First Home Buyer Checklist: Victoria

Buying your first home in Victoria brings its own set of documents, deadlines and disclosure requirements that differ from other states, alongside the usual steps of finance, inspections and settlement. This checklist runs through the process roughly in order, so you know what to expect whether you are buying in Melbourne or elsewhere in the state, and how a first home buyer conveyancing service fits into each stage. A broader overview of the process across the state is available through our Victoria conveyancing guide, if you want the full picture before diving into the detail below.

Get Your Finances Sorted

Speak with a lender or mortgage broker early and get pre-approval before you start inspecting properties seriously. Pre-approval gives you a realistic budget and puts you in a stronger position when negotiating with an agent or bidding at auction, where there is no finance clause to fall back on. It also saves time, since agents and vendors take a pre-approved buyer more seriously than someone still working out what they can afford. If you are still saving, MoneySmart's guide to saving for a house deposit covers practical strategies for building your deposit faster, including how lenders mortgage insurance factors into smaller deposits.

Understand the Section 32 Vendor Statement

In Victoria, sellers are legally required to provide a Section 32 vendor statement before you sign a contract, disclosing matters such as title details, zoning, outgoings, and any notices affecting the property. Read this document carefully, ideally with your conveyancer, before you commit to anything, since it contains information that can affect your decision to proceed, particularly around planning restrictions or easements you might not notice during an inspection. If anything in the statement is unclear, or a required disclosure appears to be missing altogether, raise it with your conveyancer before signing rather than after, since a defective vendor statement can affect your rights under the contract.

Check Your Eligibility for Grants and Concessions

Victoria offers assistance for eligible first home buyers, including duty concessions and, in some circumstances, a first home owner grant for new homes, generally subject to value thresholds and residency requirements. Because eligibility rules and thresholds are updated periodically, confirm your current position directly with the State Revenue Office Victoria's land transfer duty information rather than relying on general commentary, and raise any concession you expect to claim with your conveyancer early in the process.

Auction or Private Sale

Victoria has a high proportion of properties sold at auction, particularly in metropolitan areas, and there is no cooling-off period if you buy this way. If you are bidding at auction, your finance needs to be unconditional and your building inspection completed beforehand, since you cannot withdraw afterward the way you generally can with a private treaty purchase within the standard cooling-off period. This means all of the due diligence work that would normally happen after signing needs to be brought forward and finished before auction day, which is one of the biggest adjustments first home buyers need to make when bidding for the first time.

A private treaty purchase, by contrast, generally comes with a short statutory cooling-off period, giving you a brief window to withdraw after signing, usually subject to a small penalty. Whichever method you use, your residential purchase should be treated the same way from a due diligence standpoint, the only real difference is when that work needs to happen.

Building and Pest Inspections

• Arrange an inspection before auction day, or within the cooling-off period for a private treaty purchase.
• Use a licensed inspector who provides a written report, not just a verbal opinion on the day.
• Pay particular attention to older properties, where issues like rising damp or outdated wiring are more common.
• Ask about pest activity separately if the inspector's standard report does not already cover it in detail.

Review the Contract and Title

Your conveyancer will review the contract of sale and the Section 32 statement together, checking the title for easements, covenants or caveats, confirming the schedule of inclusions, and identifying any special conditions that need explaining. This is also the point to confirm the deposit amount and settlement period, and to raise any concerns before you are legally committed.

Prepare for Settlement

As settlement approaches, your conveyancer coordinates with your lender, orders final searches, and prepares settlement figures including rates adjustments and any concession being applied to your purchase. This is also the point to make sure your settlement documents are ready well ahead of time, since chasing paperwork in the final week is one of the most common causes of an avoidable delay. Most settlements in Victoria are now completed electronically through PEXA, a process explained in more detail in our guide to PEXA electronic settlement. Arrange a pre-settlement inspection in the days beforehand to confirm the property matches the contract before you take possession.

A Note on Grants, Concessions and Tax

Grant and concession eligibility depends on your specific circumstances, including value thresholds, residency requirements and whether you have owned property before, and these settings change periodically. This article is general information rather than tax or legal advice, so confirm your exact position with your conveyancer or an accountant before relying on a particular concession applying to your purchase. Keep copies of any grant application and supporting documents once your purchase settles, since some concessions carry occupancy conditions that need to be met for a set period afterward, and you may be asked to demonstrate compliance later.