However, paying with a bank cheque is a risky game, as you’ll have to have the cheque written for 10% of your maximum bid. This is something you’ll obviously have to do beforehand as banks aren’t open after hours or on weekends, which is typically when auctions are held. If you don’t want to order a cheque book purely for attending auctions, you are able to have a cheque provided by the bank. It usually takes three business days for a cheque to clear once deposited at the bank.īut one of the best things about using a personal cheque at the auction is that if you are successful, you’ll be able to write out the exact figure for the winning bid but remember, by using a personal cheque you will also be asked to provide ID on the day, so don’t forget your license! Also, cheques that are written by you and are negotiated through a clearing system may incur a fee of $1.50. Cheques that are issued on your account and that are charged over the counter may incur a withdrawal fee of $2.50 each time. While these are free to order, there are minor fees associated with using personal cheques. So if you’re now wondering how to go about paying the deposit, you’ve got three options: Personal cheque.įor your first option, you may have to get a little old school and order a chequebook on your personal bank account – you can do this over the phone or at your local branch. ![]() ![]() For many of us, online banking has become our life, but when it comes to the auction, you can’t whip out your phone and make a quick bank transfer as real estate agents don’t allow it. Those months of budgeting having finally paid off and you’ll now have the big responsibility of paying off a home loan once you hand over the 10% deposit. ![]() Being successful on auction day might be one of the most exhilarating and adult-like experiences of your life.
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