If you’re planning to buy a property in Melbourne or anywhere in Victoria, it helps to know exactly how the process works and what to look out for at each stage. This guide breaks the journey into practical steps—from finance pre-approval to electronic settlement—so you can purchase with confidence and avoid costly surprises.

🔍 What Are the Key Steps When Buying in Victoria?

• Set a budget & get finance pre-approvalConfirm your price range, deposit, estimated stamp duty (Land Transfer Duty), conveyancing/disbursements, inspections, and lender fees.

• Inspect properties & do due diligenceCheck location and overlays (flood/bushfire), planning/zoning, easements, outgoings (rates, water, OC fees) and whether past works were approved.

• Have the Contract of Sale & Section 32 reviewed before you offerYour conveyancer should flag risks, suggest conditions (e.g., Subject to Finance; Building & Pest), confirm settlement period/inclusions, and note any unusual clauses.

• Make an offer (Private Sale) or bid (Auction)Private sales allow conditions and a negotiable settlement date. Auctions are typically unconditional with no cooling-off once the hammer falls.

• Sign the contract & pay the depositDeposit is commonly 5–10%. Cooling-off for many private sales is 3 business days (exclusions apply).

• Arrange building & pest inspection (if applicable)Complete within the agreed timeframe; material issues may allow renegotiation or termination per the contract.

• Obtain unconditional finance approval & valuationYour lender moves from pre-approval to unconditional approval after valuation and checks.

• Conveyancing searches & settlement preparationYour conveyancer orders statutory certificates (title, rates/water, land tax, OC, planning/roads), calculates adjustments and duties, and prepares the PEXA workspace.

• Insurance & pre-settlement inspectionMany lenders require building insurance from the contract date for houses. Inspect the property 3–7 days before settlement.

• Electronic settlement (PEXA) & collect the keysFunds are disbursed, title transfers and any mortgage is registered. The agent will advise when keys are ready.

💡 Why Do These Steps Matter?

• Pre-approval keeps you realistic about price and conditions, avoiding contract breaches.

• Document review reduces risk, catching zoning limits, unpaid outgoings, easements or restrictive clauses before you’re locked in.

• Conditions (finance, building & pest) give you defined exits or renegotiation rights if things don’t stack up.

• Searches & adjustments ensure you pay only your share of rates/water/OC and that the title is transferred cleanly.

• Insurance & pre-settlement checks protect you from loss and confirm the property’s condition at handover.

• PEXA settlement streamlines transfer, reduces error, and provides immediate confirmation.

🛠️ How DY Conveyancing Melbourne Can Help

• Fast contract & Section 32 reviews before you offer (clear, actionable advice).

• Fixed fees with transparent disbursements—no surprises.

• Full searches & certifications (title, rates/water, land tax, OC, planning/roads).

• Bank & agent coordination to keep finance and settlement on track.

• PEXA electronic settlement and detailed settlement statements.

• Clear communication at each milestone, with reminders of what’s next.

  Understand the detailed process of settlement day and ensure you are fully prepared for it.