Preferment had finished second in the Geelong Classic (2200m) in his final start before the Derby while Providence is coming off a closing second in the Vase (2040m) at The Valley last Saturday.
The Derby had not really been on Waller's radar until his second place finish last week.
"Providence is by Wootton Basset that is a great international stallion that leaves winners over all distances, so that gives us a bit of confidence that he'll get 2500 metres," Waller said.
"He certainly hit the line strongly last Saturday, so he's a great chance.
"We thought he might have been a bit sharper earlier in the prep and subsequently it's a bit of a rush now and we're backing him up in only seven days, but it's worked before, we've won a Derby off a seven-day turnaround.
"He's come through the race really well. He's a colt, so he's got some natural strength and hormones. He's got a great nature, he relaxes well, so he'll give himself every chance."
Being from the same family, Waller was asked if there were any similarities between Preferment and Preferment.
"They're both big, athletic horses. They both have the physique of a Derby type of horse," he said.
"With Preferment he was finishing his races off well and there was a sense of timing about his Derby win and Providence is the same."
