Caught three wide the trip, Preferment courageously got the better of Bondeiger (War Pass) in a driving finish with Nozomi (Street Cry) hanging on for third (photos Lisa Grimm)
Preferment becomes the fifth Victorian Derby winner for Damien Oliver, the third maiden and the second for the great stallion Zabeel following Efficient in 2006.
Zabeel's sons Reset and Savabeel sired the 2008 winner Rebel Raider and 2008 winner Sangster respectively.
Waller said it did not concern him that Prefernet came into the race as a maiden as he put the writing on the wall with a fast finishing second in the Geelong Classic at his most recent start.
"It's made possible when you've got a good horse obviously, and has happened before too," Waller said.
"The writing was on the wall last start, he's by the great stallion Zabeel and great rider aboard."
"The Melbourne Cup would be the next step I guess and it's good to know you've got a horse good enough to get to that level."
A $190,000 purchase by Chris Waller from the Cambridge Stud consignment at the 2013 NZ Bloodstock Premier Yearling sale at Karaka, Preferment is the third foal of the Flying Spur mare Better Alternative the winner of a 139 metre maiden at Geelong and a 2000 metre handicap at Werribee.
At the conclusion of her race career Better Alternative went through a mixed bloodstock sale in Melbourne for just $10,000 dollars.
A half-sister to Group II Villiers Stakes winner Dances on Waves (Anabaa), Better Alternative is out of the Canny Lad mare Ancient Lights a Randwick winning sister to Group 1 VRC Salinger Stakes winner Ancient Song.
Better Alternative has made an outstanding start to her broodmare career.
Her first foal Loophole, by Zabeel's grandson Lonhro, is the winner of two races while her second foal Rezoned, a sister to Preferment, won the Group III SAJC Fillies Classic (2500m).
Better Alternative has a yearling colt by So You Think and was bred back to Rip Van Winkle (IRE) last year.
Preferment becomes the 45th Group 1 winner for Zabeel who was pensioned from stud duty at Cambridge Stud last year at the age of 27 due to declining fertility.