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Legal & Process

Auction

Unconditional contract, 10% deposit, no cooling-off. Have finance sorted first.

What is Auction?

A property auction is a public sale where buyers bid against each other until the highest bid wins. Successful auction purchases are unconditional — you sign the contract immediately, pay a 10% deposit, and must settle (no cooling-off period, no finance subject-to clause).

Why it matters for you

Buying at auction means you need unconditional loan approval before bidding, not pre-approval. A building inspection, pest inspection and legal contract review also need to happen beforehand. One missed step and you could lose your deposit.

Get unconditional approval first

Free. No pressure. No credit check.

Related terms

Full, formal loan approval. Required before bidding at auction.

Legal & Process

A statutory window to back out of a private-treaty contract. Varies by state.

Legal & Process

The cash portion you bring to a purchase — drives rate, LMI, and eligibility.

Home Buying Basics
Last updated: April 2026