The deposit is typically paid in stages after a property sale is unconditional, securing the buyer’s commitment to purchase. As of December 2025, this process is a key part of the Melbourne property transaction.
Currently in Melbourne, the standard practice involves an initial holding deposit, usually around $5,000 to $10,000, paid immediately after the vendor accepts the offer and all conditions – such as building and pest inspections, and finance approval – are satisfied. This demonstrates the buyer’s genuine intent. The balance of the 10% deposit is then paid within 3-5 business days. In the Melbourne Eastern Suburbs, where competition for family homes near sought-after schools like those in Balwyn and Doncaster is often strong, having a deposit readily available can be a significant advantage. Settlement typically occurs 30-60 days after the sale becomes unconditional, and the deposit forms part of the purchase price. It’s important to note that the deposit is held in trust by the real estate agent or conveyancer until settlement. Buyers should factor in these costs when budgeting, alongside potential preparation costs for the property itself, such as building inspections which can range from $400-$800.
Understanding the deposit payment schedule is crucial for a smooth property purchase in Melbourne, and Fletchers’ experienced agents are well-versed in guiding buyers through this process.