smart property investment logo

Ensuring you're finance ready at auction

By Reporter 03 February 2014 | 1 minute read

Stephanie Cook - Mortgage Choice

{{youtube id="wxwRQWIVX68"}}

Investors looking to purchase at auction need to ensure their loan pre-approval is 'worth the paper it's written on'.

The best thing that investors can do before an auction is make sure that they've got a conditional approval that's really solid. Sometimes the pre-approvals you can get through various lenders aren't really worth the paper that they're written on. And you may find that if you think you have a pre-approval, often when push comes to shove, you've found out that you've been successful at the property auction, you may find that pre-approval wasn't as solid as it could've been. And by that I mean the lenders don't always run the applications through their credit system, their credit decisioning system. Sometimes it's purely an automatic decision the computer spits out and that's not solid enough to go to an auction.






An auction is a public event for the sale of assets and property to the highest bidder among a group of buyers.

Ensuring you're finance ready at auction
spi logo

Get the latest news & updates

Join a community of over 100,000 property investors.

Check this box to receive podcast updates

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.