Do your research
Buying at auction can seem like a high-pressure situation to the uninitiated.
By familiarising yourself with the process and the local real estate market, you’re more likely to keep a cool head on the day.
1. Utilise your agent
Your agent lives and breathes real estate, so they’ll be able to advise you on the auction process, and what’s expected for the property in question. It’s also a great idea to head along to a couple of auctions so you can get a feel for how they work – paying attention to terminology used by auctioneers and bidders.
2. Inspect the property
If you’re really keen on a place, arrange a private viewing with the agent beforehand, and get your pest and building inspections done before the big day. Having a foot in the door might even tempt you to make a pre-auction offer and beat other bidders to the punch.
Sort your finance
Deposit & Pre-approval
Nothing will give you confidence on auction day like knowing the maximum amount you could bid on the day and having your deposit (usually 10%) saved and ready to go. We can help you with both!
The right loan
Taking the time to discuss what’s important to you when it comes to home finance could save you money and heartache down the track. Compare our home loans below to see how we measure up.
On the big day
With all your ducks in a row, you may still need to do a little bit of prep so that there are no surprises as the hammer goes down.
1. Register
As soon as you arrive at the auction, register and receive your bidding number. You may need to provide ID for this, depending on your state/territory.
2. Set a budget
Setting yourself a bidding ceiling beforehand will allow you to remove emotion from proceedings, and make calm, assertive bids within your means.
3. Have a strategy
Will you raise the bar early, or wait and watch? Know how you plan to bid, and stick to your guns.
Next steps
If you’ve come out on top in the bidding war, and your bid surpassed the reserve in place, then the property is yours!
Immediately after the auction, you’ll usually be required to sign contracts and provide your 10% deposit. It’s at this point you’ll be glad to have your finances in order, as there is no cooling off period in Australia when purchasing at auction – once you buy, you’re committed.
Once you’ve signed contracts, it’s a good idea to get in touch with your lender to finalise your finance application which will include a valuation of the property and once approved contact your insurer and arrange cover for your new asset, so you can negotiate your move in date and celebrate with peace of mind.
Home and Contents Insurance
Insure the belongings kept at the insured address for loss or damage caused by one or more of the insured events.
Can't quite find what you're after?
Drop into a branch
Our friendly staff are happy to help with all your banking needs. Find a location near you across NSW and South East QLD.
Can’t make it to a branch?
Our mobile lenders are more than happy to come to you. Find a lending expert close to you and request a callback today.
Get in touch
Speak to our contact centre
Monday to Friday 8:00am – 6:00pm AEST.
Saturday 8:00am to 1:00pm AEST
*Conditions, fees and charges apply to all loans. Subject to meeting Greater Bank's lending criteria.
Greater Bank, part of Newcastle Greater Mutual Group Ltd ACN 087 651 992, Australian Financial Services Licence/Australian credit licence 238273
++$2,000 cashback for loans ≥$250,000 or $2,500 cashback for loans ≥$500,000. Only one (1) Cashback Payment per eligible loan, and for first eligible loan only. Not available in conjunction with any other promotional payment. Offer may be varied or withdrawn at any time. See the full Cashback Offer Terms and Conditions. Terms, conditions, fees, charges and credit criteria apply.
~At the end of the fixed rate period customers can chose to re-fix their loan for another fixed rate period or let the loan revert to the applicable variable interest rate based on the loan and repayment type.
^Comparison rate is based on $150,000 over 25 years. WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.
#Discounted rates include a discount on Home Loans of $150,000 or over and for owner occupied Home Loans with an LVR 80% or below and for investment Home Loan with an LVR 80% or below and apply to new borrowings only. Discounted rate not available for Line of Credit facilities.
+Additional costs may apply if your loan has a fixed rate.
All new interest-only home loans, attract a 0.10% p.a. margin above the applicable Principal and Interest base rate. All new Line of Credit home loans, attract a 0.10% p.a. margin above the applicable Line of Credit base rate. The all-up interest rate which includes any margins, will be set out in your credit contract. View our Terms and Conditions.
FASTRefi® is a registered trademark of First American Title Insurance Company of Australia Pty Limited ABN 64 075 279 908.
Rate City Gold Award 2024, see http://ratecity.com.au/home-loans/awards for more information