But just whether the Stanley Street bridge will be knocked down or undergo a major overhaul is up in the air with city councillors wanting community input about the bridge's future.

A recent assessment found the bridge had reached the end of its serviceable life and recommended the load limit be reduced to 15 tonne.

The damning assessment of the condition of the bridge came despite undergoing major repairs in 2017 in a bid to keep the 20-tonne load limit so town buses could still cross.

Originally built in 1895, Edwards Bridge is five years younger than the more picturesque Wollaston Bridge. Its timber pedestrian walkway was a later addition.

The council on Monday voted to apply for government funding and will set aside $1.5 million over two years to pay its share.

If the funding application is successful, works would be carried out in 2021/2022.

In the meantime, the council will spend $80,000 to prop up the deck cross beams with temporary steel beams.

The report found carrying out major repairs was not economical compared with the replacement cost when taking into account "whole of life" costings. Five options are under consideration, two of which involve a major overhaul of the existing bridge at a cost of $1.06 million or $1.12 million.

Two other options suggest building a newer bridge to the north - one would mean keeping the old one as a fishing bridge and the other would require its demolition. They would cost $2.47 million and $2.69 million.

The fifth option is demolish and replace the bridge in its current location, which would cost $2.66 million but design works would push the cost towards $3 million.

Infrastructure director Scott Cavanagh said a lower load limit on the bridge was problematic. He said heavy vehicles were unable to use Pertobe Road because of the heritage-listed Norfolk Island pines.

Mr Cavanagh said it could also impact planned breakwater upgrade works including safer boat ramp launching facilities.

"If we can't improve the load limit on this bridge, it is a problem for the future of the port and operations of the port," he said. "Currently we operate on exemption but that will become more difficult if we don't replace the bridge in the short term," he said.

Cr Mike Neoh said the bridge was important as a second access point to Viaduct Road, especially for emergency service vehicles.

He said while there would those advocating to keep the old bridge, others would say the best value would be to replace it. Cr Neoh said the city needed to pick its battles with the significance of bridges and sometimes tough decisions had to be made on replacing them. "I've got an open mind on it," he said.

Cr Peter Sycopoulis said there was no denying a new bridge would have to be constructed in the future.

He said in 2010 the council made the "regrettable decision" to demolish the Dennington railway bridge which was arguably one of Victoria's oldest examples of that unique type of bridge.

"It's now gone forever," he said. Cr Sycopoulis said while he was not saying the bridge was of the same ilk, he didn't want it decommissioned without thought.

"I'm one of those people who would like to see it saved but I am also open-minded," he said. "I don't want to see Warrnambool continue with its wholesale destruction of many beautiful constructions."

Cr Kylie Gaston said the council needed to keep an open mind.

"I do think we will get significant community buy-in on this one and plenty of public comment," she said.

Cr Sue Cassidy said it was amazing a bridge built in 1895 was still in use.

"I'd be very keen to look at all avenues before we rushed in and bulldozed or whatever we were thinking of doing," she said.

Cr David Owen said he was looking forward to the community getting back to councillors.

"They love trees, they love bridges, they love buildings and particularly something this old. It's not as dynamic as Wollaston Bridge but it still has significance," he said.

"It's costing us a lot of money to maintain it.

"It will be robust discussion I imagine. There's no doubt we have to address it soon, it's so strategic.

"If we are to fix the breakwater we'll need to have heavier loads go across that bridge, that's for sure."

Cr Robert Anderson said councillors faced an important decision.

"Whether we keep it or not, I'm either way," he said.

He said it was a major entry point for the port of Warrnambool and it's something that needed to be addressed "sooner rather than later".

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