5 Must-Do Steps Before Bidding at Auction (Plus the Latest RBA & Lending Updates)

In this Finance Friday episode of Wealth Coffee Chats, We delivers a fast-paced rundown of the latest money news before diving into practical tips for anyone eyeing a property auction. With the RBA keeping rates on hold amid rising inflation and unemployment, he explains why most banks expect no movement until mid-2026 and what that means for borrowers right now. We also discusses CBA and Westpac’s shift away from brokers, despite brokers handling nearly 80% of home loans, and what that signals for lending strategies. Then, he turns to the property market, where auction clearance rates have jumped from 60% to 72% in just a year — a sign of growing buyer confidence. To help listeners prepare, We outlines five essential auction steps: knowing your borrowing power, setting a firm budget, getting pre-approval, having your contract reviewed by a solicitor, and ordering building or strata reports before bidding. Short, sharp, and full of actionable insights — this episode helps you plan smarter and bid with confidence.

 

Episode Highlights:

1. RBA holds interest rates steady amid rising inflation and unemployment.
2. Banks predict no rate cuts until mid-2026 — what this means for borrowers.
3. CBA and Westpac pivot away from brokers despite broker dominance.
4. Auction clearance rates jump to 72% — a strong signal for property demand.
5. Step 1: Know your borrowing capacity before bidding.
6. Step 2: Set a realistic budget and avoid auction overreach.
7. Step 3: Get pre-approval and understand lender conditions.
8. Step 4: Have your solicitor review the contract before auction day.
9. Step 5: Complete building, pest, or strata reports in advance.
10. Final takeaway: Be financially and legally ready before the hammer falls.