Buying a property in Victoria: the complete step-by-step guide

Talk to your lender or mortgage broker early and get pre-approval, so you know how much you can borrow. Remember to budget for more than the price: stamp duty, lender’s fees, searches, inspections, insurance and our fees all add up.

If you’re a first home buyer, you may pay no stamp duty on a home up to $600,000. See the SRO’s first home buyer duty exemption and our guide to stamp duty in Victoria.

Agents must give buyers a Property Price Statement, and from 16 October 2026 the seller’s reserve price must be published at least 7 days before an auction. Our guide to buying at auction in Victoria explains the new rules and how to prepare.

An accepted offer isn’t binding on either side until the contract is signed by both the buyer and the seller. Until then, the seller can accept another offer.

The seller must give you a section 32 vendor statement before you sign. It discloses the title, mortgages, easements and covenants, planning controls, outgoings, owners corporation details and building permits. We review it alongside the contract and special conditions, explain your rights and deadlines, and negotiate changes where needed.

Our advice draws on years of acting for Australia’s major banks and lenders. We’ve seen where transactions go wrong and the things that are often missed, so we know what to look for in your contract before it becomes a problem. You get the benefit of that experience. In other words, the benefit of hindsight.

This is also when to decide how you’ll hold title if you’re buying with someone else, as joint tenants or tenants in common. We’ll explain the difference and help you choose.

The contract becomes binding once both sides have signed it. You’ll usually pay a deposit of up to 10% of the price, which is held in trust until settlement unless the seller asks for early release under section 27.

For most private sales you then have 3 clear business days to cool off, counted from the day you sign the contract, not the contract date. If you do, the seller can keep the greater of $100 or 0.2% of the price. There’s no cooling-off if you buy at auction, or within 3 clear business days before or after a publicly advertised auction, and some other exceptions apply, such as commercial property and buyers who are companies.

Cooling-off only protects the buyer. The seller has no cooling-off right, so once the contract is signed the seller is bound.

Unlike NSW, Victorian contracts often include a finance condition and a building and pest condition. They give you the right to end the contract if your loan isn’t approved or the inspection finds problems, but only if you act within the deadlines in the contract. We track those dates for you.

We also review the title and other searches, and for apartments and units, the owners corporation certificate in the section 32.

Stamp duty is calculated on the higher of the price and the market value. On a $750,000 property at the general rates it’s $40,070. You can estimate it with the SRO calculator. First home buyers pay no duty up to $600,000 and reduced duty up to $750,000, and a temporary concession applies to off-the-plan apartments and townhouses.

Duty is usually paid at settlement, and must be paid within 30 days after settlement. Our guide to stamp duty in Victoria explains every concession.

Before settlement, we check the settlement adjustments for council rates, water and owners corporation fees, prepare your settlement statement and confirm the figures with your lender. About 7 days before settlement, we’ll email you a pre-settlement summary. It includes the statement of adjustments, what you need to do before settlement and exactly how much you need to have available to settle.

Arrange building insurance as your lender requires, and book a final inspection to check the property is in the condition you agreed to buy it in and that the inclusions are still there.

Settlement takes place electronically, usually through PEXA, Australia’s main digital property settlement platform. The balance of the price is paid by your lender and by you, depending on how much you’re borrowing. At the same time, stamp duty is paid, the transfer and your mortgage are lodged, and the seller’s loan is paid out. Once we confirm settlement, the agent releases the keys.

After settlement, we send you a final letter confirming the purchase.