Key points
- Get finance pre-approval and know your full budget, including duty, legal fees and lender costs.
- Check whether you qualify for a first home owner grant or a duty exemption or concession through the State Revenue Office.
- Have the contract and Section 32 reviewed before you sign or bid at auction.
- Organise a building and pest inspection, and a strata report for apartments.
1. Work out your budget
Speak with a lender or broker about pre-approval. Your budget should include the deposit, land transfer (stamp) duty, legal or conveyancing fees, lender fees, any lenders mortgage insurance, inspections and moving costs.
2. Check grants and concessions
Victoria offers support for some first home buyers, including the First Home Owner Grant for eligible new homes, and duty exemptions or concessions for homes below certain values. Eligibility depends on factors such as the price, whether the home is new, and your plans to live in it. Check the current rules on the State Revenue Office website, or ask us.
3. Engage a lawyer or conveyancer early
Engage your lawyer before you make an offer. That way, when you find the right home, the contract and Section 32 vendor statement can be reviewed quickly.
4. Inspect the property
- Book a building and pest inspection for houses and townhouses.
- For apartments and units, review the owners corporation certificate, fees and any planned works.
- Check the planning zone and overlays if you plan to renovate or extend.
5. Private sale or auction?
In a private sale, you can negotiate conditions such as a finance clause, a building inspection condition or a longer settlement. You’ll usually also have a three-business-day cooling-off period. At auction, there’s no cooling-off period and you can’t add conditions, so have the contract reviewed and your finance ready beforehand.
6. Sign the contract and pay the deposit
Read the contract carefully, check your name is correct (and how you’ll own the property if buying with someone else), and pay the deposit on time.
7. Before settlement
Your lawyer will prepare the transfer documents, lodge the duty return, apply any concessions, liaise with your lender, and tell you how much you need to pay. Do your final inspection in the days before settlement. See our step-by-step conveyancing guide for more detail.
How we can help
Asher Freeman Lawyers helps first home buyers across Victoria with conveyancing, from contract review to settlement, usually for a fixed fee. We explain each step in plain English and are happy to answer the questions you didn’t know to ask.
Frequently asked questions
Am I eligible for a first home buyer duty concession?
It depends on the price, the property and your circumstances. Check the State Revenue Office website or ask us to check for you.
Should I buy at auction as a first home buyer?
You can, but there's no cooling-off period or finance clause at auction. Have the contract reviewed and your finance ready before you bid.
How should we own the property together?
Usually as joint tenants or tenants in common. Each has different consequences if one owner dies or you separate, so get advice before signing.
When should I contact a lawyer?
Before you make an offer or bid, so the contract can be reviewed while you still have choices.
This article is general information about Victorian and Australian law as at 10 October 2026. It is not legal advice. Contact us for advice about your situation.
