FAQ Centre

Essential items to review include the Owners Corporation certificate, which details fees and “sinking funds,” any registered easements, and building notices. It is critical to check for information regarding building safety, such as cladding status, and any upcoming special levies that could impact your future costs.

First-home buyers may be eligible for the First Home Owner Grant for new builds, alongside stamp duty exemptions or concessions for properties under specific price thresholds. The Victorian Homebuyer Fund also remains a popular shared equity scheme to help buyers enter the market with a smaller deposit.

A public listing is advertised on major portals and is available for anyone to view. An ‘off-market’ listing is sold through an agent’s private database without public advertising. This can offer buyers less competition and provide sellers with greater privacy and reduced marketing costs.

Yes, foreign investors can generally purchase new or off-the-plan apartments, subject to approval from the Foreign Investment Review Board (FIRB). Note that vacancy taxes and stamp duty surcharges for foreign buyers remain in effect throughout 2026, so it is essential to understand your specific tax obligations before committing.

Beyond the purchase price, the most significant expense is Stamp Duty. You should also budget for legal and conveyancing fees, mortgage registration, and pro-rata adjustments for council and water rates. For apartments specifically, factor in ongoing Owners Corporation fees and potential building insurance costs.

Property settlement is the legal process that is facilitated by your legal representatives and that of the vendor. It is the process in which ownership of the property is transferred from the vendor to you as the new owner. The seller will set a settlement date in the contract of sale, generally this period is from 30 to 60 days. 

On settlement day, your solicitor or conveyancer will meet with your lender and the seller’s representatives to exchange documents. They will then organise for the remaining of the purchase price to be paid to the seller. 

When looking to buy a property to live in, you need to decide on a few discerning factors to help narrow your search. Firstly, you should do area and neighbourhood research to ensure you are looking within an area that meets your location, lifestyle and local facility needs. From here, decide upon what features of a home are most important to you. For example, this might be having a garage, backyard, separate toilet and bathroom or a number of other alternatives. It’s a good idea to then rank these features in order of importance and work out if any features are non-negotiable for you. This will then help you narrow down your search and cut options out by a process of elimination. 

Overall, what you want in a home is entirely up to you and your individual needs. 

If you attend an auction of a home you are wanting to bid on, you simply can just attend as you would if you were just viewing (no registration required). 

The auctioneer will go through all rules before any bidding begins. Here, you should listen carefully as some rules can differ depending on what type of property you are buying. 

If you end up being the bidder with the highest bid, you will be required to sign the contract and pay your 10% deposit. Remember that there is no cooling off period if you buy your property at auction. 

It is important to have a good understanding of the housing market and what you are looking for, prior to making a bid or offer on a property. 

Speaking to a Melcorp Real Estate agent will allow you to gain insight on the neighbourhood you are looking to buy within in terms of expected buy price, rentability, strata and council fees. As a buyer, the more information you can be equipped with, the more prepared you will be in making an offer on your potential home. Knowledge is power! 

When buying a property, some of the associated costs can seem a surprise. If you speak to our friendly team prior to buying or making a bid, these won’t seem such a shock! Associated property buying costs include the following: 

• Deposit (usually 20% of the home’s overall cost), however you should assess possible concessions and grants if you are a first home owner. 
• Stamp duty (if you are a first home owner stamp duty costs are entirely waived or reduced). 
• Lender’s mortgage insurance (if you have a less than 20% deposit). 
• Building insurance
• Building inspection 
• Legal costs such as lawyer or conveyancers
• Council rates, strata fees. 
• Any moving costs

Here is a process which you can move through when looking to buy a home:

• First, you’ll need to figure out what type of home might suit your needs.
• Visit a lender to find out your borrowing capacity and plans. 
• Work to the budget outlined by the lender and save your deposit.
• Once your deposit is saved, apply for pre-approval.
• Let a Melcorp Real Estate agent help you to find property that matches needs and requirements. 
• Get a lawyer or conveyancer to review the contract.
• Get building and pest inspections. 
• Make an offer or bid at an auction of a desired property. 
• Sign contract and pay your deposit.
• Await your settlement period. 
• On settlement day, arrange for the balance of the buying price to be paid and move in!

When buying a home, asking the agent as much as possible is important. Working with a trusted agent, like Melcorp Real Estate is also a key factor in being able to build a rapport and gain insights into the property and what the vendor might be looking for. 

Some specific questions you might consider asking an agent when wanting to buy might be:

• What are comparable property sales in the area?
• Why is the vendor looking to sell?
• How long has the property been on the market? 
• How much are council rates and strata fees? 
• Exactly what is included in the sale? (important if you are buying an apartment/unit or villa. 
• How long have the current owners lived in the property?
• What is the estimated rent value of the property? This is important if you are looking to use the property as an investment.