Just started 3&4 spec beginning with vectors and my only knowledge about them is from completing 3&4 physics so my understanding of concepts is very weak.
What is the purpose of the dot product of two vectors? I understand why to add vector but I don't understand the purpose of multiplying them.
Could someone explain in very basic terms, thanks 
As for dotting vectors together
One application, as mentioned by brightsky, is to work out the angle between two vectors.
Another application is to multiply the scalar component of one vector in the direction of the other.
Draw up a diagram.
If you have vectors a and b, with t being the angle between a and b, then |a cos t| = magnitude of component of a parallel to b
The magnitude of the component of b parallel to b is, well, just b. Therefore the product of the components is |ab cos t|, also known as the dot product.
Why is this useful? I'll give an example, even though this is strictly speaking outside VCE requirements for anything.
In physics, we're taught that work equals force times distance, for a constant force. However, strictly speak work is a dot product as well. Only the component of the force parallel to the displacement actually speeds up or slows down the particle; in VCE, we also learn that uniform circular motion arises due to a force always perpendicular to the motion, and as it's uniform motion, the speed is constant. Thus, a force always perpendicular to the motion of an object won't change the object's speed or its kinetic energy, and thus does no work. Therefore, if you resolve the force into components perpendicular and parallel to the displacement, you'll see that only the parallel component is involved in the work. This means that to find out the work done, you actually take a dot product of the force and displacement vectors.
I could go on and on about where dot products are used in physics, but that would be long-winded, boring and not especially helpful. Just appreciate that the dot product has its uses and that it's needed for VCE (: