A man has been arrested after a woman believed to be his ex-partner was found dead at a home near the NSW-Victoria border.

Police were called to a home in Cobram about 5am today following reports a 32-year-old woman had been found deceased.

A 45-year-old man has been arrested.

”He is known to police and there is a link between that male and our deceased female,” Victoria Police Detective Inspector Dean Thomas said today.

It is understood an altercation broke out between the victim and the 45-year-old man.

Two young children who were at the home were not physically injured during the incident.

“Their wellbeing is number one, and making sure they’re OK and they’re being looked after and provided support that they need,” Thomas added.

9News understands the man did not reside at the address.

The tight-knit border community has been rocked by the incident.

Neighbours remembered the mother-of-two as a private person who was occasionally seen with her children.

“She was a really quiet lady across the road. She kept to herself. The kids came out the front. Why… why has it happened? We don’t know,” a neighbour said.

Homicide detectives have driven up from Melbourne today and a forensics team is at the scene.

No charges have been laid.

Cobram is located on the Murray River, on the border between NSW and Victoria, and is about 260km north of Melbourne.