What will happen at the auction?

If you’re going place a bid and are serious about buying the property, remember to bring your bank details along to the auction.

If you are the winning bidder, you will be required to pay a deposit of 5% to 10% of the purchase price on the spot.

Before bidding starts, the auctioneer will give a full description of the property and then invite bidding to begin, usually from a nominated starting point.

Where possible, avoid bidding early - you may push the price up prematurely.

It can pay to wait until bidding is drawing to a conclusion (and bids are being made in small increments) before raising your hand.

If bidding stalls prior to this, the property will be passed in and you have the option of entering further negotiations with the agent.

We work closely with our clients each step of the lending processes to ensure you are clear on what you can borrow, how much deposit you will need and what additional factors you need to consider.  We also help our clients obtain pre-approval so that they can make offers on houses or bid at auctions with more confidence in their borrowing capacity. I can also help you obtain a free property report to help you understand the value of the property you are interested in.

Remember, a critical aspect to your success is securing your finance and obtaining pre-approval.  To obtain pre-approval, get in touch today, or complete our 5-minute home loan assessment.