Your permanent visa gives you the same property rights as an Australian citizen.
That means you can buy established homes, apartments, or land anywhere in Australia without needing Foreign Investment Review Board (FIRB) approval. The real challenge is making sure the property you want aligns with what lenders will fund, because not every home that catches your eye will be one a bank wants to back. Your search strategy needs to balance what you like with what will actually settle.
Start with pre-approval before you start looking
Getting pre-approval before you attend a single open home tells you exactly how much you can borrow and what deposit you need. Most lenders will approve permanent visa holders under the same criteria as citizens, which means you can access low deposit options like the Australian Government 5% Deposit Scheme with as little as 5% down. But knowing your limit is only half the picture. Pre-approval also flags property types or locations that might trigger lending restrictions, like apartments in oversupplied areas or properties on leasehold land. You want to know those boundaries before you fall in love with something you can't finance.
Consider someone on a permanent residency visa who spent three months searching for a two-bedroom unit in inner Brisbane. They found one they loved, made an offer, and only then discovered the building had more than 50% non-owner occupiers. The lender declined the application because the building didn't meet their servicing policy. That buyer had to walk away and forfeit their holding deposit. If they'd spoken to a broker first, they would have known to check strata reports and occupancy rates before making any offer.
Where you search depends on what lenders will touch
Some suburbs and property types come with hidden lending hurdles. Units in high-rise towers, properties in mining towns, or apartments where one entity owns multiple lots can all be harder to finance, even if you qualify on income. Lenders assess risk at the postcode and building level, not just the borrower level. That's why you need to think like an underwriter while you're scrolling through listings.
In our experience, permanent visa holders often assume that because they're approved to live in Australia, every property is fair game. It's not. A lender might say yes to you but no to the property. Always confirm the building, the title type, and the zoning before you get emotionally attached.
How much deposit you actually need for different property types
If you're targeting an established home under the Australian Government 5% Deposit Scheme, a 5% deposit is possible. That same deposit won't always work for an apartment, especially if it's in a building with fewer than six storeys or located in an area where lender appetite is lower. Some lenders want 10% or even 20% for certain unit types, regardless of whether you qualify for a government scheme. This is where your property search has to match your savings, not just your borrowing capacity.
You might also be able to use a genuine savings gift from a parent or family member to top up your deposit. Lenders will usually accept gifted funds as long as you can show a signed declaration and proof of transfer. That can be the difference between targeting a unit in a smaller block versus waiting another year to save more. Just make sure the property you're considering doesn't require a larger deposit than you have access to, because that's a deal-breaker that no amount of income can fix.
Check the strata report and building age before you offer
If you're buying an apartment or townhouse, the strata report tells you more about whether a lender will approve the property than the listing photos ever will. Look for the sinking fund balance, any upcoming special levies, the percentage of owner-occupiers, and whether there's any major remedial work flagged. A building with structural issues, low funds, or a high proportion of tenants can be declined by lenders even if you tick every other box.
Older buildings often come with lower purchase prices, but they can also come with higher lending restrictions. Some lenders won't touch anything built before a certain decade, especially if it's concrete or has cladding concerns. You don't need to become a building surveyor, but you do need to ask the agent for the strata records and pass them to your broker before you make an offer. That one step has saved more deals than any other part of the search process.
Don't stretch your budget to match your borrowing limit
Just because a lender says you can borrow a certain amount doesn't mean you should. Your borrowing capacity is calculated on current interest rates, but those rates can change. If you're borrowing at the upper limit of what you can afford, even a small rate rise can put pressure on your repayments. The smarter move is to search within a price range that leaves you breathing room, especially in the first few years when you're still adjusting to mortgage repayments, strata fees, and the cost of maintaining a property.
In a scenario like this: a permanent visa holder earning $85,000 a year might be approved to borrow $520,000. But after running the numbers on repayments, bills, and irregular costs, they decided to search in the $450,000 to $480,000 range instead. That buffer gave them enough flexibility to keep an offset account funded and avoid financial stress when their fixed rate eventually expired. The property they bought wasn't their dream home, but it was one they could comfortably hold while building equity.
Use your broker to filter listings before you inspect
You don't need to inspect every property that fits your budget. Send your shortlist to your broker and ask them to flag anything that might cause issues at the lending stage. It takes five minutes and it stops you wasting weekends on properties that were never going to work. Brokers see the same buildings and postcodes come up again and again, and they know which ones get declined and why. That insight is more valuable than any property app filter.
If you're combining the Australian Government 5% Deposit Scheme with a state-based stamp duty concession, your broker can also confirm that the property you're considering meets the eligibility rules for both. In New South Wales, for example, the stamp duty exemption applies to properties under $800,000, but only for first home buyers. If the property is outside that threshold, you might not qualify. Knowing that before you sign a contract avoids a nasty surprise at settlement.
Call one of our team or book an appointment at a time that works for you. We'll help you search smarter, not longer.
