Buying Property in Victoria: A Step-by-Step Guide for First Home Buyers

Buying your first home is one of the most significant things you’ll ever do. The excitement is real. So is the “what do I actually do next?” feeling that hits pretty quickly after the offer is accepted.

Buying property in Victoria, first home buyers quickly discover, involves a lot of moving parts and most of them feel brand new. Pre-approval, Section 32s, cooling-off periods, PEXA settlements. It can feel like everyone else knows something you don’t.

This guide walks you through all the steps to buying a house in Victoria, in plain English and in order. By the end, you’ll know what to expect, what to watch out for, and where a conveyancer fits into all of it.

Step 1: Sort Your Finances Before You Start Searching

Before you fall in love with a property, get your finances in order. This means knowing what you can borrow, what you’ll need for a deposit, and what grants and concessions you’re entitled to.

Get pre-approval first

Pre-approval from a lender gives you a clear borrowing limit and strengthens your position when you make an offer. Without it, you’re guessing, and in a competitive market, that’s a risk you don’t need.

Check your grant eligibility

If you’re buying or building a new home, you may be eligible for the first home owner grant in Victoria, which is a $10,000 payment from the State Revenue Office. It applies to newly constructed homes valued up to $750,000 (for off-the-plan purchases, this refers to the contract price) that have never been sold or lived in, and you must live in the property as your principal place of residence for at least 12 months.

Understand your stamp duty position

First home buyers in Victoria can access a full exemption on stamp duty (land transfer duty) for properties valued up to $600,000. For properties between $600,001 and $750,000, a sliding concession applies. This can save you tens of thousands of dollars, so checking your eligibility through the SRO website before you commit is well worth it.

There are also federal schemes, including the Australian Government 5% Deposit Scheme, that allow eligible buyers to purchase with a 5% deposit without paying Lenders Mortgage Insurance.

Step 2: Find the Right Property and Understand What You’re Signing

Once your finances are in order, the search begins. In Victoria, properties are sold by private sale or at auction, and the process works differently for each.

Private sale

With a private sale, you make a written offer through the agent. If accepted, both parties sign a Contract of Sale, and you pay an initial deposit, typically 10 per cent of the purchase price. Victoria provides a three-business-day cooling-off period for private sales, giving you the right to withdraw after signing, though a small financial penalty applies if you do.

Auctions

Auctions have no cooling-off period. Once the hammer falls and you’re the highest bidder above reserve, you’re committed. That’s why it’s worth having your contract and finances reviewed before auction day, not after.

The Section 32 Vendor’s Statement

The Section 32 Vendor’s Statement is the seller’s legal obligation to disclose information about the property, including title details, zoning, permits, easements and any council notices. Your conveyancer should review this alongside the contract before you sign anything.

As part of every purchase, Sea Change Conveyancing reviews your contract and Section 32 so you know exactly what you’re agreeing to before you commit.

Step 3: Get a Building and Pest Inspection

Before settlement, it’s worth organising an independent building and pest inspection. This is separate from the conveyancing process, but it’s a step your conveyancer can help you factor into the timeline.

A building inspector will assess the property’s structural condition, identify any pest activity, and flag safety concerns that aren’t visible during an open for inspection. The findings can be used to renegotiate, withdraw if you’re within the cooling-off period, or simply make sure you’re going in with a clear picture.

For first home buyers in Victoria, this is rarely a step worth skipping. Properties look very different to a building inspector than they do to someone standing in a freshly styled lounge room.

Step 4: The Conveyancing Process in Victoria, Explained Simply

Once contracts are exchanged and the cooling-off period has passed, the conveyancing process in Victoria begins. This is where your conveyancer takes the lead and coordinates everything through to settlement.

Conveyancing is the legal process of transferring property ownership from the seller to you. But a lot happens beneath the surface that many people aren’t aware of.

Your first home buyer conveyancer will conduct title and property searches to check for anything that could affect the property, things like easements, caveats, council orders or unpaid rates. They’ll liaise with the vendor’s legal representative, coordinate with your lender, prepare the transfer of land documents, calculate the settlement figures, and make sure everything lands correctly on the day.

Throughout all of this, you should be kept in the loop about what’s happening. At Sea Change Conveyancing, you speak directly with the licensed conveyancer handling your file, not an assistant, not a call centre. If you have a question, you call the person who actually knows your matter.

Step 5: Settlement Day and Getting Your Keys

Settlement is the day ownership officially transfers to you. In Victoria, this now happens electronically through the PEXA platform, so there are no bank visits, no office appointments, no paperwork to physically exchange.

On settlement day, your conveyancer coordinates with your lender and the vendor’s representative to transfer the funds and lodge the transfer of land documents with Land Use Victoria. Once settlement is confirmed, the keys are released.

The typical settlement period is 30 to 90 days from contract signing, depending on what was negotiated. Your conveyancer tracks every deadline and handles all third-party coordination along the way.

When it’s been managed well, settlement day feels almost anticlimactic. You get a call or message, then you get your keys. That’s exactly how it should feel.

You’ve Got More Support Than You Think

Buying property in Victoria, first home buyers soon realise, is a big step. It’s also a completely manageable one when you know what to expect and have the right people handling the details.

Check your grant and stamp duty eligibility early. Get pre-approval before you start searching. Have your contract reviewed before you sign. From there, a good conveyancer manages the process through to settlement and keeps you informed every step of the way.

Sea Change Conveyancing works with first home buyers across Victoria every day. We explain things clearly, answer questions quickly, and handle everything from contract review to settlement day so you can focus on what actually matters – the home you’re buying.

Ready to get started? Get a free quote today and speak directly with a licensed conveyancer who knows Victorian property inside and out.

Buying Property in Victoria: First Home Buyers FAQs

Do first home buyers in Victoria need a conveyancer?

You’re not legally required to use one, but the risks of not having a conveyancer are significant. Contracts can contain conditions that cost you money, and the settlement process involves tight deadlines and multiple parties coordinating at once. A licensed first home buyer conveyancer makes sure nothing is missed and that you understand every step of the process.

How much does conveyancing cost in Victoria?

It varies depending on the firm, but reputable conveyancers will give you a fixed-fee quote upfront so you know exactly what you’ll pay. Sea Change Conveyancing provides clear, fixed-fee pricing with no surprises at settlement.

What is a Section 32 in Victoria?

A Section 32, or Vendor’s Statement, is a document the seller is legally required to provide before contracts are signed. It covers title details, easements, zoning, council notices, and other information that could affect your decision to buy. As part of the steps to buying a house in Victoria, having your conveyancer review the Section 32 before you sign is one of the most important things you can do.

How long does the conveyancing process in Victoria take?

From contract signing to settlement, the conveyancing process in Victoria typically runs 30 to 90 days depending on the agreed settlement period and complexity of the transaction. Your conveyancer will keep you updated at every stage so you’re never left wondering what’s happening or what comes next.

Can I use Sea Change Conveyancing if I’m buying outside Melbourne?

Yes. Sea Change Conveyancing offers remote services to clients across all of Victoria. The entire process – from contract review through to settlement – will be managed electronically, and you’ll always have direct phone and email access to your conveyancer.