Bought a car with a stretched timing chain from dealership

Recently purchased a 2010 VE Commodore Ute with 110,000kms from a local dealership. It drove well, nothing to indicate any major issues. Drove it home (10kms) then a second time approx 5kms a few days later and the check engine light came up on the dash. I went back home and my scan tool showed error p0008.

I called up the dealership and explained what happened and they told me to bring the car back in for them to inspect. They called me a few days later (today) and said it’s a stretched timing chain. They said they weren’t going to do anything because they “sold it cheap” (was cheap due to body damage) but to help me out they would supply me with a timing chain kit.

The car is over 10 years old so wasn’t sold with statutory warranty but I’m wondering if I would be covered by consumer laws for something like this or just take their offer and move on?