---
title: Regional Victoria for 491 Visa and New PR Families | GNT Finance
description: Buying a first home in Ballarat, Bendigo, Geelong, Shepparton, Mildura, Warrnambool, Traralgon or Wodonga on a 491 visa or after PR, and the $650,000 cap.
url: https://gntfinance.com.au/blog/regional-victoria-for-491-visa-holders-and-new-pr-families/
author: Gorakh Timilsina
published: 2026-10-29
category: First home buyers
---

# Regional Victoria for 491 visa holders and new PR families: buying in Ballarat, Bendigo, Geelong and beyond

**In short:** On a 491 visa you are a temporary resident: you can buy a new home or vacant land in regional Victoria with FIRB approval, but not an established home, and not with the First Home Guarantee. Once your 191 permanent visa is granted, everything opens: established homes, the Guarantee with its $650,000 regional cap ($950,000 in Geelong), the duty exemption to $600,000 and the $10,000 FHOG on new homes.

Victoria's regional nomination has brought Nepali nurses, aged-care workers, chefs, food-processing workers and IT graduates to Ballarat, Bendigo, Geelong, Shepparton, Mildura, Warrnambool, Traralgon and Wodonga. The 491 requires three years of regional living and a minimum taxable income before the 191, and the question every family asks in year two is whether to buy now or wait. The answer, town by town.

## Key takeaways

- The 491 is temporary. The foreign-person ban on established dwellings (to at least 30 June 2029) applies to you until the 191 is granted; new homes and land need FIRB approval and attract Victoria's 8% foreign purchaser additional duty.
- The Guarantee needs PR. Its regional Victoria cap is $650,000; Geelong shares Melbourne's $950,000.
- Victoria's duty exemption to $600,000, concession to $750,000 and $10,000 FHOG apply to any first home buyer who will live in the home, including 491 holders on a new home.
- The 191 requires taxable income at or above the threshold for three years, which is also the income history lenders want.
- Regional postcodes are treated differently by lenders, and the differences are larger outside Geelong, Ballarat and Bendigo.

## The rules on a 491 versus after the 191

| Item | On a 491 (temporary resident) | After the 191 (permanent resident) |
|---|---|---|
| Established home | Not permitted under the federal ban | Permitted |
| New home or vacant land | Permitted with FIRB approval and fees | Permitted, no FIRB |
| Foreign purchaser additional duty (VIC) | 8% on top of ordinary duty | Not applicable |
| First Home Guarantee | Not eligible | Eligible; cap $650,000 regional, $950,000 Geelong |
| Duty exemption and concession | Available on a new home if you live in it | Available on new or established |
| First Home Owner Grant | $10,000 on a new home to $750,000 if you live in it | Same |
| Typical maximum LVR | 80% to 90% with most lenders | Up to 95% with the Guarantee |

Rules sit with the [State Revenue Office](https://www.sro.vic.gov.au/) and [Housing Australia](https://www.housingaustralia.gov.au/); FIRB fees are on [ato.gov.au](https://www.ato.gov.au/).

## Town by town

| Town | Community and work | Lending note |
|---|---|---|
| [Ballarat](/mortgage-broker/ballarat/) | Large Nepali community in health, aged care and hospitality; a Nepali grocer and restaurants near the centre | Established houses often inside the $600,000 duty-exempt band; new estates to the west offer the FHOG |
| [Bendigo](/mortgage-broker/bendigo/) | Health precinct and university draw nurses and graduates | Similar to Ballarat; strong lender coverage; older homes need building reports |
| [Geelong](/mortgage-broker/geelong/) | Largest regional community; health, manufacturing, logistics | Guarantee cap $950,000, so most houses qualify; Armstrong Creek and northern estates for new builds |
| [Shepparton](/mortgage-broker/shepparton/) | Food processing, farms, health; established community with Nepali shops | Cheaper houses well inside both caps; some lenders limit LVR on farm-zoned land |
| [Mildura](/mortgage-broker/mildura/) | Horticulture and health; smaller community | Lender postcode policy is more conservative; check before signing |
| [Warrnambool](/mortgage-broker/warrnambool/) | Health, dairy processing, hospitality | Coastal prices vary widely; Guarantee cap $650,000 covers most houses |
| [Traralgon](/mortgage-broker/traralgon/) | Health and energy sector; Latrobe Valley community | Affordable houses, straightforward lending; some older stock |
| [Wodonga](/mortgage-broker/wodonga/) | Cross-border community with Albury; health and logistics | Buy on the Victorian side for the Victorian schemes; NSW rules apply in Albury |

## Worked example: buy on the 491 or wait for the 191

A couple in Ballarat, a nurse and an aged-care worker, are two years into a 491 with $35,000 saved and an established $580,000 house in mind.

**Now, on the 491.** The established house is off limits. They could buy a $580,000 house-and-land package instead: FIRB approval and fees, 8% foreign purchaser additional duty on top of the land duty (likely several tens of thousands of dollars), no Guarantee, and most lenders capping them at 80% to 90% LVR, which means a deposit of $58,000 to $116,000 plus LMI. It does not work on $35,000.

**In twelve months, on the 191.** The established house at $580,000: deposit 5% $29,000, loan $551,000 under the Guarantee, duty nil (under $600,000), no LMI, no FIRB. Monthly repayments for illustration at 6.00% p.a. over 30 years: about $3,304. Cash to settle around $33,000 including conveyancing and inspections.

The year of waiting is worth well over $60,000 in avoided duty, fees and LMI, and it is the year the couple uses to hold genuine savings and keep a clean credit file. Our guide to [buying as a temporary resident](/guides/buying-property-as-a-temporary-resident/) covers the cases where buying new before PR does make sense, and the [stamp duty calculator](/calculators/stamp-duty/) gives exact duty figures.

## Community notes

Ballarat, Bendigo, Geelong and Shepparton have the largest regional Nepali communities in Victoria, each with a Nepali grocer or two, momo restaurants and a community group that runs Dashain and Tihar celebrations, football tournaments and Nepali language classes. Hindu and Buddhist festival gatherings are shared with the wider South Asian community and, for the biggest events, with Melbourne's temples. The smaller centres (Mildura, Warrnambool, Traralgon, Wodonga) have tighter-knit groups built around the 491 pathway, and they are the best source of advice on sponsoring employers and the regional residence evidence the 191 requires.

## Lender and document notes

On a 491, a lender wants passport, visa grant notice, evidence of FIRB approval for the property, and usually a larger deposit. After the 191, the file is standard: passport and PR grant notice, two payslips and an ATO income statement, three months of statements showing 5% genuine savings, and a clean Australian credit file. The taxable income evidence prepared for the 191 doubles as the income history lenders like. Gifts from family in Australia need a gift letter; funds from Nepal are not a lawful source under Nepal Rastra Bank rules and lenders require a documented, legal source. Lenders test at your rate plus 3 percentage points and treat regular remittances as expenses. Regional postcodes outside the big four centres can carry LVR limits with some lenders, which is a reason to check the postcode before you sign. See the [documents checklist](/guides/home-loan-documents-checklist/), our [home loans for visa holders](/services/home-loans-for-visa-holders/) page and the [new migrants guide](/guides/home-loans-for-new-migrants/).

## Frequently asked questions

### Can I buy an established home on a 491 if my partner is a citizen or PR?

Yes. Spouses of Australian citizens and permanent residents are exempt from the foreign-person ban on established dwellings, so a mixed couple can buy established without FIRB. For the Guarantee, both borrowers must be citizens or PRs, so the PR partner may need to borrow alone, which limits borrowing power. A broker can model both structures.

### Does the $650,000 cap apply in Geelong?

No. Geelong shares Melbourne's $950,000 cap. Ballarat, Bendigo, Shepparton, Mildura, Warrnambool, Traralgon and Wodonga are all under the $650,000 regional cap. If the house you want is above the cap you would need a 20% deposit, LMI or a guarantor rather than the Guarantee.

### Does buying a home help my 191 application?

That is a question for a MARA-registered migration agent, not a mortgage broker. The 191 turns on regional residence and taxable income over three years, and the Department of Home Affairs sets the evidence requirements. We can tell you what a lender needs; we do not advise on visas.

### I want to buy in Wodonga but work in Albury. Which rules apply?

The property's location decides the state rules. A house in Wodonga uses Victoria's duty exemption, FHOG and the $650,000 regional Guarantee cap; a house in Albury uses NSW's schemes and the $800,000 regional NSW cap. Your income can come from either side of the border.

## Talk to GNT Finance

GNT Finance is based in Melbourne's north and serves all of regional Victoria by phone, video and e-signature, in English, Nepali or Hindi. We can tell you exactly what is possible on your 491 today and what changes the day your 191 is granted. [Book a free consultation](/contact/) or call 0426 403 703; our home-loan service is at no cost to you in most cases. See also our [Victoria](/mortgage-broker-victoria/), [Sydney](/mortgage-broker-sydney/) and [Australia-wide](/mortgage-broker-australia/) pages.

*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. Grant, duty and Guarantee figures are as at the time of writing; confirm them with the State Revenue Office and Housing Australia.*