tenants in common based on your contributions and inheritance wishes, and remember that first home buyer schemes are lost if any co-owner has owned property in Australia in the last 10 years. A written agreement between you is strongly recommended.
Are Nepali-Australians on permanent residency eligible for the First Home Guarantee?
Yes. Permanent residents are eligible on the same terms as citizens: 5% deposit, no LMI, no income cap, owner-occupier, 18 or over, no property owned in Australia in the last 10 years, and a purchase price at or under $950,000 in Melbourne and Geelong or $650,000 in regional Victoria. Joint applicants must both qualify.
Talk to GNT Finance
GNT Finance is run by Gorakh Timilsina, a Nepali-Australian senior mortgage consultant based in Mickleham, and we speak Nepali, Hindi and English. We have walked many families through overseas deposits, gift letters and joint purchases. Book a free consultation or call 0426 403 703.
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.