That little empty box could be one of the most important things you check before you sign.
You find the property.
You make the offer.
The agent sends you the contract.
It's about 90 pages long, most of it written in legal language, and somewhere in there is a small section asking about your finance.
It's blank.
You probably don't think much of it.
But you should.
We reviewed 1,358 Victorian contracts of sale and found the finance section was blank in 1,014 of them 75%.
That's three out of every four contracts.
Here's the part that catches buyers out:
A blank finance clause doesn't mean the contract is automatically subject to your loan being approved.
If the contract isn't subject to finance and your lender later says no, you may still be legally committed to complete the purchase.
That's a very different position from the one many buyers think they're in.
This is one of the most common assumptions we see.
The thinking goes something like this:
"I'll apply for the loan. If the bank approves me, great. If they don't, I'll just cancel the contract."
Sometimes a contract does give you that protection.
But the protection needs to be in the contract.
It doesn't appear simply because you're borrowing money.
That's the important distinction.
The finance section of a Victorian contract is where the parties can set out the terms of the buyer's finance condition.
Depending on the contract, this can include things such as:
When a properly drafted finance condition applies, it can give the buyer a right to end the contract if finance isn't approved by the required date, subject to the terms and notice requirements of the condition.
If the finance condition isn't included, you shouldn't assume you have that protection.
Finance isn't a protection you automatically get because you need a loan.
It's a protection that needs to be agreed and documented before you sign.
Because the contract is prepared for the property being sold — not specifically for your circumstances as a buyer.
The vendor's solicitor prepares the contract and isn't responsible for adding conditions that protect the buyer from risks specific to the buyer.
If you need finance, that's something you need to raise and negotiate.
And that's where the problem starts.
A blank box doesn't feel like a decision.
It feels like nothing.
You're looking through dozens of pages. You've got an agent waiting for your answer. You've probably already fallen in love with the house.
It's very easy to skim straight past it.
But sometimes the most important part of a contract is the thing that isn't there.
This is where the distinction becomes serious.
If you've signed an unconditional contract and then can't complete the purchase, you may be in default.
The consequences depend on the circumstances and the terms of the contract, but can include:
A typical deposit is 10% of the purchase price.
On an $800,000 property, that's $80,000
If settlement doesn't occur when required, interest can become payable under the contract.
If the vendor suffers a loss because the contract can't be completed, there can be further claims depending on what happens next and the terms of the contract.
So the question isn't really:
"Should I have a finance clause?"
It's:
"Do I understand what happens if my finance isn't approved?"
Finance isn't the only buyer protection that can be negotiated.
Building and pest conditions can also be included in a contract.
And the same principle applies.
If the contract doesn't give you a right to terminate based on an inspection, you shouldn't assume that discovering a major problem after signing gives you one.
That matters because buyers often think of these protections as something that comes with the property.
They don't.
They are terms of the deal.
And the time to discuss them is before you sign.
Before signing a contract, find the finance section and ask yourself five questions.
Don't assume. Look for it.
Check the lender, loan amount, approval date and any other requirements.
Talk to your broker or lender about how long approval is likely to take.
Some finance conditions require you to make the application promptly and give notice within a particular timeframe if finance isn't approved.
Missing a notice deadline can matter.
This is the question that matters most.
You want to understand your position before you sign — not after the bank calls.
Victoria does have cooling-off rights for many private residential sales.
But cooling off isn't a substitute for a finance condition.
There are exceptions to when cooling off applies, including auctions and certain purchases made around a publicly advertised auction. There is also a statutory penalty for exercising the right.
Most importantly, the cooling-off period is short.
A finance application can easily take longer.
So if you need finance to buy the property, deal with the finance condition before signing rather than assuming cooling off will save you if the loan doesn't come through.
A blank finance clause isn't necessarily a mistake.
And it doesn't mean the vendor is doing anything wrong.
It means the contract, as you've been given it, doesn't necessarily contain the protection you may need.
That's a very different thing.
Those are two different interests.
Your job as the buyer is to make sure the contract reflects the deal you're actually willing to make.
of the Victorian contracts we reviewed had the finance section blank
That doesn't mean three quarters of buyers made a mistake.
Some buyers may not need finance.
Some may negotiate a finance condition later.
Some may have other arrangements.
What the number does tell us is something simpler:
A blank finance section is normal.
And because it's normal, it's easy to overlook.
That's why we think it's worth checking every time.
You don't need to become a property lawyer.
You don't need to read every word of a 90-page contract.
But before you sign, you should know the answer to a few basic questions:
Those questions can take minutes to ask.
Unravelling a contract after you've signed it can be much harder.
That's why we believe the best time to review a contract isn't after you've decided to buy.
It's before you commit.
Send us your contract.
A Prepared property lawyer will review it the same day, for free, and explain what matters — including whether the contract is subject to finance and what you may want to ask for if it isn't.
Because the most important part of a contract isn't always what's written in it. Sometimes it's what's missing.
We reviewed 1,358 Victorian contracts of sale reviewed by Prepared lawyers between February and August 2026 across metropolitan Melbourne.
The contracts were assessed at the point they were initially provided for review, before any subsequent negotiation between the parties. The figures therefore describe the contract a buyer was initially presented with, rather than necessarily the final contract eventually signed.
The finance section was counted as blank where the relevant finance details and condition had not been completed.
This analysis describes what appeared in the contracts reviewed by Prepared and should not be taken as legal advice for a particular transaction.