What to do after you win at auction

So you've just bought a home at auction ... congratulations!

The adrenaline rush of a winning bid can be huge, but once the auctioneer's hammer hits, the focus shifts fast from excitement to paperwork so don't pop that bottle of champagne just yet.

Here's exactly what you need to do in the minutes and days after securing your new property.

1. Take a deep breath and stay put

Once the auctioneer declares the property "sold", you've officially entered into a binding contract. There's no cooling-off period for properties sold under the hammer, so the sale is final. Stay nearby, the agent will soon guide you to the signing area.

2. Sign the contract of sale

You'll need to sign the contract of sale immediately. The seller (or their representative) will do the same, or they have already done so.

Before auction day, your solicitor or conveyancer should have already reviewed this document, so you'll know what you're signing.

Make sure any agreed variations you've made with your conveyancer such as changes to settlement date or deposit amount are reflected in the final version.

3. Pay the deposit

The standard auction deposit is 10 percent of the purchase price, though it can be lower if pre-agreed. This is usually paid by electronic transfer, bank cheque, or deposit bond, but check with the selling agent beforehand.

Tip: Have your funds ready before auction day - transfer limits and banking cut-offs can cause last-minute stress.

4. Get a receipt and confirmation

Once the contract is signed and the deposit paid, you'll receive a receipt and a copy of the fully executedcontract. Keep these safe - your solicitor or conveyancer and lender will all need them in the days ahead.

5. Notify your lender immediately

If you've purchased with pre-approval, contact your bank or broker straight away. They'll need the signed contract to move your loan into the formal approval and valuation stage.

Most lenders or brokers require a copy of the contract within a few business days, so don't delay.

6. Arrange building and contents insurance

You're now financially committed, so it's crucial toinsure the property from the moment of sale. In most states, the buyer becomes responsible for the home once contracts are exchanged - so don't leave this step for later.

7. Lock in your settlement timeline

Settlement usually occurs 30 to 90 days after auction, depending on the terms of your contract. During this period your solicitor, conveyancer and lender will finalise all paperwork, transfer funds and prepare for ownership handover.

8. Prepare for the pre-settlement inspection

A few days before settlement, you'll be invited to do a final inspection of the property. This ensures everything is in the same condition as when you bought it - and that any inclusions listed in the contract remain in place.

9. Get ready to celebrate

Once settlement day arrives, your solicitor or conveyancer will complete the transfer, your lender will release funds, and you'll officially receive the keys. Congratulations - you're now the legal owner of your new home!

Final tips

Have your legal and financial team briefed before auction day - it makes the post-auction process seamless.

If you're the successful bidder, there's no going back - so bid within your limits.

Don't forget to budget for stamp duty, conveyancing and moving costs as part of your final spend.