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Buying

First-home buyer's guide for South East Melbourne

Buying your first home is a big step, but far less daunting with a clear plan. Here is the path most first-home buyers follow across the South East corridor.

7 min read

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The process at a glance

  1. Sort your finance

    Speak to a broker or lender about borrowing capacity and get pre-approval so you can act decisively.

  2. Set your brief

    Decide on must-haves vs nice-to-haves, suburbs, and a realistic budget including buying costs.

  3. Search & inspect

    Track listings, attend inspections, and learn the local market by comparing what sells and for how much.

  4. Do your due diligence

    Review the Section 32, consider building/pest inspections, and check the contract with a conveyancer.

  5. Make your offer

    Offer with confidence (privately or by auction), within your finance limits and conditions.

Understand the full cost of buying

Your deposit is only part of the picture. Budget for stamp duty (with possible first-home concessions), conveyancing, building and pest inspections, loan fees and moving costs. Knowing the total helps you set a realistic price ceiling.

Due diligence before you buy

Before committing, it pays to check:

  • The Section 32 (vendor's statement) and contract of sale
  • Building and pest inspection reports
  • Owners corporation details and fees (for units/apartments)
  • Council zoning, easements and any planning overlays

First-home buyer assistance

Eligible first-home buyers in Victoria may access concessions or grants (eligibility and amounts change over time and are set by the State Government). Check the current rules on the official Victorian Government / State Revenue Office website, and confirm your eligibility with your lender or conveyancer.

This guide is general information for South East Melbourne, not legal or financial advice. Costs and rules vary and can change — confirm specifics with your agent, conveyancer or the relevant Victorian authority.

Good to know

Frequently asked questions

How much deposit do I need to buy a home?

Many lenders look for around 10–20% of the purchase price, though some loans allow less (often with lenders mortgage insurance). Your borrowing capacity and the total buying costs matter as much as the deposit — speak to a broker.

Should I get a building and pest inspection?

For most established homes, yes. It is a small cost relative to the purchase and can reveal issues that affect your decision or negotiation.

Can I make an offer before auction?

Sometimes. Some vendors consider strong pre-auction offers; others hold firm to the auction date. Your agent can tell you how a particular vendor is approaching it.

Keep reading

Selling

Auction vs private sale: which is right for you?

The pros and cons of selling by auction versus private sale, and how to choose the method that suits your home and the current market.

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Buying

Underquoting & price guides in Victoria, explained

What underquoting is, how Victoria's price-guide and Statement of Information rules protect buyers, and how to read a price guide.

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Selling

What's my home worth? Appraisals explained

What a property appraisal is, how an agent works out your home's value, and how to read the comparable sales behind the number.

5 min read

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Your home could be on this board

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