The Comprehensive 2026 Guide to Buying Your First Home in Australia as a Nepali Migrant
Complete Guide: 491/482 Visa Home Loans, FIRB Fees, 5% Deposit Schemes & 400+ Best Suburbs
By Rajesh Kandel | Everest Home Loans | Updated January 2026
📋 Table of Contents
- 1. Introduction: Your Australian Dream in 2026
- 2. The 2026 Market Environment
- 3. Visa Eligibility: Can You Buy in 2026?
- 4. Understanding FIRB Approval and Fees
- 5. Major 2026 Government Schemes
- 6. Maximizing Borrowing Power: LMI Waivers
- 7. Top 400+ Suburb Hotspots Across Australia
- 8. Step-by-Step Path to Settlement
- 9. Special Considerations for Nepali Community
- 10. Common Mistakes to Avoid
- 11. Why Choose Everest Home Loans?
- 12. Frequently Asked Questions
- 13. Ready to Start Your Journey?
Introduction: Your Australian Dream in 2026
Owning a home in Australia is more than just a financial investment for the Nepali diaspora; it is a milestone of successful settlement and a foundation for family wealth. However, as we move through 2026, the property landscape has become more complex. With shifting interest rates, updated government schemes, and new visa regulations, navigating the journey from "dreaming" to "settlement" requires expert guidance.
At Everest Home Loans, led by Rajesh Kandel, we have helped over 1,500 clients secure their future with a remarkable 98% approval rate and over $300 million in loans approved. This comprehensive guide is your definitive roadmap for navigating the Australian property market in 2026, covering over 400 suburbs and 1,000+ keywords to help you find your perfect home.
🎯 What This Guide Covers
Whether you're a skilled worker on a 482 visa in Sydney, a regional 491 visa holder in Geelong, a permanent resident looking to upgrade in Melbourne, or a student planning your future in Brisbane, this guide will help you understand:
- Visa eligibility for home loans across all visa types
- Government schemes including the new no-income-cap 5% deposit scheme
- FIRB requirements and fees for temporary residents
- Best suburbs for Nepali and Indian families across all Australian cities
- LMI waivers for professionals (doctors, nurses, accountants, engineers)
- Step-by-step process from pre-approval to settlement
1. The 2026 Market Environment: What to Expect
The Australian property market in 2026 is characterized by resilient growth and stabilizing interest rates. After the turbulent years of 2022-2024, the market has entered a more predictable phase, making it an excellent time for first home buyers to enter the market.
National Market Overview
| City | Median House Price | 2026 Growth Forecast | Median Unit Price |
|---|---|---|---|
| Sydney | $1,400,000 | 5.8% | $850,000 |
| Melbourne | $1,100,000 | 6.8% | $650,000 |
| Brisbane | $900,000 | 7.2% | $550,000 |
| Perth | $750,000 | 8.5% | $480,000 |
| Adelaide | $800,000 | 6.5% | $500,000 |
| Canberra | $1,050,000 | 4.5% | $650,000 |
Interest Rate Environment
The Reserve Bank of Australia (RBA) has maintained the cash rate at 4.35% through early 2026, with expectations of potential cuts in the second half of the year. Major banks like NAB and Westpac are offering:
- Variable rates: 6.20% - 6.80%
- Fixed rates (1-3 years): 5.90% - 6.50%
- Offset accounts: Available with most packages
- Redraw facilities: Standard on most variable loans
The "mortgage cliff" of previous years has passed, replaced by a more predictable lending environment. This stability makes 2026 an excellent year for first home buyers to secure financing.
Rental Market Dynamics
Rental vacancy rates remain critically low across all capital cities:
| City | Vacancy Rate | Median Rent (per week) |
|---|---|---|
| Sydney | 1.2% | $650 |
| Melbourne | 1.5% | $550 |
| Brisbane | 0.9% | $600 |
| Perth | 0.7% | $580 |
✅ Why 2026 is a Great Year to Buy
- Stabilizing interest rates (potential cuts coming)
- Government schemes improved (no income caps!)
- Strong rental market makes buying better than renting
- Forecast capital growth of 5-8% across major cities
- More predictable lending environment
2. Visa Eligibility: Can You Buy in 2026?
Your residency status is the most significant factor in your home loan journey. In 2026, lenders have become more flexible with various visa subclasses, but requirements vary significantly.
Permanent Residents (PR)
📊 PR Visa Details
- Eligibility: Treated the same as Australian citizens
- LVR Available: Up to 95% (5% deposit)
- Government Grants: Full access to all schemes
- FIRB Required: No
- Lenders: All major banks and non-bank lenders
Visa Types:
- Subclass 189 (Skilled Independent)
- Subclass 190 (Skilled Nominated)
- Subclass 186 (Employer Nomination Scheme)
- Subclass 887 (Skilled Regional)
- Subclass 801 (Partner Permanent)
Key Advantages:
- Access to First Home Guarantee (5% deposit, no LMI)
- Stamp duty concessions in all states
- No FIRB fees or restrictions
- Widest choice of lenders and products
Skilled Work Regional (Subclass 491)
📊 491 Visa Details
- Eligibility: Eligible for home loans with many lenders
- LVR Available: Up to 90% (10% deposit)
- Government Grants: Access to state-based grants
- FIRB Required: Yes (unless buying with PR/citizen spouse)
- Lenders: Major banks (CBA, Westpac, ANZ, NAB) and specialist lenders
Requirements:
- Stable employment in designated regional area
- Minimum 12 months remaining on visa
- Property must be in regional area (for some lenders)
- FIRB approval for established properties
Popular Regional Areas for 491 Visa Holders:
- Victoria: Geelong, Ballarat, Bendigo, Shepparton, Wodonga
- NSW: Wollongong, Newcastle, Central Coast, Wagga Wagga
- Queensland: Gold Coast, Sunshine Coast, Toowoomba, Cairns
- South Australia: Adelaide (entire city is regional)
- Western Australia: Perth (entire city is regional), Bunbury, Albany
- Tasmania: Hobart, Launceston (entire state is regional)
- ACT: Canberra (entire territory is regional)
✅ Key Advantages of 491 Visa
- Lower property prices in regional areas
- Strong rental demand in regional centers
- Pathway to PR (subclass 191) after 3 years
- Access to regional first home buyer grants
- Entire cities like Perth, Adelaide, Canberra qualify as "regional"
Temporary Skill Shortage (Subclass 482)
📊 482 Visa Details
- Eligibility: Can borrow up to 90% of property value
- LVR Available: Up to 90% (10% deposit)
- Government Grants: Limited access (state-dependent)
- FIRB Required: Yes
- Lenders: Major banks and specialist lenders
Requirements:
- Minimum 12-24 months remaining on visa
- Stable employment with sponsoring employer
- FIRB approval required
- Property must be primary residence
⚠️ Key Considerations for 482 Visa
- Must sell property if leaving Australia permanently
- FIRB fees apply ($14,100 for properties up to $1M)
- Some lenders require 20% deposit
- Limited to one established dwelling
Partner Visas (820/801)
📊 Partner Visa Details
- Eligibility: If buying with Australian citizen or PR spouse
- LVR Available: Up to 95% (5% deposit)
- Government Grants: Full access if buying with PR/citizen
- FIRB Required: No (if buying with PR/citizen)
- Lenders: All major banks
Requirements:
- Joint application with PR/citizen spouse
- Stable income from either or both partners
- Property in both names
✅ Key Advantages
- No FIRB approval needed
- Access to all government schemes
- Same treatment as PR holders
- Pathway to PR
3. Understanding FIRB Approval and Fees
If you are not yet a Permanent Resident, you will likely need approval from the Foreign Investment Review Board (FIRB) before purchasing property in Australia.
What is FIRB?
The Foreign Investment Review Board (FIRB) is an Australian government body that reviews foreign investment proposals to ensure they are not contrary to the national interest. For residential property, FIRB approval is required for:
- Temporary residents (482, 491, 485, 500 visas)
- Foreign investors (non-residents)
2026 FIRB Application Fees
| Property Value | FIRB Fee |
|---|---|
| Up to $1 million | $14,100 |
| $1M - $2M | $28,200 |
| $2M - $3M | $56,400 |
| $3M+ | $112,800 |
⚠️ Important: FIRB fees are non-refundable
FIRB fees are non-refundable, even if your application is rejected or you don't proceed with the purchase. Make sure you're serious about the property before applying.
What Can Temporary Residents Buy?
Established Dwellings:
- Limited to one established dwelling
- Must be used as primary residence
- Must be sold when you leave Australia permanently
- Cannot rent out while living overseas
New Dwellings:
- No limit on number of new properties
- Can be used as investment properties
- No requirement to sell when leaving Australia
- "New" means never previously sold or occupied
Vacant Land:
- Can purchase vacant land
- Must commence construction within 4 years
- Must complete construction within 4 years of commencement
- Can be sold before construction if FIRB approval transferred
FIRB Application Process
Timeline: 30 days (standard) to 90 days (complex cases)
Steps:
- Find property and sign contract (subject to FIRB approval)
- Submit FIRB application online
- Pay application fee
- Wait for approval (usually 30 days)
- Proceed with settlement once approved
Documents Required:
- Passport and visa details
- Contract of sale
- Evidence of funds for purchase
- Statutory declaration
- Property details
Exemptions from FIRB
✅ You DO NOT need FIRB approval if:
- You are a Permanent Resident or Australian citizen
- You are buying jointly with a PR/citizen spouse (property in both names)
- You are a New Zealand citizen on a Special Category Visa (subclass 444)
4. Major 2026 Government Schemes for First Home Buyers
The federal government has introduced significant updates to the Home Guarantee Scheme effective from late 2025 and into 2026, making it easier than ever for first home buyers to enter the market.
First Home Guarantee (FHG) - 5% Deposit Scheme
🎉 Major 2026 Update: Income Caps REMOVED!
Previous Limits (2025):
- Single buyers: $125,000 income cap
- Couples: $200,000 combined income cap
New 2026 Rules:
- No income caps - high earners can now access the scheme!
- 5% deposit required (government guarantees 15%)
- No Lenders Mortgage Insurance (LMI) to pay
- 35,000 places available annually
Eligibility:
- Must be 18 years or older
- Must be Australian citizen or Permanent Resident
- Must be first home buyer (never owned property in Australia)
- Must live in the property for at least 6 months
- Property must be owner-occupied
2026 Price Caps for First Home Guarantee
| Location | Price Cap |
|---|---|
| Sydney | $1,500,000 |
| Melbourne | $950,000 |
| Brisbane | $1,000,000 |
| Perth | $850,000 |
| Adelaide | $700,000 |
| Canberra | $900,000 |
| Hobart | $700,000 |
| Darwin | $700,000 |
💡 How It Works - Example
Buying a $800,000 home in Melbourne:
- Your deposit: $40,000 (5%)
- Government guarantee: $120,000 (15%)
- Loan amount: $760,000 (95%)
- No LMI to pay (saving ~$25,000)
Participating Lenders:
- Commonwealth Bank (CBA)
- Westpac
- ANZ
- NAB
- Bankwest
- Macquarie Bank
- ING
- Suncorp
- And 20+ other lenders
Regional First Home Buyer Guarantee (RFHBG)
📊 Regional FHB Guarantee Details
- Deposit Required: 5%
- Annual Places: 10,000
- Income Caps: Removed in 2026
Eligibility:
- Same as FHG, but property must be in regional area
- Includes cities like Geelong, Newcastle, Wollongong, Gold Coast, Sunshine Coast
- Entire cities of Perth, Adelaide, Hobart, Darwin, and Canberra qualify as "regional"
2026 Price Caps (Regional)
| Location | Price Cap |
|---|---|
| Regional NSW | $800,000 |
| Regional VIC | $650,000 |
| Regional QLD | $750,000 |
| Perth (entire city) | $850,000 |
| Adelaide (entire city) | $700,000 |
| Canberra (entire city) | $900,000 |
| Tasmania (entire state) | $700,000 |
Help to Buy Scheme - Shared Equity
📊 Help to Buy Details
- Government Contribution: Up to 40% for new homes, 30% for existing homes
- Your Deposit: As little as 2%
- Annual Places: 10,000
💡 How It Works - Example
Buying a $700,000 new home in Brisbane:
- Your deposit: $14,000 (2%)
- Government equity: $280,000 (40%)
- Your loan: $406,000 (58%)
- You own 60%, government owns 40%
Eligibility:
- Must be Australian citizen or Permanent Resident
- Must be first home buyer
- Income caps apply: $90,000 (single) or $120,000 (couple)
- Property must be owner-occupied
Repayment Options:
- Pay government back when you sell
- Buy out government share anytime
- No rent or interest on government share
- Government share increases/decreases with property value
⚠️ Key Consideration
You'll need to buy out the government eventually, and their share will have grown if property values increase. For example, if your $700,000 property grows to $900,000, the government's 40% share is now worth $360,000 (not $280,000).
State-Based First Home Owner Grants
Each state offers additional grants and stamp duty concessions:
Victoria
- First Home Owner Grant: $10,000 (new homes up to $750,000)
- Stamp Duty Exemption: Full exemption up to $600,000, partial up to $750,000
- Regional Grant: Additional $5,000 for regional areas
New South Wales
- First Home Buyer Assistance: Stamp duty exemption up to $800,000, concession up to $1M
- Regional Grant: $10,000 for new homes in regional NSW
- No FHOG for established homes
Queensland
- First Home Owner Grant: $30,000 (new homes up to $750,000)
- First Home Concession: Stamp duty concession up to $700,000
- Regional Boost: Additional $5,000 for regional areas
Western Australia
- First Home Owner Grant: $10,000 (new homes up to $750,000)
- Stamp Duty Exemption: Full exemption up to $530,000, partial up to $765,000
- Building Bonus: $20,000 for building new homes (conditions apply)
South Australia
- First Home Owner Grant: $15,000 (new homes up to $650,000)
- Stamp Duty Concession: Full exemption up to $600,000
Australian Capital Territory
- Home Buyer Concession Scheme: Stamp duty concession up to $1.455M
- No FHOG available
Tasmania
- First Home Owner Grant: $30,000 (new homes up to $750,000)
- Stamp Duty Concession: 50% discount for first home buyers
Northern Territory
- First Home Owner Grant: $10,000 (new and established homes)
- BuildBonus Grant: $20,000 for building new homes
- Stamp Duty Concession: Available for first home buyers
5. Maximizing Your Borrowing Power: LMI Waivers
Many members of the Nepali and Indian community work in high-demand professions. If you are a doctor, nurse, accountant, engineer, or lawyer, you may be eligible for an LMI Waiver. This allows you to borrow up to 90% or 95% of the property value without paying Lenders Mortgage Insurance, potentially saving you $15,000 - $30,000.
What is LMI?
Lenders Mortgage Insurance (LMI) is insurance that protects the lender (not you) if you default on your loan. It's typically required when you borrow more than 80% of the property value.
💰 Example LMI Costs
- $500,000 loan at 90% LVR: ~$15,000
- $700,000 loan at 90% LVR: ~$22,000
- $800,000 loan at 95% LVR: ~$35,000
Who Qualifies for LMI Waivers?
Medical Professionals
- Doctors (GP, specialists, surgeons)
- Dentists
- Veterinarians
- Pharmacists
LVR Available: Up to 95% (5% deposit)
Minimum Income: $90,000+
Lenders: CBA, Westpac, ANZ, NAB, Macquarie, Bankwest
Nursing Professionals
- Registered Nurses (RN)
- Nurse Practitioners
- Midwives
LVR Available: Up to 90% (10% deposit)
Minimum Income: $90,000+
Lenders: CBA, Westpac, ANZ, NAB
Accounting Professionals
- Chartered Accountants (CA)
- Certified Practicing Accountants (CPA)
- Registered Tax Agents
LVR Available: Up to 90% (10% deposit)
Minimum Income: $100,000+
Lenders: NAB, ANZ, Macquarie
Legal Professionals
- Solicitors
- Barristers
- Lawyers (admitted to practice)
LVR Available: Up to 90% (10% deposit)
Minimum Income: $100,000+
Lenders: CBA, Westpac, ANZ, NAB
Engineering Professionals
- Civil Engineers
- Mechanical Engineers
- Electrical Engineers
- Software Engineers (limited lenders)
LVR Available: Up to 90% (10% deposit)
Minimum Income: $100,000+
Lenders: Macquarie, Bankwest, specialist lenders
Other Professions
- Actuaries
- Optometrists
- Physiotherapists
- Surveyors
- Architects
LVR Available: Up to 90% (10% deposit)
Lenders: Varies by profession
Requirements for LMI Waivers
General Requirements:
- Must be currently employed in the profession
- Must have relevant qualifications (degree, registration, membership)
- Must meet minimum income thresholds
- Property must be owner-occupied (some lenders allow investment)
- Must have clean credit history
Documentation Needed:
- Professional registration/membership certificate
- Degree/qualification certificates
- Employment contract or payslips
- Tax returns (if self-employed)
- Bank statements
Combining LMI Waivers with Government Schemes
Can you use both? In most cases, no. You typically choose either:
Option 1: First Home Guarantee (5% deposit, no LMI)
- Best for: Buyers with smaller deposits
- Advantage: Only need 5% deposit
- Limitation: Property price caps apply
Option 2: LMI Waiver (10% deposit, no LMI)
- Best for: Professionals buying above price caps
- Advantage: No price caps
- Limitation: Need 10% deposit
💡 Example: Buying Above Price Caps
Buying a $1.2M home in Sydney (above FHG cap of $1.5M):
- With LMI Waiver: 10% deposit ($120K), no LMI, total upfront: $120K
- Without LMI Waiver: 10% deposit ($120K), LMI $30K, total upfront: $150K
- Saving: $30,000
6. Top 400+ Suburb Hotspots Across Australia for 2026
Choosing the right location is vital for both lifestyle and future capital growth. In 2026, we've identified over 400 suburbs across Australia that offer excellent opportunities for Nepali and Indian families.
🎯 Selection Criteria
- Affordability (median house prices)
- Community presence (Indian/Nepali population, temples, grocery stores)
- Infrastructure (schools, hospitals, public transport)
- Employment hubs (proximity to jobs)
- Capital growth potential (forecast price increases)
- Rental yields (for investors)
Melbourne Suburbs (100+ Suburbs)
Melbourne's western and northern growth corridors continue to be the top choice for Nepali and Indian families, offering affordable housing, excellent infrastructure, and strong community presence.
Top 10 Melbourne Suburbs for Nepali Families
Other Excellent Melbourne Suburbs: Hoppers Crossing, Williams Landing, Manor Lakes, Roxburgh Park, Greenvale, Epping, South Morang, Mill Park, Lalor, Cranbourne, Pakenham, Officer, Berwick, Narre Warren, Noble Park, Springvale, Clayton, Footscray, Sunshine, St Albans, Deer Park, Caroline Springs, and 70+ more suburbs covered in our detailed suburb guide.
Sydney Suburbs (100+ Suburbs)
Sydney's western and south-western growth corridors offer the best value for Nepali and Indian families, with strong community presence and excellent infrastructure.
Top 10 Sydney Suburbs for Nepali Families
Other Excellent Sydney Suburbs: Rooty Hill, Doonside, Glenwood, Kellyville, Rouse Hill, Box Hill, Hoxton Park, Edmondson Park, Oran Park, Gregory Hills, Minto, Ingleburn, Narellan, Westmead, Wentworthville, Toongabbie, Pendle Hill, Girraween, Guildford, Merrylands, Granville, Werrington, Kingswood, Penrith, Jordan Springs, and 70+ more suburbs.
Brisbane Suburbs (80+ Suburbs)
Brisbane is experiencing strong growth with interstate migration and international buyers driving demand. The northern and southern corridors offer excellent value.
Top 10 Brisbane Suburbs for Nepali Families
Other Excellent Brisbane Suburbs: Narangba, Burpengary, Mango Hill, Petrie, Strathpine, Redcliffe, Kippa-Ring, Springwood, Eagleby, Inala, Darra, Richlands, Forest Lake, Coomera, Helensvale, Nerang (Gold Coast), and 60+ more suburbs.
Perth Suburbs (60+ Suburbs)
🎉 ENTIRE PERTH METRO IS REGIONAL!
All Perth suburbs qualify for Regional First Home Buyer Guarantee and 491 visa pathway! Perth is experiencing a boom with 8.5% growth forecast.
Top 10 Perth Suburbs for Nepali Families
Other Excellent Perth Suburbs: The Vines, Harrisdale, Canning Vale, Thornlie, Forrestfield, High Wycombe, Rockingham, Safety Bay, Secret Harbour, Joondalup, Clarkson, Butler, and 40+ more suburbs.
Adelaide Suburbs (40+ Suburbs)
🎉 ENTIRE ADELAIDE METRO IS REGIONAL!
All Adelaide suburbs qualify for Regional First Home Buyer Guarantee and 491 visa pathway! Adelaide offers the most affordable capital city living.
Top Adelaide Suburbs for Nepali Families
Other Excellent Adelaide Suburbs: Smithfield, Craigmore, Gawler, Seaford, Aldinga Beach, Findon, Seaton, Campbelltown, Paradise, Modbury, and 30+ more suburbs.
Canberra Suburbs (30+ Suburbs)
🎉 ENTIRE CANBERRA IS REGIONAL!
All Canberra suburbs qualify for Regional First Home Buyer Guarantee and 491 visa pathway! Canberra offers stable employment (government jobs) and excellent quality of life.
Top Canberra Suburbs for Nepali Families
Other Excellent Canberra Suburbs: Franklin, Palmerston, Ngunnawal, Chisholm, Richardson, Macgregor, Holt, Mawson, Farrer, and 20+ more suburbs.
Regional Growth Areas (491 Visa Pathway)
These regional areas offer affordable housing, strong employment, and pathway to PR through the 491 visa.
| City | Median Price | Growth | Yield | Why Buy |
|---|---|---|---|---|
| Geelong, VIC | $680,000 | 7.5% | 4.8% | Regional city, employment, 491 visa |
| Ballarat, VIC | $580,000 | 7.2% | 5.2% | Affordable, heritage city, 491 visa |
| Bendigo, VIC | $600,000 | 7.0% | 5.0% | Regional hub, employment, 491 visa |
| Wollongong, NSW | $950,000 | 6.8% | 4.5% | Coastal city, university, 491 visa |
| Newcastle, NSW | $900,000 | 7.0% | 4.6% | Major regional city, employment, 491 visa |
| Gold Coast, QLD | $900,000 | 7.5% | 4.5% | Coastal lifestyle, tourism, 491 visa |
| Sunshine Coast, QLD | $950,000 | 7.2% | 4.4% | Coastal lifestyle, tourism, 491 visa |
| Toowoomba, QLD | $580,000 | 7.0% | 5.4% | Regional city, affordable, 491 visa |
| Bunbury, WA | $520,000 | 8.5% | 5.8% | Regional city, coastal, 491 visa |
| Hobart, TAS | $750,000 | 6.5% | 5.0% | Capital city prices, regional benefits, 491 visa |
| Launceston, TAS | $580,000 | 6.8% | 5.5% | Affordable, regional city, 491 visa |
📚 Want Detailed Suburb Information?
This guide covers the top suburbs across 400+ locations. For detailed information on specific suburbs including schools, transport, community facilities, and investment analysis, contact us for a free consultation. We'll provide personalized suburb recommendations based on your budget, work location, and family needs.
7. The Step-by-Step Path to Settlement
Buying your first home in Australia involves multiple steps. Here's your complete roadmap from pre-approval to getting your keys.
Step 1: Financial Health Check (Week 1)
Assess Your Financial Position:
- Calculate your savings (deposit + costs)
- Review your credit score (get free report from Equifax/Experian)
- List all income sources (salary, rental, business)
- List all debts (credit cards, personal loans, car loans, HECS)
- Calculate living expenses (rent, food, transport, remittances to Nepal)
Documents to Gather:
- Passport and visa documents
- Payslips (last 3 months)
- Tax returns (last 2 years if self-employed)
- Bank statements (last 3-6 months)
- Employment contract
- Rental history (if applicable)
Step 2: Pre-Approval (Week 2-3)
Book Free Consultation:
- Call 0431 790 889 or book online
- Discuss your situation in Nepali, Hindi, or Punjabi
- Understand your borrowing capacity
- Learn about government schemes you're eligible for
Pre-Approval Benefits:
- Know your exact budget
- Make conditional offers on properties
- Negotiate with confidence
- Valid for 3-6 months
Step 3: FIRB Application (If Required - Week 3-4)
If you're on a temporary visa:
- Find property and sign contract (subject to FIRB approval)
- We help prepare FIRB application
- Submit application online with fee
- Wait for approval (usually 30 days)
- Proceed with purchase once approved
Step 4: Property Search (Week 4-8)
Search Channels:
- realestate.com.au: Largest property portal
- domain.com.au: Second largest portal
- Real estate agents: Attend open inspections
- Auctions: Research auction process
Building & Pest Inspection:
- Hire professional inspector ($400-$600)
- Identifies structural issues
- Pest inspection (termites, borers)
- Negotiate repairs or price reduction
Step 5: Make an Offer (Week 8-10)
Contract Review:
- Hire solicitor/conveyancer ($1,200-$2,000)
- Review contract terms
- Check title, zoning, easements
- Ensure all conditions are met
Step 6: Formal Loan Approval (Week 10-12)
Submit Formal Application:
- Provide signed contract to broker
- Lender orders property valuation
- Final credit assessment
- Formal approval issued (3-7 days)
Step 7: Settlement Preparation (Week 12-14)
Settlement Costs:
- Stamp duty (varies by state)
- Solicitor/conveyancer fees ($1,200-$2,000)
- Building inspection ($400-$600)
- Loan application fee ($0-$600)
- Lender valuation ($0-$300)
- FIRB fee (if applicable - $14,100+)
- Moving costs ($500-$2,000)
Step 8: Settlement Day (Week 14)
What Happens:
- Solicitors exchange documents
- Lender releases funds
- Seller receives payment
- Title transfers to your name
- You receive keys! 🎉
Step 9: Ongoing Support (Lifetime)
Everest Home Loans Lifetime Support:
- Annual loan health checks
- Refinancing opportunities
- Investment property advice
- Rate negotiation with lender
- Always available for questions
8. Special Considerations for Nepali & Indian Communities
We understand the unique financial situations and cultural considerations of the Nepali and Indian diaspora. Here's how we help:
Remittances to Nepal/India
Challenge: Regular money transfers to family back home can reduce your borrowing capacity.
Solution:
- We work with lenders who understand cultural obligations
- Properly document remittances as living expenses
- Structure application to maximize borrowing power
- Some lenders allow up to 10% of income for remittances
Gifted Deposits from Nepal/India
Requirements:
- Statutory declaration from family member
- Bank statements showing transfer
- Evidence of source of funds
- Letter explaining gift (not loan)
- Money must be in your Australian account for 3 months (some lenders)
✅ Tax Implications
Gifts from family are generally not taxable in Australia. There is no gift tax in Australia. However, declare large transfers to avoid money laundering concerns.
Guarantor Loans (Parents as Guarantors)
Very Popular in Nepali Community!
How It Works:
- Parents use their property as security
- You can borrow up to 100% (no deposit needed)
- Parents don't make repayments (you do)
- Parents' property at risk if you default
Benefits:
- Buy sooner (no need to save deposit)
- Avoid LMI (save $15,000-$30,000)
- Access better interest rates
- Parents can be released from guarantee later
⚠️ Risks
- Parents' property at risk if you can't repay
- Can affect parents' borrowing capacity
- Family relationship strain if issues arise
Cultural Considerations
Temple and Community Proximity:
- We understand importance of living near temples
- Recommend suburbs with strong Nepali/Indian communities
- Connect you with community members in target suburbs
Multigenerational Living:
- Many families prefer larger homes for extended family
- We help find properties suitable for multigenerational living
- Consider granny flats, dual living, or large homes
9. Common Mistakes to Avoid in 2026
Learn from others' mistakes and avoid these common pitfalls:
Top 10 Mistakes First Home Buyers Make
❌ Mistake 1: Not Getting Pre-Approval
Problem: Making offers without knowing your borrowing capacity.
Solution: Get pre-approval before property hunting.
❌ Mistake 2: Maxing Out Borrowing Capacity
Problem: Borrowing the maximum amount the bank will lend.
Solution: Borrow 80-90% of your maximum capacity, leaving a buffer.
❌ Mistake 3: Ignoring Additional Costs
Problem: Only budgeting for deposit and forgetting other costs.
Solution: Budget for total costs = deposit + stamp duty + other costs (typically 7-10% of purchase price).
❌ Mistake 4: Skipping Building Inspection
Problem: Buying property without professional inspection.
Solution: Always get building and pest inspection ($400-$600 is cheap insurance).
❌ Mistake 5: Buying in Wrong Location
Problem: Choosing location based on price alone.
Solution: Research thoroughly - visit suburb multiple times, check crime statistics, test commute to work.
❌ Mistake 6: Emotional Buying
Problem: Falling in love with property and overpaying.
Solution: Set maximum price before inspections and stick to it.
❌ Mistake 7: Not Reading Contract
Problem: Signing contract without understanding terms.
Solution: Always have solicitor review contract before signing.
❌ Mistake 8: Not Comparing Lenders
Problem: Going with first lender or your current bank.
Solution: Use mortgage broker (like us!) to compare 30+ lenders and find best deal.
❌ Mistake 9: Changing Jobs During Application
Problem: Changing employment while loan application in progress.
Solution: Wait until after settlement to change jobs (if possible).
❌ Mistake 10: Buying Investment Property First
Problem: Buying investment property before owner-occupied home.
Solution: Buy owner-occupied home first to access all benefits, then invest later.
10. Why Choose Everest Home Loans?
The Australian banking system can be intimidating, especially if English is your second language. Here's why over 1,500 families have trusted us with their home loan journey:
Complete service in Nepali, Hindi, Punjabi, and English. Understand every clause of your mortgage in your native language.
Specialists in PR, 491, 482, partner visas. We know which lenders accept which visas and maximize your approval chances.
Access to major banks, regional banks, credit unions, and specialist lenders. We find you the best deal.
Over 1,500 clients helped, $300M+ loans approved, 10+ years experience. We know how to get your loan approved.
Our service is completely FREE. No upfront fees, no application fees, no ongoing fees. We're paid by the lender.
Dedicated broker (Rajesh Kandel and team), direct phone access, face-to-face meetings, after-hours availability.
Active in Nepali/Indian community. We understand cultural values and connect you with trusted professionals.
Annual loan health checks, refinancing opportunities, investment property advice, ongoing support in your language.
We maximize your benefits: First Home Guarantee (5% deposit), state grants, LMI waivers for professionals.
Clear explanation of all costs, regular updates, honest advice, no hidden fees or surprises.
11. Frequently Asked Questions
Ready to Start Your Journey?
Buying your first home in Australia is one of the most significant decisions you'll make. With the right guidance, it can be a smooth and rewarding experience.
At Everest Home Loans, we've helped over 1,500 families from the Nepali and Indian diaspora achieve their Australian dream. We understand your unique situation, speak your language, and have the expertise to navigate the complex Australian property market.
Visit Us
35 Captain Pearson Drive
Mickleham VIC 3064
Google Reviews
5.0 ⭐⭐⭐⭐⭐
416 Reviews
Why Wait?
- ✅ 2026 is an excellent year to buy with stabilizing interest rates
- ✅ Government schemes have never been better (no income caps!)
- ✅ Property prices are forecast to grow 5-8% in 2026
- ✅ Rental market is tight - buying is better than renting
- ✅ Your deposit is losing value to inflation while you wait
Book an appointment with our Finance Broker/CEO for expert guidance on home loans, refinancing, investment properties, and more.
info@everesthomeloans.com.au
03 9005 3955
Mon - Sat 8:00 AM - 6:00 PM
At Everest Home Loans, we are more than just a mortgage broker. We are your dedicated partners on your journey to homeownership.
Contact
0431 790 889
03 9005 3955
raj@everesthomeloans.com.au
35 Captain Pearson Drive,
Mickleham VIC 3064
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Kandel & Co Pty Ltd t/a Everest Home Loans is an Authorised Credit Representative – 506833, and Rajesh Kandel is an Authorised Credit Representative number – 476341 of Connective Credit Services Pty Ltd ABN 77 161 731 111 (Australian Credit Licence No.389328).
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