When you successfully win a bid at an auction, the payment process typically involves two key steps: paying a deposit and settling the remaining balance. Immediately after winning, you're required to pay a deposit, usually about 10% of the purchase price, right there on the auction day. This deposit secures your commitment to the purchase. The next step is paying the remaining balance, which usually needs to be completed within a set timeframe, often 28 days for traditional auctions. For online auctions, especially those using the modern method, you might have a longer period, such as up to 56 days from the auction date, to complete the payment. It's crucial to have your financing arranged in advance, whether through mortgage pre-approval, bridging loans, or having the cash ready, to ensure you can meet these financial commitments on time.