Auction Bidding Calculator

How it works

At auction the winning bidder signs the contract on the spot, usually pays a 10% deposit straight away, and has no cooling-off period, so the bidding limit has to be settled beforehand. That limit isn't just the loan plus savings: stamp duty, conveyancing and inspections also come out of your cash. This calculator finds the highest price where your cash covers the 10% deposit and those costs, the loan stays within your pre-approval, and the total stays within your budget, and shows which of the three sets the limit.

1. 1Enter the total you want to spend, including duty and fees.
2. 2Enter all the cash you can put in.
3. 3Select your state and buyer type for stamp duty and first home buyer concessions.
4. 4Enter your loan pre-approval amount.
5. 5Enter your conveyancing and inspection costs.
6. 6See your maximum bid, what limits it, and a ladder of bids below it.

Worked examples

Questions people ask

How much deposit do I need at auction?

In NSW the deposit is 10% of the purchase price, paid when contracts are signed after the auction, unless a smaller amount such as 5% is agreed with the seller beforehand. The rest of the price is paid at settlement, usually from your loan.

Is there a cooling-off period after auction?

Not in NSW: there is no cooling-off period for anyone who buys at auction, and none if the property is passed in and contracts are exchanged the same day. A buyer who can't complete risks losing the deposit and paying the seller's damages, so finance, inspections and contract review are done before bidding.

What happens if the property is passed in?

If bidding doesn't reach the seller's reserve, the property is passed in. The highest bidder usually gets the first chance to negotiate a private sale with the seller.

The terms, in plain English

Reserve Price

The lowest price the seller will accept at auction, agreed with the agent and not usually disclosed. If bidding doesn't reach it, the property is passed in.

Passed In

When bidding at auction doesn't reach the seller's reserve price and the property isn't sold under the hammer.

Vendor Bid

A bid made by the auctioneer on the seller's behalf. Each state sets rules on when vendor bids are allowed and how they must be announced.

Official sources

• NSW Government: Buying property at an auctionnsw.gov.au
• NSW Government: Contracts and deposits when buying propertynsw.gov.au
• Revenue NSW: Transfer dutyrevenue.nsw.gov.au
• State Revenue Office Victoria: Land transfer dutysro.vic.gov.au
• Queensland Revenue Office: Transfer dutyqro.qld.gov.au
• WA Department of Finance: Transfer dutywa.gov.au
• RevenueSA: Stamp dutyrevenuesa.sa.gov.au
• State Revenue Office Tasmania: Property transfer dutiessro.tas.gov.au
• ACT Revenue Office: Conveyance dutyrevenue.act.gov.au
• NT Territory Revenue Office: Stamp dutytreasury.nt.gov.au

Related calculators