The 23-year-old's prints were found on a handmade handgun which was seized from a Bostocks Creek address last month.

That led police to raid the man's Cobden property on Wednesday.

Investigators found 15 rounds of ammunition in his bedroom, as well as a drawing of a homemade firearm.

The man pleaded guilty in Warrnambool Magistrates Court to the offences.

On Friday he was placed on a 15-month community correction order.

He must do 100 hours of unpaid work. A conviction was not recorded.

Police raided a property in Camperdown-Cobden Road on October 25 about 8.30am.

A homemade handgun was found in the freezer section of an old fridge located inside a shed.

The gun was loaded with a .22 calibre bullet and officers found about 20 rounds of .22 calibre ammunition.

A silencer was also seized.

The man was only charged in relation to the handgun.

A 22-year-old Cobden man was also arrested at the property and charged with possessing a firearm, ammunition and a silencer while being on a FPO.

The gun was later analysed and that's when the man's prints were found.

He told police he didn't make the firearm, that he never used it to shoot and his prints were likely left on the gun when he moved it.

The offender told police he planned to use the ammunition to make firecrackers.

Magistrate Nunzio La Rosa said the community didn't want or need guns in the wrong hands.

"The only reason handguns exist, when not in the hands of security personnel or people with a licence, is to use in a criminal activity," he said.

"No other reason."

The magistrate said if the man was found with firearm material again, he would be jailed.

Police said a 20-year-old man was also arrested at the Cobden address and charged with possessing cannabis and unrelated family violence-related offending.

He appeared briefly in court and was remanded in custody until November 28.

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