Buying a property at auction can be exciting, but preparation is key. Here’s a quick guide to ensure you’re ready:

1. Confirm Your Finances
Get pre-approved for a mortgage and understand your borrowing capacity. Low deposits may require a registered valuation. Having an unconditional loan in place lets you bid with confidence.

2. Do Your Due Diligence
Auction purchases are unconditional. Have your solicitor review the Auction Agreement, Title, and LIM report, and consider a building inspection. Ensure insurance is available and register with the listing agent ahead of time.

3. Know Your Budget
Set your bargain price, fair market price, and maximum bid. Banks will often base loans on the lower of valuation or purchase price—stick to your limits.

4. Arrange Your Deposit
Typically 10% is required on auction day. Ensure funds are accessible, especially from fixed-term deposits.

5. Coordinate With Your Team
Keep your solicitor, adviser, and agent aligned to avoid surprises.

6. Consider the Settlement Date
Check that the date works, particularly if using KiwiSaver funds, which can take 10–15 days to process.

With the right planning and guidance, buying at auction can be a fast and rewarding way to secure your property.

Ready to Bid With Confidence? Talk to a financial adviser here at Mortgage Money, who work closely with the experienced team at Summit Real Estate, to ensure buyers are auction-ready. From pre-approval to unconditional finance, we’ll help you understand your options, stay on budget, and bid with confidence on the day.

Get in touch today to find out more and make your auction plan a success.