If you are buying at auction you need to have your finance approved and ready to go because buying a home at auction is final, and you cannot pull out once the hammer is dropped. There is no cooling-off period, no finance clauses, no building and pest.
For this reason, you want to work with a good mortgage broker prior to the auction who can help with sourcing finance, applying for a pre-approval and completing the bank’s paperwork. At the end of the day, there are lots of lenders out there, all with different pre-approval policies, so a broker like Hunter Galloway can look at 30 different banks and lenders to find the right one that fits with you.