$900K

NSW First Home Guarantee price cap 2025–26

Minimum deposit with First Home Guarantee

$31,335

Stamp duty saving on $800K purchase (FHBs)

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Sydney is home to one of Australia's largest Vietnamese communities — concentrated in the south-west suburbs of Cabramatta, Fairfield, Bankstown, and Marrickville. Many Vietnamese Australian families have built significant wealth through property, and a new generation of buyers — many of them first home buyers — are entering the market in 2026.

This guide addresses the specific questions Vietnamese buyers often face: visa status, overseas income, family gifted deposits, and how lenders assess non-standard income sources.

Citizenship and Visa Status: What Changes?

Australian Citizens and Permanent Residents

If you're an Australian citizen or permanent resident, you have full access to all home loan products — including the First Home Guarantee, stamp duty exemption, and standard residential lending. There are no FIRB restrictions on residential purchases.

Temporary Visa Holders

If you hold a temporary visa (student, 482, partner visa still being processed), you can buy property in Australia — but restrictions apply:

FIRB approval is required for most residential property purchases
Typically limited to new dwellings (not established homes)
Foreign person surcharges apply in NSW (8% stamp duty surcharge + 4% annual land tax surcharge)
First Home Guarantee and other grants are not accessible

Permanent residents: Once you hold a permanent visa (e.g., 189, 190, 820 granted), you are treated the same as a citizen for home loan purposes. No FIRB. No surcharges. Full access to all schemes.

Income Types Common Among Vietnamese Buyers

PAYG Employment

Full-time or part-time employment income is assessed at 100% by all lenders. Standard payslips and tax returns required. Easy to document — most lenders accept 2 recent payslips and a letter of employment.

Self-Employment and Business Income

Many Vietnamese Australian families run restaurants, retail, or trade businesses. Self-employed borrowers need 2 years of tax returns and financial accounts to demonstrate income. Lenders assess "add-backs" — legitimate deductions like depreciation or vehicle expenses that can be added back to your assessable income.

If you've been self-employed for less than 2 years, low doc loans (using BAS statements or bank statements instead of full tax returns) may be an option through specialist lenders.

Overseas Income

If you or your partner earn income overseas (e.g., a spouse still working in Vietnam while you work in Australia), this can be counted — but lenders treat it differently:

Most lenders accept 80% of overseas income (20% haircut for currency/stability risk)
Some accept 100% for income from stable countries
Documentation required: payslips, employment letter translated to English, bank statements showing deposits

Cash-Based Businesses

Cash-based businesses (restaurants, retail, markets) face scrutiny from lenders because income is harder to verify. Strategies that help:

EFTPOS and card payment records
Business bank statements showing consistent turnover
Accountant's letter explaining income sources
2 years of clean tax returns

Gifted Deposits from Family

It's very common in Vietnamese families for parents to give adult children money toward a house deposit. Lenders accept gifted deposits but require:

A signed statutory declaration (gift letter) from the donor stating the money is a gift, not a loan
Bank statements showing the gift being transferred
In some cases, the donor's bank statement showing where the money came from

If the gift comes from overseas (parents in Vietnam), lenders will still accept it — but you'll need to show the money arriving in your Australian bank account and provide the gift letter. Some lenders require the gift to be in your account for at least 3 months.

Important: If the money is actually a loan from your parents (and will be repaid), do NOT present it as a gift. Lenders will count it as a liability and reduce your borrowing power. Declare it honestly and ask your broker how to structure it correctly.

First Home Buyer Schemes for Vietnamese Buyers

Australian citizens and permanent residents have full access to all NSW first home buyer schemes:

First Home Guarantee: 5% deposit, no LMI — up to $900,000 purchase price in NSW
Stamp Duty Exemption: Zero duty on purchases up to $800,000
First Home Owner Grant ($10,000): New builds under $600,000
Family Home Guarantee: 2% deposit for single parents

Popular Buying Areas for Vietnamese Sydney Buyers

Cabramatta / Fairfield: Strong community, median ~$850K–$1M for houses
Bankstown / Milperra: Units from $500K–$700K, houses $900K+
Marrickville / Dulwich Hill: Gentrified, entry from $900K for units
Liverpool / Casula: Family-friendly, houses $800K–$1.1M
Oran Park / Edmondson Park: New estates, entry from $700K for houses

Frequently Asked Questions

No. Once you hold an Australian permanent residency visa, you are treated the same as a citizen for property purchases. No FIRB approval, no surcharges. You also have full access to first home buyer schemes.

Yes — overseas gift deposits are accepted by most lenders. You'll need a signed gift letter, the transfer receipt showing the money arriving in Australia, and bank statements. Work with a broker to ensure the documentation meets your chosen lender's requirements.

Self-employed applicants need 2 years of tax returns and business financial statements. For restaurants or retail businesses, lenders also look at business bank statements and trading income. A good accountant and a knowledgeable broker are essential — some lenders are more generous with business owner income assessment than others.

Yes. Owning overseas property doesn't disqualify you from Australian first home buyer schemes — those schemes only look at whether you've previously owned residential property in Australia. Overseas property is not counted.

This depends on budget and preference. Fairfield and Bankstown offer strong community connection and relative affordability. Liverpool and Oran Park offer newer homes at lower entry points with good infrastructure. Marrickville has risen sharply. A broker can help you understand borrowing capacity relative to each area's prices.

Mortgagefy Broker Team

Mortgage Broker — Mortgagefy, Sydney

our broker team works with many Vietnamese Australian buyers across South West Sydney. He understands the specific income types, family gifting structures, and lender requirements that apply. Call 0432 634 648 for a free consultation in English.

Vietnamese Community Home Buying Guide Sydney 2026