Buying a property at auction is such an exciting to lock in your dream home or investment—but it does come with a few extra responsibilities, especially when it comes to finance.
Here’s a quick breakdown of what you need to have sorted before auction day
Auctions Are Unconditional
The most important thing to remember is that buying at auction means buying unconditionally. Once that hammer falls, you’re committed—there’s no going back!
That means all your checks and approvals need to happen before the auction.
Do Your Due Diligence Early
Make sure you’ve done everything you need to feel good and confident:
Order a building report (or at least have someone check the property structurally)
Have your solicitor check the LIM report, title, and any other legal documents
Confirm the settlement date set by the auction works for you—it’s often quite short (e.g., 2–3 weeks)
Get Your Finance in Place
We can work with your bank to:
Approve the specific property you're bidding on
Make sure you’ve met all loan conditions—like providing payslips, bank statements, or deposit evidence
Get a virtually unconditional loan offer in place, so you're ready if you win the auction
Have Your Deposit Ready
It’s super common for buyers to be caught off guard when asked for the deposit on auction day!
Make sure your deposit is accessible and ready to go—that could be from savings, KiwiSaver (with advance planning), or a gift.
Bringing Your Team Together
You’ll want your whole team—solicitor, mortgage adviser, and agent—all lined up and on the same page. That way, there are no surprises and everything flows smoothly.
Buying at auction takes a little more organisation, but it can be a really rewarding and fun way to buy. If you’re thinking about bidding at auction, let’s chat—we’ll help you get everything sorted well in advance so you can bid confidently!