Buying a property at auction can be an exciting but nerve-wracking experience. Once the gavel goes down and your bid is successful, you are committed to buying the property. You are automatically required to pay a 10 per cent deposit based on the sale price, entering into a legally binding contract with the vendor and you must pay the balance of funds within 20 working days.

As this is a higher risk area, it’s important to ensure your finances are lined up ahead of the auction. If you are using a bridging loan to purchase the property, it’s key to use an experienced mortgage brokerage such as SPF who understand the market and the process involved with buying at auction.

We are experts in auction finance having completed on hundreds of auction purchases with all the major auction houses, across all types of properties.

We work with both bridging and mortgage lenders to deliver the most competitive and suitable finance for you.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

We may charge a fee for the advice we provide; this fee will be dependent upon your personal circumstances and will be agreed with you after we have fully understood your requirements. Any fee is usually payable upon successful completion of the loan.