Do I need a solicitor to write a will in Victoria?

No, you can draft a will yourself or use an online service. If you want to know how to write a simple will for a straightforward estate, the step-by-step guide above covers exactly that. But only a solicitor can give you legal advice about your specific situation, flag risks like family provision claims, and ensure the document is properly executed. For anything beyond a very simple estate, professional advice is worth it.

Can I write my will by hand?

Yes. A handwritten will is valid in Victoria provided it's signed and witnessed correctly under the Wills Act 1997 (Vic). That said, typed wills are clearer and less prone to interpretation disputes.

How many witnesses do I need?

Two adult witnesses, both present at the same time when you sign. They must also sign the will. They should ideally not be beneficiaries or married to a beneficiary.

Does marriage revoke my existing will?

In most cases, yes. Marriage automatically revokes a will in Victoria unless the will was expressly made in contemplation of that marriage. If you marry after drafting your will without updating it, your estate could be distributed as if you had no will at all.

Can I leave superannuation in my will?

Not directly. Superannuation passes outside your estate via a binding death benefit nomination with your super fund. Your will doesn't control it unless the fund pays to your estate. Speak to a solicitor or financial adviser to coordinate your super and estate planning.

What happens if I die without a will in Victoria?

You die intestate, and your estate is distributed according to the Administration and Probate Act 1958 (Vic) – typically to your spouse, then children, then parents and siblings. Unmarried partners, friends, and charities receive nothing regardless of your wishes.

How often should I update my will?

Review it every three to five years as a baseline, and update it after any major life event – marriage, divorce, birth of a child, significant asset purchase, or the death of a beneficiary or executor.

Can I change my will after it's been signed?

Yes. You can add a codicil (a formal amendment, signed and witnessed the same way as the original will) or create an entirely new will that revokes the previous one. Never cross out or write over your existing will, alterations made after signing aren't valid unless properly executed.

What is testamentary capacity?

It means you understand the nature and effect of making a will, the extent of your estate, and who has a reasonable claim on it, and that you're acting freely. If capacity is genuinely in doubt (for example, due to dementia), a solicitor can arrange a capacity assessment before the will is signed.

How does a solicitor-drafted will differ from an online will?

An online service generates a document based on your answers to set questions. A solicitor asks follow-up questions, identifies issues the platform wouldn't flag, advises on superannuation, joint assets, tax implications, and family provision risks, and takes professional responsibility for the outcome. For most people with property or family complexity, the difference is significant.

A happy young couple standing outside their newly purchased classic brick terrace home in Melbourne, celebrating with moving boxes and house keys. The woman holds a home buyer checklist, with a 'Sold' real estate sign and the Melbourne city skyline visible in the background.

Melbourne First Home Buyer Checklist 2026

Written by Staff on May 21, 2026.

Buying your first home in Melbourne in 2026? You’ll need a 5–20% deposit, mortgage pre-approval, and access to grants like:

$10,000 First Home Owner Grant (FHOG)
Stamp duty exemption (up to $600K) or concession (up to $750K)
Federal 5% Deposit Scheme (now uncapped)
Help to Buy, and the off-the-plan concession (extended to 20 October 2026).

This first home buyer checklist walks you through every step, from saving your deposit to settlement day.

What’s New for First Home Buyers in 2026

The landscape has shifted considerably since last year, and some of these changes can save you tens of thousands of dollars.

Help to Buy is now active

The federal shared-equity scheme launched in December 2025. The government contributes up to 40% of a new home’s purchase price (30% for existing), so you only need a 2% deposit. Income caps apply: $100,000 for individuals, $160,000 for couples.

5% Deposit Scheme

From 1 October 2025, income caps and place restrictions were removed. Any eligible Melbourne first home buyer can now access it without waiting.

Off-the-plan stamp duty concession

Now extended to 20 October 2026. Buying a new apartment or townhouse? The temporary concession reduces your dutiable value, potentially bringing you under the $600K stamp duty exemption threshold even on higher-priced purchases.

Victorian Homebuyer Fund scrapped

Cut in the 2025 State Budget. Don’t factor it into your plans.

RBA cash rate at 3.85% (February 2026)

Borrowing capacity is tighter than 12 months ago.

Average FHB loan

Now at ~$607,624 (ABS, December 2025 quarter). Melbourne’s median prices sit higher, so your deposit target matters more than ever.

Step 1 – Get Your Finances in Order

This first home buyer guide starts with finances because no amount of property research matters if your borrowing position isn’t in order first.

Calculate Your Borrowing Capacity

With the cash rate at 3.85%, lenders stress-test at higher rates than they did in 2024. Use an online calculator as a rough guide, then see a broker for an accurate picture across multiple lenders.

Save Your Deposit

A 5% deposit is possible via the 5% Deposit Scheme or Help to Buy, but each has trade-offs. A 20% deposit avoids Lenders Mortgage Insurance (LMI), which on a $600K purchase can range from $15,000 to $25,000. Know your target before you start saving.

Check Your Credit Score and Reduce Debts

Get a free credit report through Equifax and fix any errors. Credit cards, BNPL accounts, and personal loans all reduce your borrowing capacity; lenders assess your credit limit, not just your balance. Consider closing cards you don’t use.

Get Documents Ready

Payslips (last 2–3), two years of tax returns, three months of bank statements, and photo ID. Gathering these early prevents delays when you find a property you want.

Step 2 – Understand Melbourne’s 2026 Property Market

Melbourne’s median house price sits around $.11 million (Domain, early 2026), with units closer to $600,000, making units and townhouses the realistic entry point for most first home buyers.

Affordability is pushing buyers into Melbourne’s northern, western, and outer south-eastern suburbs. Areas like Reservoir, Bundoora, Coburg, Preston, and Fawkner offer reasonable prices, strong transport links, and established infrastructure. The western corridor (Werribee, Melton) and outer south-east (Pakenham, Cranbourne) are also strong first-home buyer markets.

One critical point: Melbourne is auction-heavy. Most established suburban properties sell under the hammer with no cooling-off period and no subject-to-finance clause. You need unconditional finance before you bid.

Step 3 – Apply for First Home Buyer Benefits in Victoria

Victoria offers some of the strongest first-home buyer benefits in the country. Stack the schemes that apply to your situation; many are compatible with each other.

First Home Owner Grant (FHOG) – $10,000 for new homes ≤ $750K

A tax-free $10,000 grant for brand-new homes never previously sold or lived in. You must move in within 12 months and stay for at least 12 continuous months.

Victorian Stamp Duty Exemption – full exemption up to $600K

Zero stamp duty on properties valued at $600,000 or less. On a $580,000 purchase, that’s roughly $31,000 saved.

Victorian Stamp Duty Concession – sliding scale $600K–$750K

Between $600,001 and $750,000, you receive a partial concession. Your conveyancer handles the application during the property transfer.

First Home Guarantee (5% Deposit Scheme) – uncapped from Oct 2025

Buy with a 5% deposit, no LMI, backed by a government guarantee up to 80% LVR. The Melbourne metro property price cap is $950,000. No income limits or place restrictions since October 2025.

Help to Buy Scheme – 2% deposit, government equity share

The government contributes 40% of the price of new homes (30% on existing). You only need a 2% deposit and a smaller loan. Currently available through Commonwealth Bank and Bank Australia, with more lenders joining through 2026. When you sell, the government receives its proportional share of the sale price.

Family Home Guarantee – 2% deposit for single parents

Single parents or legal guardians with at least one dependent can buy with a 2% deposit and no LMI. You don’t need to be a first-home buyer; you just can’t currently own property.

First Home Super Saver Scheme (FHSSS) – withdraw up to $50K from super

Voluntary super contributions are taxed at 15% instead of your marginal rate. Contribute up to $15,000 per financial year, with a total $50,000 cap. Start this early, you can’t access contributions made before you knew about the scheme.

Off-the-Plan Stamp Duty Concession – extended to 20 October 2026

Contracts signed between 21 October 2024 and 20 October 2026 qualify. Construction costs are excluded from the dutiable value, often bringing it under $600K and triggering the full first home buyer stamp duty exemption.

Step 4 – Get Mortgage Pre-Approval

Pre-approval is non-negotiable in Melbourne, especially at auction.

When you win a bid, the contract is binding immediately. No cooling-off period, no subject-to-finance clause. Without unconditional finance, you’re bidding with money you may not actually have. Pre-approval typically lasts 90 days, so don’t apply too early.

A mortgage broker gives you access to multiple lenders, which is valuable if your situation is complex (e.g. you have HECS debt, self-employed income, variable employment). Only unconditional (full) approval gives you the certainty to bid at auction.

Step 5 – House Hunting in Melbourne

Set your suburb shortlist before you search. For first home buyers on tighter budgets, Melbourne’s northern suburbs (Reservoir, Preston, Coburg, Bundoora) consistently offer better value per square metre than inner-city options.

Attend inspections in person. Check walls and ceilings for cracks and water stains, and inspect gutters and drainage systems. For any property you take seriously, check the planning overlay via DELWP – flood, bushfire, and heritage overlays affect what you can build, renovate, and insure.

Anchor your offer or bid to comparable sales from the last 3–6 months, not the agent’s quoted range.

Step 6 – Before You Sign the Contract

Get a Building & Pest Inspection ($400–$800)

For private sales, arrange this before signing. For auctions, request an inspection window during the campaign.

Have a Solicitor Review the Contract of Sale and Section 32

This is the most important step before you commit to any purchase. The Section 32 Vendor Statement discloses easements, planning notices, outgoings, and title information, but not everything in it is in your favour.

A property solicitor will identify unusual special conditions, undisclosed encumbrances, and anything that could affect your use or ownership of the property. Don’t skip this step.

Understand Cooling-Off Periods

Private sale: 3 business days after signing (forfeit 0.2% if you withdraw).
At auction: no cooling-off period at all. The moment the hammer falls, you’re bound by the contract.

Step 7 – Make an Offer or Bid at Auction

For private sales, you can make an offer subject to finance and building inspection. Negotiate from comparable sales data, not the agent’s quoted range.

For auctions: set your limit before you walk in, and don’t move it on the day. Have unconditional finance ready and your ID on hand. Once you win, you sign the contract and pay the deposit (typically 10%) on the day. There’s no walking away after the hammer falls.

Step 8 – Engage a Conveyancer or Property Solicitor

Between exchange and settlement, a residential conveyancing specialist conducts title searches, prepares transfer documents, liaises with the vendor’s solicitor, applies for your stamp duty concessions and FHOG, and coordinates settlement through PEXA.

A property solicitor can also give you legal advice if something goes wrong, but a conveyancer cannot. Fixed-fee conveyancing in Melbourne typically runs $800–$2,000.

BT Legal’s team brings more than 10 years of collective experience in residential property law across Melbourne’s northern suburbs, including Bundoora, Coburg, and Preston.

Step 9 – Settlement (the 30–90 Day Journey)

Apply for stamp duty exemption or concession – your solicitor handles this as part of the transfer
Apply for the FHOG through your lender or directly through the SRO Vic
Final loan approval from your lender
Pre-settlement inspection 7 days out – check the property is in the same condition and agreed inclusions are present
Settlement via PEXA – electronic settlement is standard in Victoria; title and funds transfer simultaneously
Pick up the keys

Step 10 – Move In and Set Up Home

Connect electricity, gas, water, and internet at least 2 weeks before moving. Update your address with the ATO, Medicare, your bank, the electoral roll, and VicRoads. Take out building and contents insurance; your lender may require building insurance from the contract date, not just settlement. Ask your bank about a mortgage offset account to reduce interest over the life of your loan.

Hidden Costs Most First Home Buyers Forget

Budget an additional 4–7% on top of your purchase price for: conveyancing fees ($800–$2,000), building and pest inspection ($400–$800), loan establishment fees, LMI (if deposit is under 20% and you’re not using a guarantee scheme), stamp duty (properties over $600K), mortgage registration and transfer fees, building insurance (from contract date), moving costs ($500–$2,000), immediate repairs or minor renovations, council and water rates, owners corporation fees (for apartments and townhouses), and utility connection fees.

Common Mistakes First Home Buyers Make in Melbourne

Skipping the Section 32 review. Issues that look minor in the document can carry serious legal or financial consequences after settlement.
Bidding at auction without unconditional finance. If finance falls through post-auction, you forfeit your 10% deposit and remain liable for the contract.
Underestimating settlement costs. Purchase price and stamp duty are only part of it; legal fees, inspections, moving costs, and utility connections add up fast.
Not checking the owners’ corporation records for apartments. Outstanding special levies or deferred maintenance become your financial responsibility from settlement day.
Relying on the scrapped Victorian Homebuyer Fund. It no longer exists as of 2025.
Forgetting the 12-month residency requirement. The FHOG and stamp duty exemption both require you to move in within 12 months and live there for at least 12 continuous months. Rent it out immediately, and you may need to repay the grant.

Need a Solicitor for Your First Home Purchase in Melbourne?

Getting the legal side right matters as much as finding the right property. BT Legal is a specialist property law firm based in Reservoir, offering residential conveyancing and contract review to Melbourne first home buyers with more than 10 years of collective experience, fixed and transparent fees, and a free, no-obligation quote. Get in touch before you sign anything.

Frequently Asked Questions

The $10,000 FHOG (new homes ≤ $750K), Victorian stamp duty exemption (up to $600K), concession ($600K–$750K), the 5% Deposit Scheme (uncapped), Help to Buy (2% deposit, government equity share), Family Home Guarantee (single parents, 2% deposit), and the FHSSS (withdraw up to $50K from super). Many can be combined.

Not if your property is valued at $600,000 or less, you’re fully exempt. A sliding-scale concession applies between $600,001 and $750,000. Above $750,000, full stamp duty applies unless the off-the-plan concession reduces your dutiable value.

Yes. The 5% Deposit Scheme lets eligible buyers purchase with a 5% deposit and no LMI. Help to Buy goes further – a 2% deposit with the government contributing up to 40% of the purchase price on new homes.

A Section 32 (Vendor Statement) is a legal disclosure document that the vendor must provide before sale. Yes, always have a solicitor review it. Issues that appear minor can carry real legal or financial consequences after you’ve signed.

Yes, 3 business days for private sales (forfeiting 0.2% if you withdraw). No cooling-off period at auction. Once the hammer falls, you’re contractually bound.

Typically, 30–90 days from exchange. Thirty days is most common for established homes. Settlement terms are negotiable; discuss this with your solicitor before signing.

Yes. For a brand-new home valued at $600,000 or less, you can claim both simultaneously, a combined saving of roughly $41,000.

They manage the legal transfer: title searches, transfer documents, liaising with the vendor’s solicitor, applying for stamp duty exemptions and FHOG, and coordinating settlement through PEXA. A property solicitor can also give legal advice if issues arise, but a conveyancer legally cannot.

Yes. A broker arranges your loan; a conveyancer or solicitor handles the legal transfer. You need both for any residential purchase in Victoria.

Both the FHOG and stamp duty exemption require you to move in within 12 months of settlement and live in the property as your principal place of residence for at least 12 continuous months.

This article is general in nature and does not constitute legal or financial advice. Eligibility for grants, schemes, and concessions depends on individual circumstances. Always seek professional advice before making property decisions. Correct as of May 2026.