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Common Ground News

How do I buy a house in Victoria?

Author

Chloe Ramirez

Updated on March 17, 2026

How do I buy a house in Victoria?

To make the process a little easier, we've put together this step-by-step guide to buying property in Victoria.
  1. Save the deposit.
  2. Factor in the stamp duty.
  3. Know your borrowing capacity.
  4. Get pre-approval.
  5. Find the right property.
  6. We're here to help.

Correspondingly, how much does it cost to buy a house in Victoria?

Conveyancing and legal fees: $1800. Stamp duty: $0 for first-home buyers, $8750 for others. Building and pest inspection (combined): $600. Mortgage registration fee: $187.

Additionally, how much money do I need to buy a house in Melbourne? In Melbourne, the median house price is $809,489. With a low-deposit 5 per cent home loan, you'll need $40,474. But, you will need to factor in LMI costs to your total mortgage value.

Similarly one may ask, what is the process of buying a house in Victoria?

Your step-by-step guide to buying property in Victoria

  1. Save the deposit.
  2. Factor in the stamp duty.
  3. Know your borrowing capacity.
  4. Get pre-approval.
  5. Find the right property.
  6. We're here to help.

Where can I buy property in Victoria?

We take a look at 4 hot spots where investors are taking advantage of low prices and good rental returns to invest in property in Victoria:

  • Dandenong & Dandenong North.
  • Geelong.
  • Torquay.
  • Baranduda.

How much is it to buy your own land?

The cost of a plot of land to build on averages $3,020 per acre. But even if you're purchasing the land for a song, you'd better have money for a down payment and to pay to build a new home on the vacant land.

What are the upfront costs of buying a home?

Upfront costs are the costs you pay out of pocket once your offer on a home has been accepted. Upfront costs include earnest money, the inspection fee, and the appraisal fee. Appraisal fee: typically $300–$500, paid after inspection and on or before closing.

Do first home buyers pay GST?

On July 1, 2018, a new law was introduced, which requires homebuyers to withhold and pay GST directly to the ATO at settlement. Despite what you may think, the new law shouldn't significantly affect the purchase price of your new home.

What happens after you put offer on House?

After your offer is accepted. In a sale by private treaty, there is a verbal agreement between you and the vendor or agent to purchase the home. However, don't start celebrating the deal just yet. Essentially all you've done is offer to purchase the vendor's property.

What should a first time home buyer know?

Preparing to buy tips
  • Start saving early.
  • Decide how much home you can afford.
  • Check and strengthen your credit.
  • Explore mortgage options.
  • Research first-time home buyer assistance programs.
  • Compare mortgage rates and fees.
  • Get a preapproval letter.
  • Choose a real estate agent carefully.

What to do when you just bought a house?

16 Things to Do Immediately After Buying a House (Includes Bonus Checklist!)
  1. Hook up Your Utilities.
  2. Do a Deep Clean.
  3. Change Your Locks.
  4. Reset Your Garage Security Code.
  5. Forward Your Old Mail.
  6. Change Your Address.
  7. Unpack Your Boxes.
  8. Buy a Safe.

Do you need money down to buy a house?

Contrary to popular belief, you don't need 20% down. The minimum down payment you need to buy a home is 3.5% down with an FHA loan on a 30-year fixed-rate mortgage. Alternatively, on a conventional loan you need only a 5% down payment on up to a $417,000 loan size.

How do you make an offer?

Steps to putting an offer on a house
  1. Find the right home.
  2. Determine feasibility based on cost.
  3. Ask your real estate agent for comps.
  4. Determine your offer price, contingencies and timeline.
  5. Draft and submit your offer.
  6. Seller replies: yes, no, or counter.
  7. Sales contract is finalized and signed.
  8. Use an escalation clause.

How do you get approved for a home loan?

What it takes to get approved for a mortgage
  1. Your monthly income.
  2. The sum of your total monthly debt payments (auto loans, student loans and credit card minimum payments)
  3. Your credit score and any credit issues in the past few years.
  4. How much cash you can put down.

How much money do you need for a house deposit in Victoria?

Generally, banks and financial institutions will recommend you have a deposit of at least 20% of your prospective property's purchase price. So, if we go back to our $400,000 home, you'd want to provide $80,000.

How much money do you need to live comfortably in Australia?

Life isn't cheap, but if you're living in some Aussie cities, you're paying a lot less than others. In fact, if you're renting in Sydney, you're looking at an average $3,671 a month to live comfortably, compared to Hobart, where you can get by on $2,364 a month, research from Finder has revealed.

How much deposit do I need to buy a house in Victoria?

5%

How much deposit do I need for a new build?

Buyers are usually asked to pay a deposit of between 10-30% of the total price of a new build upon exchange. This is paid to the developer's solicitor.

How much money do I need to buy a house Australia?

The average deposit to secure a home loan in Australia is 20% but you can buy a house with less. At a minimum, the majority of lenders will require a deposit that is 5% of the property's price. This means you would need to deposit $15,000 if you were buying a $300,000 property with a 5% downpayment.

How much money do you need to buy a house for the first time?

The average amount is 3% to 6% of the price of the home. Given that range, it's a wise idea to start with 2%-2.5% of the total cost of the house, in savings, to account for closing costs. Thus our $300,000 first-time home buyer should sock away about $6,000-$7,500 to cover the back end of their buying experience.

How do I buy my first house in Australia?

For information on eligibility and how to apply, visit The Treasury website.
  1. Save for a house deposit. The first step is to get your finances sorted.
  2. Work out what you can afford to borrow.
  3. Find the best home loan rate.
  4. Find a house to buy.
  5. Negotiate to buy your house.
  6. Settle on your new home.

Is buying an apartment in Melbourne a good investment?

When it comes to any investment, quite often the major thing that determines its value is good old supply and demand – the same applies to apartments. Right now in Melbourne there's quite high supply in the macro sector of the marketplace, with new building approvals fairly consistent month on month at around 6,000.

Is it worth buying an apartment in Melbourne?

The right apartment can provide an incredible lifestyle close to the action, but many locals are hesitant. The truth is buying an apartment in Melbourne isn't a bad idea, as long as you take care to buy well. Generally speaking, the fewer apartments there are in a development the better.

Where can I buy investment properties in Victoria?

Property's list of the “best places to invest in 2020” are in Victoria. They range from blue-chip Albert Park and Brighton, to cool inner-city spots like Collingwood and Brunswick, through to regional cities including Bendigo and Bairnsdale.

Is Footscray a good investment?

Footscray is a good area and you will always see growth, however there a other suburbs surrounding Melbourne that out preform Footscray in regard to growth year after year.

What is the best suburb to invest in Melbourne?

Best suburbs to invest in Melbourne 2020
  • Tyabb is Melbourne's best suburb to invest, with a median sale price of $892,500 and is also the cheapest on the list of top ten.
  • Box Hill South comes in next, 15 kilometres east of the CBD.

How is the property market in Melbourne?

Melbourne's property prices have fallen about five per cent since their recent peak in early April 2020, according to CoreLogic. Experts say that unusual drop presents a window of opportunity for buyers. Before the pandemic, Melbourne's population was on track to be larger than Sydney by 2026, according to ABS data.

Where is the best place to buy investment property?

Best Cities to Buy Rental Properties: Ranked
  • Charlotte, North Carolina.
  • Tampa, Florida.
  • St.
  • Las Vegas, Nevada. Population growth: 3.3%
  • San Antonio, Texas. Population growth: 3.3%
  • Austin, Texas. Population growth: 3.7%
  • Madison, Wisconsin. Population growth: 3.1%
  • Durham, North Carolina. Population growth: 4.2%

Is Broadmeadows a good investment?

A survey of average capital gains or median home price increase in suburbs across the country shows that this suburb obtained a 5.12% growth over a ten-year period. BROADMEADOWS ranks 75th on the list of best yielding suburbs for rental properties in VIC, posting a 4.71% return.

Where can I buy a house in Melbourne?

The Five Best Places to Buy Property in Melbourne
  • Box Hill. This suburb is popular among Chinese investors, as its annual growth rate of 10.9% and rental yield of 10.6% demonstrates.
  • Frankston. This seaside suburb has enjoyed a massive turnaround in the last five years, in terms of both its reputation and its economy.
  • Cranbourne.
  • Botanic Ridge.

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