Auction Purchase Finance - Unconditional Approval in 48hrs

Important Information

Esteb and Co provides credit assistance services. We are licensed credit representatives (ASIC Credit Rep #574070) who help you compare loan options from our panel of lenders. We do not lend money directly. All loan approvals are made by lenders, subject to their criteria and responsible lending assessments. Our service is free to you - we receive commissions from lenders. Read our Credit Guide

Why Auction Finance is Different

Auctions are unconditional - you MUST be ready

❌ No Cooling Off Period

Private sale: 3-5 days to change your mind.

Auction: $0 cooling off. Once hammer falls, you're locked in.

⚠️ Lose 10% Deposit if You Can't Settle

If your finance falls through, you forfeit your 10% deposit + vendor can sue for losses.

On $800K property = lose $80K!

⏱️ 30 Days to Settle

Typical settlement period is 30 days. Some auctions offer 60-90 days but it's rare.

✅ Solution: Pre-Approved Finance

Get conditional approval BEFORE auction. Then unconditional within 48hrs of winning.

Bid with zero stress.

⚠️ Real Story: What Happens Without Finance

Sarah bid $950K at auction without pre-approval. Bank valued property at $880K. Loan rejected. She lost $95K deposit + legal fees. Total loss: $110K+

📖 Lesson: Never bid without pre-approved finance.

Pre-Auction Finance Checklist

What you need before bidding

✅

1. Conditional Approval

Get pre-approval from lender for your max budget. This confirms you CAN borrow the money.

⏱️ Timeline: Get this 1-2 weeks before auction

✅

2. Property Type Pre-Cleared

Check with lender that the property type is acceptable (freehold/strata/rural).

Some lenders won't touch properties on busy roads or near airports

✅

3. Max Bid Confirmed

Know your absolute maximum. Add 5-10% buffer for valuation risk.

Example: Pre-approved $800K → Max bid $730K

✅

4. Building & Pest Done

Get inspections BEFORE auction. Can't make offer "subject to" at auction.

Cost: $500-$800. Do it.

✅

5. Broker on Standby

Have broker's number ready for post-auction support if needed.

📞 We're available auction Saturdays: 0424 406 977

✅

6. 10% Deposit Ready

Cash or bank cheque. Must pay on auction day.

$800K property = $80K deposit due immediately

Auction Finance Risks & How We Solve Them

❌

Risk 1: Pre-Approval Lapses

Problem: Pre-approval expires before auction date.

Solution: We time your application to ensure 90+ days validity covering auction date.

❌

Risk 2: Property Doesn't Meet Criteria

Problem: Lender rejects property type after you've won.

Solution: We pre-check property with lender before you bid. Get written confirmation.

❌

Risk 3: Valuation Comes Back Low

Problem: You pay $800K, bank values at $740K. Loan declined.

Solution: Conservative bidding + we use lenders with realistic valuations. Plus backup lender ready.

❌

Risk 4: Can't Meet 30-Day Settlement

Problem: Lender too slow, miss settlement date.

Solution: We only use fast-track lenders for auctions. Macquarie, Bendigo = 24-48hr approvals.

Auction Finance Timeline

1-2 Weeks Before

Get Pre-Approval

Apply for conditional approval
Get max borrowing amount confirmed
Organize building & pest inspections

Auction Day

Bid with Confidence

Bid up to your pre-approved max (with buffer)
If successful, pay 10% deposit immediately
Call us right after winning: 0424 406 977

Within 24 Hours

Submit Property Details

Send contract to lender
Order valuation (fast-tracked)
Lender processes unconditional approval

48-72 Hours

✅ Unconditional Approval

Valuation completed
Final approval issued
On track for 30-day settlement

30 Days

🎉 Settlement

Final paperwork signed
Funds released
Keys in hand - you own it!

Best Lenders for Auction Finance

Speed is everything for auctions

🏆 Fastest

Macquarie Bank

⚡ 24-48 hour unconditional approval

✅ Auction specialist team
✅ Fast valuations
✅ Competitive rates

Bendigo Bank

⚡ Same day promise (if docs ready)

✅ Regional coverage
✅ Flexible policies
✅ 7-day service

ING

⚡ 48-72 hours

✅ Digital-first
✅ No ongoing fees
✅ Offset included

💡 Our algorithm matches you to the fastest lender for YOUR situation

Auction Finance FAQs

Can I get finance on auction day?

No. You need conditional approval BEFORE bidding. Unconditional approval comes after winning (within 48-72hrs).

What if valuation is less than purchase price?

This is why we recommend bidding conservatively. If it happens, you'll need to cover the gap with extra deposit or negotiate with vendor (rare).

What happens if I can't settle?

You forfeit 10% deposit. Vendor can also sue for any losses (difference if they resell for less). This is why pre-approval is critical.

Can I use FHLDS for auction properties?

Yes, if property meets FHLDS criteria (price caps, established/new, etc). We arrange the government guarantee before auction.

Get Auction-Ready Finance

Pre-approval in 1-2 weeks. Unconditional approval in 48 hours post-auction. Bid with confidence.

✓ Auction specialists

✓ Fast-track lenders

✓ Available Saturdays

Get Pre-Approved for Auction →

📞 Auction this weekend? Call us: 0424 406 977

Richard (Ricky) Esteb

Licensed Mortgage Broker & Founder

Credit Rep #574071 ACN 681 636 056 83+ Lender Panel

With direct experience helping Australians secure home loans, car finance, and business funding, Ricky founded Esteb and Co to bring transparency and technology to mortgage broking. Every piece of content is written from real-world lending experience.

✓ Verified & Last Reviewed: December 2025 | Content meets ASIC regulatory requirements

Auction Purchase Finance - Bid with Confidence