The Victorian Property Fund (VPF) provides compensation for consumers who have lost money in certain situations.
Who can make a claim?
Individuals and corporations can make a claim for compensation when an estate agent, conveyancer or their respective representative has misused or misappropriated trust money or property in the course of their work.
Such misuse or misappropriation is known as defalcation, and can include:
- failing to account or
- fraudulently misappropriating.
For example, a defalcation has occurred if an agent misused trust money (including deposits or rent) when handling a sale or managing a rental property.
Note: you cannot make a claim simply because you believe the agent or conveyancer acted unprofessionally, gave bad advice, or misrepresented the property.
How to make a claim
Step 1: contact our Estate Agents Resolution Service (EARS) on 1300 737 030.
Step 2: complete and lodge a Claim for compensation from the Victorian Property Fund (Word, 147KB). Lodgement details are on the form.
You can claim the full amount of your monetary loss, including interest from the date of loss and costs associated with making a claim for compensation.
After you make a claim
We will let you know in writing when we receive your form, and assign a case officer to advise you on how to proceed. Claims may take several months to process.
The Secretary to the Department of Justice or an authorised delegate will review your claim and allow or disallow it.
Appealing a decision
If your claim is disallowed, you can appeal the decision by applying to the Victorian Civil and Administrative Tribunal (VCAT) within three months of receiving the decision.
For information on how to appeal a decision, visit the Victorian Civil and Administrative Tribunal website.
About the Victorian Property Fund
The VPF is a trust fund established under the Estate Agents Act 1980 and administered by the Secretary to the Department of Justice. Its income comes from:
- licence fees paid by estate agents and conveyancers
- any fines and penalties payable under the Estate Agents Act 1980 and Conveyancers Act 2006
- interest on licensed estate agents and conveyancers’ trust accounts
- investment income.
We administer claims and grants from the VPF. For information on grants, view our Victorian Property Fund grants page.
Last updated: 08/02/2013