1. Inspect the property and do your research.
This is imperative before going into an auction so you'll get a realistic understanding of the value of the property.

2. Check the building and pest report.
Some agents prepare this prior to an auction, and if they haven't, ask them for one.

3. Arrange your finances.
Ask your lender how much you can borrow. Get your loan pre-approved, and make sure that you have enough in your bank account to write your deposit cheque.

4.Ask for legal advice.
Have your solicitor review the contract of sale in case you're the successful bidder.

Unlike many other lenders, we charge no monthly, annual or ongoing fees. The only fees you will pay on your home loan are a one-off $300 settlement fee plus a security assessment fee, which for a standard property in a metropolitan area in a major city starts at $230 for properties valued up to $1 million.

You have the option to add a 100% offset sub-account to your loan. Many people choose to do this to help pay their home loan faster and save thousands on interest payments. For an extra 0.10% to the loan, you can add a 100% offset sub-account with online, ATM, EFTPOS & Visa debit card access to your money, plus unlimited free redraws. More information on adding an offset here.

A property report is helpful if you're looking to purchase a new property, know the address and want to determine if it's the right property for you, or potentially in a high growth area. It is a good idea to get a property report to do your research on the property before you make an offer.

Our property reports provide information such as Estimated property value, Property mapping, Properties sold in the area, Market comparison, Median sale prices in the area and Suburb insights.

The auction is led by an auctioneer, and you'll need to register with the auctioneer. They'll give you a bidder's number, and they will manage the bidding process.

The seller of the house usually has a reserve price which is the minimum price that they will sell the property for at auction. If the reserve price of the property has been reached, it is considered to be "on the market" and will be sold to the highest bidder. If the reserve is not reached, then the property is "passed in" or "withdrawn from auction" and the highest bidder has the right to negotiate with the seller.

After the bidding, the successful bidder is required to pay an immediate deposit, which is typically 5% to 10% of the purchase price. The sale is settled once the contract has been signed by both the buyer and the seller, and all relevant payments have been made.

We can provide approval for applicants in as little as 2-3 days, pending the customer's individual circumstances and all correct documentation has been provided. It's important to note that this is not a 'one size fits all' number, and the approval time will depend on each individual applicant's circumstances.

We'd always advise our customers to have the right documentation ready at application stage, so you can move forward with your application as quickly as possible. For more information for documents required for a purchase or build:
What documents do I need to buy or build a home in Australia?

At auction, if you're the highest bidder, you must sign the contract, and there's no cooling-off period. If you can't settle the agreed price of the home by the settlement date, you'll lose your deposit and be in breach of the contract.

There can be very serious legal consequences if you cannot settle the sale. We recommend you do either of the following before you bid at an auction:

• Got your finance pre-approved, including the maximum amount you can borrow. You can get a quick Auction Approval here.
• Ensured you have enough money available to pay the deposit using the method specified by the seller's agent (this is usually 10%).

Simply fill out your application online by entering some of your details here.

Alternatively, chat to one of our friendly lending specialists on 1300 471 806 and they can complete your application for you.

After your application is complete, use our app onTrack on your desktop or device to add your documents such as payslips, and details of your existing loan. In the onTrack app, you can track the progress of your application. For more information for documents required for a home purchase or build:
What documents do I need to buy or build a home in Australia?

You can get your dream home at a great low home loan rate because of our online model. We don't have to pay for branches or broker commissions, which means we are able to pass our savings directly on to you through low home loan rates and and no ongoing, annual or monthly fees.