Conveyancers Guide for First Home Buyers Victoria (2026)

Buying your first home is exciting. But it can also feel stressful and confusing.

There is a lot to think about. Legal paperwork. Loans. Government schemes. Stamp duty concessions. On top of that, the Victorian property market can be competitive, which adds even more pressure.

If you’re feeling unsure about the legal process, you’re not alone.

FIRST HOME BUYERS GUIDE TO CONVEYANCING – IN SIMPLE TERMS

Where do first home buyers start?

One of the biggest challenges is knowing where to begin.

The legal side of buying property (called conveyancing) can feel complex, and most first home buyers haven’t dealt with contracts or section 32 vendor statements before.

The good news is you don’t need to figure it all out on your own. Once you understand the key steps and have the right professional team around you, the legal process becomes much more manageable.

What does a conveyancer do for First Home Buyers?

It’s important to have a qualified professional managing the legal side of your purchase, whether that’s a conveyancer or a solicitor.

Here’s a simple summary of what they do:

• Review your contract of sale and section 32
• Explain what you’re agreeing to (in plain English)
• Help you meet important deadlines
• Apply for stamp duty concessions and assisting you and your bank or broker with any first home buyer grants or government schemes
• Work with your bank or broker
• Prepare everything for settlement
• Make sure settlement happens on time

In short, they guide you through the process and make sure nothing important is missed.

Conveyancer or Solicitor – which one do you need?

This is something many buyers ask.

You only need one, a conveyancer OR a solicitor. Either can act for you on your property purchase.

A solicitor may be helpful if your situation is more complex, for example if you need advice around trusts or tax structures. But for a standard first home purchase, a conveyancer is usually the common choice.

A conveyancer focuses purely on property transactions and handles property purchases and sales every day, which means they’re very familiar with the process. They also tend to be more cost-effective.

How much does a Conveyancer cost in Victoria?

Costs can vary depending on the property and the level of service you need, but most first home buyers can expect to pay somewhere between $800 and $2,800.

It’s important to understand what is included in the fee. Some services offer fixed pricing, while others offer a base price and charge extra for certain tasks.

Choosing based on price alone can be risky. Clear and comprehensive advice and good communication are often more valuable in the long run.

Check out our Article on 5 Things to consider when choosing a Victorian Conveyancer (2026 Guide).

The conveyancing process for first home buyers in Victoria?

There are a few stages in the conveyancing process for a purchase;

Before you make an offer.

This is one of the most common steps first home buyers overlook, and it can lead to costly mistakes.

It is recommended to always get a contract review before you sign anything or bid at auction. Once you sign a contract, you are legally committed.

The contract review will include review of the general and special conditions, as well as review of the section 32 vendors statement.

The section 32 vendors statement is a very important document in the process. It contains key information about the property, including title details, zoning, easements, any restrictions and any ongoing costs.

The contract review helps give clarity, helps manage risks and gives you confidence in understanding your rights and obligations to move forward.

Making an offer or buying at Auction

Properties are usually sold either by private sale or auction.

With a private sale, you can usually make your offer with conditions, such as; finance or building and pest inspections. It is common practice for your offer to be made by signing a contract, which is then presented to the seller by the agent. The seller can accept, reject or negotiate your offer.

If they accept, they will counter-sign the contract and the agent will complete exchange. This is a binding contract, which is why it’s important to have the contract review already done.

With an Auction, this is very different. If you are the successful bidder at Auction, you will be required to sign the contract immediately, and you will not have the opportunity to include conditions (nor will you have cooling-off rights).

It is critical that your finance is ready and you’ve had the contract reviewed before auction day. You should also complete any inspections beforehand, as there are no second chances after you are the winning bid.

Understanding Deposits, Finance and Timing

Once your offer is accepted, or you win the bid at auction, a few key things come into play.

The deposit is usually 10% of the purchase price, although this can sometimes be negotiated. If you are using a the first home buyers 5% deposit scheme, it’s important to discuss this early so the seller agrees.

For more information on the scheme, you may wish to read our article on How the australian governements 5% deposit scheme is helps first home buyers and single parents.

If you’re buying through private sale, your contract may include a finance condition. This gives you time to secure formal loan approval. Without it, you could be at risk if your loan is delayed or declined.

Settlement is the period between signing the contract and becoming the legal owner. In Victoria, this is often between 30 and 90 days. Your broker or lender can help guide what timeframe works best.

The Cooling-off period

For private sales, buyers usually get a short cooling-off period of three business days.

This gives you a chance to change your mind after signing. However, it doesn’t apply in every situation. There is no cooling-off period for auctions, or for properties bought very close to an auction date.

If you do decide to cool off, there is a small financial penalty.

What happens before Settlement?

Once your purchase is confirmed and the contract is signed, your conveyancer will guide you through the steps leading up to settlement.

This usually includes:

• Making sure you have arranged the right insurance cover for the property
• Checking that all contract conditions are met, including key dates like deposit, finance approval, and settlement
• Completing property searches and checks, such as title searches and certificates, and preparing settlement adjustments
• Working with your bank or broker to ensure your loan documents are signed and funds will be ready on time
• Helping you organise your final inspection and set up utilities if needed
• Managing your stamp duty assessment, including applying for any first home buyer concessions or exemptions
• Calculating the final amount needed for settlement, including what your lender will pay and what you need to contribute
• Preparing everything for settlement and notifying relevant parties, including the agent, council, and water authority once ownership changes

Settlement Day

Settlement is the final step.

This is when the money is transferred, and ownership of the property moves into your name. Most settlements are now done electronically.

Once everything is complete, your conveyancer will let you know. The agent is then notified, and you can collect your keys.

The settlement day is very special – it is when you officially become a property owner.

First Home Buyer Checklist – Key Takeaways

• Understand your total costs, including stamp duty and other fees
• Get your finance sorted early, and speak with a broker or lender to confirm your borrowing capacity and pre-approval
• Engage a conveyancer early so you have support from the start
• Always get a contract review before making an offer or attending an auction
• Start preparing for settlement early by working closely with your conveyancer and lender to keep everything on track

The right Conveyancer will help guide you on the process and ensure things stay on track.

Need help with your First Home Purchase?

Buying your first home doesn’t have to feel overwhelming.

With the right guidance, it becomes a clear and manageable process.

At Fastrack Conveyancing, we help first home buyers across Victoria understand each step, avoid common pitfalls, and move through to settlement with confidence.

If you have questions or just want to talk things through, reach out to our team. We’re always happy to help.