Victoria at a glance
- When are you generally bound?
- Once both you and the seller have signed the contract of sale.
- Cooling-off period
- Three clear business days, beginning the day after you sign the contract.
- Cost to cool off
- $100 or 0.2% of the purchase price, whichever is greater.
- When does cooling off not apply?
- It generally does not apply to a property bought at public auction or within three clear business days before or after a scheduled public auction. Other exceptions also apply.
- Key document
- The Section 32 vendor statement must be provided before you sign the contract. Have your solicitor or conveyancer review it first.
- Can your offer include conditions?
- For a private sale, conditions such as finance approval, a building and pest inspection or the sale of your existing property may be negotiated and written into the contract.
- Buying at auction
- There is no cooling-off period. Have the contract reviewed, your finance position confirmed and any proposed changes agreed with the seller before you bid.
Here is the general playbook for making an offer in Victoria and dealing with agents along the way, whether you are buying in Melbourne or regional Victoria. Read it once before you start inspecting seriously, then come back to it when the right property shows up.
- Get your contract and Section 32 reviewed
- Get your finance organised with us
- Complete your due diligence
- Make a clear written offer to the selling agent and negotiate from there
Your finance is our job, so that is one thing off your plate.
The one thing to hold onto in Victoria: nothing is binding until you sign the contract of sale, and even then your cooling-off window is short, just three clear business days. Plan your due diligence accordingly, rather than assuming you will sort everything out afterwards.
Get ready before you offer
Get the contract of sale, and the Section 32 vendor’s statement, in front of your conveyancer as early as possible. This should happen before you sign anything, so there are no surprises about title, encumbrances or planning overlays once you are committed.
If you already have your pre-approval in place, you are one step ahead. You know your ceiling, you can move quickly, and your offer looks more credible to the vendor. If that conversation has not happened yet, get in touch with us before you start inspecting seriously.
Before you offer, ask us for a Cotality Property Profile Report on the property and we will send one over. Look at comparable sales in the area over the past three to six months, adjusted for land, condition and any unique features, and combine that with any agent feedback on where similar homes have been selling.
How to structure your offer
State your price clearly and strategically. Base your number on comparable sales, competition and your maximum. The evidence and terms matter more than whether the number is round.
Include the key terms so there is nothing to guess at:
Your offered purchase price
Your preferred settlement date
Commonly 30 to 90 days, with 60 days being typical.
Any inclusions or exclusions you want confirmed
Add conditions where the vendor will accept a conditional offer: finance approval, a satisfactory valuation, and building and pest inspections. For apartments and townhouses, also request a satisfactory owners corporation (strata) report. Your conveyancer will flag anything else specific to the property.
Contract, deposit and the Section 32
Once a price and terms are agreed, the agent prepares a contract of sale. Before you sign anything, the vendor must give you a Section 32 vendor’s statement, which sets out title details, outgoings, planning information and any encumbrances. Read it closely with your conveyancer, and ask questions about anything unclear before you commit.
A deposit, usually 10 percent of the purchase price, is typically paid on signing, though a smaller amount can sometimes be negotiated. Settlement is generally 30 to 90 days later, with 60 days being the most common.
The cooling-off period in Victoria
If you buy by private sale, you generally have three clear business days to cool off, beginning the day after you sign the contract. If you withdraw within that window, the amount payable is $100 or 0.2% of the purchase price, whichever is greater. On an $800,000 property, that is $1,600. Treat cooling off as a limited fallback, not a substitute for preparation.
Cooling-off does not apply to commercial property, property over 20 hectares used mainly for farming, or purchases made as a company or licensed estate agent. Know which category you fall into before you sign.
Dealing with the agent in Victoria
Remember that the agent is working for the vendor, and negotiating is their job, so keep things professional rather than personal, even under pressure.
Keep your messages short and clear, and follow a phone call or a conversation on site with a confirming email. That written trail protects you if there is ever a question about what was offered or agreed.
For the full playbook on reading the agent, structuring your offer and setting your walk-away price, see How much should I offer for a property? And for exactly what to ask them - and what the answers really tell you - see Questions to ask the selling agent.
Frequently asked questions
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A Section 32, or vendor’s statement, is a legal document the seller must give you before you sign a contract. It covers title details, council and water rates, any mortgages or caveats, and planning overlays. Your conveyancer reviews it closely as part of their due diligence.
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An auction purchase is generally unconditional and there is no cooling-off period. Confirm your finance position as far as possible, have the lender consider the property risks, complete your inspections and obtain legal advice before auction day.
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A normal contract term cannot remove the statutory cooling-off right. However, the right does not apply to certain transactions, including auction purchases and contracts signed within the specified period before or after an auction. Ask your conveyancer to confirm whether cooling-off applies to your purchase.
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It is negotiated at the time of contract. Sixty days is common, but you can often negotiate a shorter or longer period depending on what suits the vendor.
Please keep this page handy for when you are ready to offer. Chat with our team and we will line up your pre-approval so you are ready to move the moment you find the right property.
Ready to make an offer?
Reach out to your Black & White Finance broker or broker support manager for a tailored offer template.
Have your solicitor or conveyancer approve the terms before you sign a contract or transfer a deposit.
This page provides general information only and does not constitute credit, financial, legal or tax advice. Speak with a licensed solicitor or conveyancer for advice specific to your situation. Your full financial situation will need to be reviewed prior to acceptance of any offer or product. Credit Representative Number 494872 is authorised under Australian Credit License Number 389328.