Step 9 · Know what's legally binding, and when

Summer Headstart · Step 9 of 10 · Make the offer

Private sale, auction and off-market each work differently. Know where the point of no return is before you make an offer, not after.

Why this matters before Christmas

In a busy few weeks, decisions happen fast. Buyers get caught out not by the property but by the process: a deposit they weren't ready for, or a condition they assumed they had.

At auction

• There's no "subject to finance". When the hammer falls, you've bought it. Talk to us before you bid
• The deposit is usually 10% on the day. If you're using the 5% Deposit Scheme, agree a 5% deposit with the agent before the auction
• Do your checks first. Have the contract reviewed and the building and pest inspection done before auction day

Private sale and off-market

In most private sales, an offer isn't binding until contracts are signed and exchanged. There may be a cooling-off period after that, but the length, the cost of pulling out and whether it applies at all vary by state. Ask your conveyancer how it works where you're buying.

What we do

Before an auction or an offer, we'll check your finance is ready for that property and that price. If you're bidding, tell us beforehand so we can confirm you're good to go.

What you do this week

• Ask your conveyancer how cooling-off works in your state
• If you're bidding at auction, tell us the date and address
• Make sure your deposit will be available on the day

Watch

🎥 First Home Unlocked: how to buy at auction, prepare, bid and stay in control

Next: Step 10 · Negotiate through the selling agent →

See all 10 steps

Want to talk it through?

Book a 30-minute chat with the team →

General information only, not financial or legal advice. Your situation is your own, so talk to us before you act.