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Buying property in Victoria: the step-by-step process

Picture of Lindel Enticott Lindel Enticott Updated on August 25, 2026

Buyer Due Diligence Cyber Security Awareness Contract of Sale Victoria Buying Settlement Conveyancing costs FAQ Vendor Statement (section 32) Cooling Off Contract Review Auction

Buying property in Victoria: the step-by-step process

The short answer

Buying property in Victoria runs through six stages: Inspect → Review → Offer → Sign → Settle → Keys. You'll arrange finance and inspect properties, have the Contract of Sale and Section 32 reviewed before offering, sign and pay a deposit, then work through finance, insurance and searches to a settlement usually 30, 60 or 90 days later.

The six stages at a glance

Most buyers spend months searching and only days deciding. Here's the whole path, so the days go well.

InspectMonths

ReviewBefore each offer

OfferDays

SignSame week

Settle30–90 days

KeysSettlement day

The six stages of buying property in Victoria, what happens at each, and typical timing
Stage	What happens	Typical timing
Inspect	Budget, pre-approval, property search, inspections	Months
Review	Contract of Sale and Section 32 reviewed before you offer	Days, before each offer
Offer	Offer made, terms negotiated	Days
Sign	Contracts signed and exchanged, deposit paid	Same week
Settle	Finance, insurance, searches, adjustments	30, 60 or 90 days
Keys	Final inspection, settlement, collect keys	Settlement day

Stage 1 of 6

Before you start looking

Plan your budget

Talk to a broker or your bank about what you can borrow and what repayments look like. Then add the costs that sit on top of the purchase price, most first-time buyers underestimate these by a wide margin.

Get pre-approval

This isn't mandatory, but pre-approval tells you your real ceiling and lets you search with confidence. It isn't a guarantee of finance, and it usually has an expiry. Note the date.

Know your maximum
Know what your repayments would look like. The pre-approved amount may not be what you want to spend
Know your pre-approval expiry

Jump to what it all costs →

Stage 2 of 6

While you're looking

Research and inspect

Research the suburb, inspect properly, and test the things you'll actually use every day. Consider a professional building and pest inspection to identify major defects or infestations before you commit.

Get contracts reviewed, before you offer

The Contract of Sale and Section 32 can reveal restrictions, unexpected costs, or terms that change what you're buying. Reviewing early means you can move quickly when the right property comes along, and negotiate while the terms are still open.

Have each contract reviewed, not just the one you fall for. Most buyers miss out on a few properties before they succeed.

Engage your lawyer or conveyancer now, not later

Have someone lined up before you offer, not after you've signed. Once contracts are exchanged the terms are fixed, and the person you engage is managing a deal they had no say in shaping.

How to choose a conveyancer or property lawyer
What to check before you make an offer

Stage 3 of 6

Making your offer

An offer should set out:

Buyer's full legal names - exactly as they'll appear on title
Purchase price
Deposit amount and due date
Settlement date
Any conditions - subject to finance, building and pest, or others you've negotiated

Conditions have to be in the offer. A verbal understanding with the agent isn't a condition. If it matters, it goes in writing before you sign.

At auction there are no conditional clauses. Auction terms are fixed and bidding is unconditional.

When should you get the contract reviewed?

Stage 4 of 6

Signing and the deposit

Sign and exchange

Once both parties have signed and exchanged copies, the contract is legally binding.

Cooling-off, precisely

The clock starts when you sign, not when the vendor signs. You have three clear business days from your own signature. That matters if there's a gap between the two. You might be sent the exchanged contract on the same day your cooling-off expires.

To use it you have to give written notice to the vendor or their agent before the expiry. Get legal help.

It costs you. The vendor keeps $100 or 0.2% of the purchase price, whichever is greater. Above $50,000 that's always the percentage: on an $800,000 property, cooling off costs $1,600.

And it very often doesn't apply at all. There is no cooling-off period where:

you sign within three clear business days before a publicly advertised auction - the pre-auction offer catch
you sign on auction day
you sign within three clear business days after the auction - the passed-in property or underbidder catch
the purchaser is an estate agent, or any corporate body - which catches a company or corporate trustee, including an SMSF
you've already signed a contract for the same land in substantially the same terms

The auction window is the one that catches the most people. Properties get sold before auction all the time, and a buyer who signs a pre-auction offer on the Thursday before a Saturday auction has no cooling-off rights at all.

Sale of Land Act 1962 (Vic) ss 31(2), (4), (5). A business day excludes weekends, and public holidays observed throughout Victoria, so a regional show day still counts.

One in your favour. The contract must carry a conspicuous notice telling you about cooling-off. If it doesn't, your right to rescind runs much longer, until you're entitled to possession or to the rents and profits. Any clause trying to waive or shorten cooling-off in Victoria is void.

Pay the deposit

Deposits are typically paid into the selling agent's trust account or your lawyer's trust account.

Never act on bank details received by email.
Verify payment details by phone, using a number you already had, not one in the email.
Agree the payment process with your lawyer or conveyancer before any money moves.

Payment redirection fraud targets exactly this moment, because it's a large transfer to an account you've never paid before. Urgency is the most consistent warning sign.

Stage 5 of 6

Between contract and settlement

This is the longest stretch, usually 30, 60 or 90 days. Four things run in parallel.

Finance

Watch your finance deadline and act fast when documents are requested. Review and sign loan documents, and give your lender whatever they ask for promptly. Missing a finance date can leave you legally committed with or without your loan, and your deposit is on the line.

Insurance

Your lender will usually require evidence of building replacement insurance before settlement. Depending on the circumstances you may also want contents, landlord, or internal liability cover.

Utilities

Organise electricity, gas and internet ahead of settlement or moving day. Worth having connected before your final inspection.

Searches and adjustments

Your lawyer or conveyancer orders the searches and prepares the Statement of Adjustments - the apportionment of council rates, water charges, land tax and owners corporation fees between you and the vendor, based on the settlement date. You pay for the period you'll own it; the vendor pays for theirs.

Stage 6 of 6

Settlement and keys

Book your final inspection

Arrange it with the agent in the week before settlement, to confirm the property is in the agreed condition. For occupied homes, booking close to settlement allows more time for them to move out. Check that inclusions are still there and nothing has been damaged since you signed.

Settlement

Your lawyer or conveyancer confirms arrangements and makes sure funds, documents and title transfer requirements are all ready. Settlement in Victoria is usually electronic, through PEXA.

Keys

Once settlement completes you'll receive confirmation the property is yours, and you can collect the keys.

Costs beyond the purchase price

The number that surprises people.

Costs of buying property in Victoria beyond the purchase price, when each falls due, and notes on each
Cost	When	Notes
Land transfer duty (stamp duty)	At settlement	Usually the largest. Rates, thresholds and concessions change — check the State Revenue Office Victoria for current figures and concessions such as first home buyer eligibility
Lawyer or conveyancer fees	At settlement, or in stages. Ask your lawyer	Ask whether the fee is fixed and how costs may change
Conveyancing disbursements and third party costs	At settlement, or in stages. Ask your lawyer	Title and plan searches, council and water certificates, land tax certificates, PEXA fees
Building and pest inspection	Usually before offering	Optional, and usually worth it
Loan fees	At settlement	Application, valuation, lender's mortgage insurance if applicable. These are often deducted from the loan amount, so the bank hands over less funds at settlement
Building insurance	Before settlement	Usually required by your lender
Adjustments	At settlement	Your share of rates, water, land tax and owners corporation fees. The entire rating period gets paid at settlement, which can mean a lump sum year of rates instead of the instalments you may be used to
Moving costs	After settlement	Removalists, locksmiths, connections, cleaning
Registration Fees	At settlement	government charges to change ownership, and lodge a mortgage (vary based on purchase price)

Land transfer duty in particular is worth calculating early. It can be tens of thousands of dollars, and it's payable at settlement, not spread across the loan.

How long does it all take?

Typical durations for each part of the Victorian property buying process
From	To	Typical
Requesting a contract	Review completed	Hours to a few days, depending on your lawyer
Offer accepted	Contracts exchanged	The vendor has three clear business days to accept and exchange, unless you shorten your offer expiry on the contract when signing
Signing	Settlement	30, 45 and 60 days are the most common. Sometimes up to 90 days or more, as negotiated. Get legal and financial advice for long or short settlements
Section 32 certificates	Obtained by the vendor	Most take around a week, but some certificates, owners corporation certificates in particular, take up to 10 business days

The searching takes months. Everything after the offer runs to dates you agreed when you signed, which is why the settlement period is worth negotiating rather than accepting.

Common questions

What are the steps to buying a property in Victoria?

Plan your budget and get pre-approval, research and inspect properties, have the Contract of Sale and Section 32 reviewed, engage a conveyancer or lawyer, make your offer, sign and exchange contracts, pay the deposit, finalise finance and insurance, complete a final inspection, and settle.

When should I engage a conveyancer or lawyer?

Before you make an offer. Once contracts are exchanged the terms are fixed, and engaging someone afterwards means they're managing a deal they had no part in shaping.

How long does settlement take in Victoria?

Usually 30, 60 or 90 days from signing, as negotiated in the contract. The period is agreed before you sign and is difficult to change afterwards.

When does the cooling-off period start in Victoria?

When the purchaser signs the contract, not when the vendor signs. Under section 31(2) of the Sale of Land Act 1962 (Vic) it runs for three clear business days after the purchaser has signed. Written notice must reach the vendor or their agent within that window.

Does cooling-off apply if I buy before or after an auction?

No. Section 31(5)(b) of the Sale of Land Act 1962 (Vic) excludes cooling-off where land is sold within three clear business days before a publicly advertised auction, on the day of the auction, or within three clear business days after it. A pre-auction offer or a post-auction deal on a passed-in property carries no cooling-off rights. Cooling-off is also unavailable where the purchaser is an estate agent or a corporate body.

What does it cost to cool off in Victoria?

The vendor may retain $100 or 0.2 per cent of the purchase price, whichever is greater, under section 31(4) of the Sale of Land Act 1962 (Vic). Above a purchase price of $50,000 the 0.2 per cent figure applies, so on an $800,000 property cooling off costs $1,600.

What costs are there beyond the purchase price?

Land transfer duty, legal or conveyancing fees, disbursements such as searches and certificates, building and pest inspection, loan fees, building insurance, adjustments for rates and outgoings, and moving costs.

What is a Statement of Adjustments?

The apportionment of council rates, water charges, land tax and owners corporation fees between buyer and vendor, calculated to the settlement date. The buyer pays for the period they own the property and the vendor pays for theirs.

Do I need a building and pest inspection?

It isn't compulsory, but it's how major defects and infestations get identified before you commit. If you want it as a condition of purchase, it has to be written into the offer. Conditional clauses often only cover major building defects and major pest infestations.

Prepared Prime

The step most people leave too late

Of everything above, contract review is the one that moves the most and costs the least. It is also the step buyers routinely push to the end, once they have already decided.

Prepared Prime gives you unlimited contract reviews while you're house-hunting, each prepared by a qualified property lawyer and back within 4 business hours. Normally starting at $49 a review. Free for your first 90 days, and the clock doesn't start until your first review.

Start your free 90 days →

The rest of the series

Guide 1

When should you get the contract reviewed?

Guide 2

What to check before you make an offer

Guide 3

How to choose a conveyancer or property lawyer

General information only, not legal advice for your specific circumstances.

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