I Got My PR Today—What’s Next for Buying My First Home?

Congratulations—getting your Australian permanent residency is a life-changing achievement. It can provide greater employment stability, a stronger long-term plan and, in many situations, a wider range of home-loan options than may have been available on a temporary visa.

However, receiving PR does not automatically mean you should immediately make an offer on a property. The strongest first step is to understand your borrowing position, deposit, purchase costs, lender requirements and any first-home-buyer assistance that may apply to your state.

Does Getting PR Make It Easier to Buy a Home?

Permanent residency can improve your home-buying position because many lenders have clearer policies for Australian citizens and permanent residents. It may also affect your eligibility for certain government schemes, grants or transfer-duty concessions. Eligibility always depends on the specific program, property, lender and applicant circumstances.

PR is only one part of a loan assessment. A lender will still review your income, employment stability, expenses, debts, credit history, savings, deposit and the property you want to purchase.

Your First 8 Steps After Getting PR

How Much Deposit Do You Need?

A 20% deposit can help avoid lenders mortgage insurance in many situations, but it is not always essential. Some eligible buyers may be able to purchase with a smaller deposit through participating lenders or government-supported pathways.

The Australian Government’s home-buyer guarantee program may allow eligible buyers to purchase with a deposit as low as 5%, subject to program rules, property-price caps and participating-lender criteria. A smaller deposit can help you buy sooner, but it may also mean a larger loan and higher repayments.

Do Not Use Every Dollar as Your Deposit

• Keep funds for conveyancing and legal work
• Allow for building and pest inspections
• Budget for transfer duty where applicable
• Keep money for moving, furniture and urgent repairs
• Maintain an emergency buffer after settlement

Documents to Prepare After Receiving PR

• Passport and permanent-residency evidence
• Recent payslips and employment contract
• Bank statements showing savings and salary credits
• Statements for personal loans, car loans and credit cards
• Rental history or evidence of regular rent payments
• Tax returns and financial statements for self-employed applicants
• Evidence explaining gifted funds or overseas transfers

First-Home Support in Melbourne and Victoria

Melbourne remains a major destination for Nepali families because of employment, education and established community networks. Eligible Victorian first-home buyers may receive a transfer-duty exemption on homes up to $600,000 and a concession for homes between $600,001 and $750,000, subject to current rules and occupancy requirements.

Victoria also offers a First Home Owner Grant for eligible new homes. The grant amount, property criteria and occupancy rules should be checked before signing a contract because established homes do not generally receive the same grant treatment as qualifying new homes.

First-Home Support in Sydney and New South Wales

Sydney property prices can make deposit planning and borrowing capacity especially important. Eligible NSW first-home buyers may receive a full exemption or a concessional rate of transfer duty under the First Home Buyers Assistance Scheme. The benefit depends on the property type, purchase price and current eligibility rules.

In Sydney, compare apartments, townhouses and houses across different transport corridors rather than focusing only on suburbs closest to the CBD.

First-Home Support in Adelaide and South Australia

Adelaide has attracted interest from buyers looking for a major Australian city with different property-price dynamics from Melbourne and Sydney. Eligible South Australian first-home buyers may access a First Home Owner Grant of up to $15,000 for a qualifying new home.

South Australia also provides first-home-buyer stamp-duty relief for eligible transactions. Rules can depend on property type, contract date, occupancy and applicant status, so current requirements should be confirmed before purchase.

Major Cities We Support

Common Mistakes New PR Holders Should Avoid

• Assuming PR automatically guarantees approval
• Making an unconditional offer before finance is properly assessed
• Using all savings for the deposit
• Opening new credit cards or car loans before applying
• Relying only on an online borrowing calculator
• Choosing a property only because friends bought nearby
• Ignoring strata fees, council rates, insurance and maintenance
• Changing jobs during the application process without advice

Should You Buy Immediately After Getting PR?

Not necessarily. Some buyers are ready immediately. Others may benefit from waiting to build savings, complete probation, reduce debts or establish stronger income evidence. The right timing depends on your financial position, not simply the date on your visa grant.

How a Nepali Mortgage Broker Can Help

For Nepali buyers, language is only one part of the service. A broker who understands migrant experiences can help explain overseas savings, family gifts, joint applications, temporary-to-permanent visa transitions, self-employed income and complex lending terminology clearly to the whole family.

SKR Global Finance provides mortgage guidance in Nepali or English and supports eligible clients across Australia. The process can include borrowing-capacity assessment, lender comparison, pre-approval, application preparation and assistance through settlement.

Your Practical 30-Day Plan After PR

Week 1: Organise

• Save your PR grant notice and update identification records
• List your savings, debts, income and monthly expenses
• Download recent statements and payslips

Week 2: Assess

• Speak with a mortgage broker
• Estimate borrowing capacity and repayments
• Review first-home schemes for your state

Week 3: Prepare

• Reduce unnecessary credit limits where appropriate
• Set a safe property budget
• Choose a conveyancer or solicitor

Week 4: Act Carefully

• Seek pre-approval where suitable
• Begin suburb and property research
• Attend inspections without exceeding your comfort range