Buying a home at auction

Buying a home at auction can be an exhilarating experience. If you’re thinking of purchasing a property at auction, here are some of our tips on how to better prepare yourself.

Preparing yourself for the auction

Get your home loan in order

One of the most important things you need to do is arrange your finances before the auction. If you are successful, you may need to write a deposit cheque on the day.  

Visit auctions before your big day

Visit other auctions before you start bidding so you can get a feel for how auctions work and observe the different bidding strategies.  

Set yourself a limit

Do some research on the prices of property for sale in the area you are considering buying in. Work out how much you can afford to pay, set yourself a limit and don't go over it.  

Review the contract

If you require any amendments to the contract – such as a longer settlement period - make sure you speak to the agent and agree on any changes in writing before the auction.

Get started on your home loan application

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Important Information

Important Information

This article has been prepared by IMB Bank and contains general information only. It is not intended to be relied on as advice. It does not take into account your objectives, financial situation or needs. You should seek your own legal, financial, taxation or other professional advice before you make any decisions about your business. Consider the relevant Terms and Conditions or Product Disclosure Statement and Target Market Determination available here before deciding whether to acquire any products or services offered by IMB Bank. Lending criteria, terms and conditions, fees and charges apply to IMB loan products.

IMB Bank does not recommend any third party products or services referred to in this article and we accept no liability in relation to them. Any links to third party websites are for your information only and we do not endorse any content on those sites.