Read the contract
Ask a conveyancer or solicitor to review the contract, title and disclosures before auction day.
Auction contracts are generally unconditional. Before bidding, it is important to understand your finance position, arrange the required property and contract checks and set a firm limit that includes the deposit and purchase costs.
Ask a conveyancer or solicitor to review the contract, title and disclosures before auction day.
Complete suitable building, pest, strata and other investigations because auction purchases are generally unconditional.
Allow for the purchase price, deposit payable at auction, government charges, legal costs and a cash buffer.
Pre-approval can still be withdrawn or reduced. Ask your broker about any unresolved conditions before you bid.
Pre approval can help establish a likely borrowing range and identify possible issues before auction day. It remains conditional, so the property and your circumstances must still satisfy the lender before final approval.
Home loan pre approval can help establish a likely borrowing range, but it does not remove the risks of an unconditional auction contract. Existing homeowners may also need next home buyer finance or bridging finance where the purchase depends on selling another property.
Real stories from people we helped make clearer, more confident loan decisions.
Yes, but pre-approval does not remove the risk of an unconditional auction contract. The property and your circumstances must still satisfy the lender for final approval.
Know your absolute limit, deposit arrangements and settlement date. Obtain legal contract advice and complete property checks before bidding because there is usually no finance clause or cooling-off period.
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