Planning to bid in my first online property auction this weekend in VIC.
Was wondering how strict are the agents nowadays with the 10% deposit rule?
If the property is sold for $1.5m, am I expected to pay $150k on the Saturday I win? Am I able to negotiate a payment plan to stretch it out until next Friday (eg: 20k per day)? How flexible are the agents with negotiation on the deposit payment terms?
Reason for asking this is with interest rates at 0.1%, I don't really want to keep $150k+ in cash for the chance I "may" win something. My assets are currently mostly in ETFs which need T+2 settlement and plus withdrawal time.
Update: I've registered to bid on a couple of properties and spoken to the respective REA, one said 5% is fine. The other said 1% is ok on auction day and 9% balance the next Friday.