Buying Frequently Asked Questions

Buying a property is an exciting time and raises a lot of questions — the right answers can make a significant difference to the decisions you make. We’ve pulled together the questions we hear most often from clients across Clayton, Oakleigh, Hughesdale, Huntingdale, Chadstone, Bentleigh East and Melbourne’s inner south-east.

If you don’t find what you’re looking for here, reach out directly — we’re always happy to talk it through.

1. How much deposit do I need to buy a property?

Most lenders require a deposit of at least 5–20% of the property’s purchase price. A larger deposit can reduce the amount you need to borrow and may help you avoid paying Lenders Mortgage Insurance (LMI).

Once your offer is accepted or you are the successful purchaser at auction, a contract deposit is typically payable on the day of sale. This is usually 10% of the purchase price and is paid by electronic funds transfer (EFT) or bank cheque into the selling agency’s trust account.

2. How much can I borrow?

Your borrowing capacity depends on your income, expenses, existing debts, credit history and the lender’s assessment criteria. Obtaining loan pre-approval can help you understand your budget before you start looking. If you would like to connect with a broker, Loan Market brokers have access to over 60 lenders and take the time to understand your goals to find the right loan for you. Connect with a Loan Market broker.

3. Do I need pre-approval before making an offer?

It’s not essential, but it is highly recommended. Pre-approval gives you confidence when negotiating and demonstrates to sellers that you’re a serious buyer.

4. Are there government grants or incentives available to buyers in Victoria?

Yes — and they’re worth understanding before you start searching. You may be eligible for grants or land transfer duty discounts. Eligibility conditions apply to all schemes and thresholds can change. Confirm current entitlements with your conveyancer or broker before purchasing — or reach out to our team and we can point you in the right direction.

5. What additional costs should I budget for?

In addition to the purchase price, buyers should consider:

• Stamp duty
• Conveyancing or legal fees
• Building and pest inspections
• Loan establishment costs
• Moving expenses
• Insurance

6. What is a Section 32 (Vendor Statement)?

A Section 32 is a legal document that provides important information about a property, including title details, planning information, easements and any restrictions. It should be reviewed by yourself and your conveyancer before signing a contract.

7. What is the difference between buying at auction and private sale?

At auction, buyers compete openly and the property sells unconditionally to the highest bidder above the reserve. There is no cooling off period and no finance or building inspection conditions unless negotiated prior.

In a private sale, buyers make offers and negotiate with the vendor through the agent, with conditions such as finance and building inspection typically included in the contract.

8. How long does settlement take?

Settlement is commonly 30 to 90 days after contracts are exchanged, although the timeframe can be negotiated between buyer and seller.

9. Should I arrange a building and pest inspection?

Yes. Independent inspections can identify structural issues, pest damage or maintenance concerns before you commit to the purchase.

10. Can you help me find off-market properties?

Yes. We often have access to properties that are not publicly advertised, approx 25% of our properties sell off market. Contact our team to discuss your property requirements.

Disclaimer: This guide is for general information only. It does not constitute legal, financial or taxation advice. Always seek independent professional legal, financial and taxation advice. Thresholds, rates and government schemes are subject to change.