A cooling-off period is a short, legislated window after you commit to buy a residential property during which you can withdraw by paying a small penalty. It exists so that buyers who sign under pressure can still get the contract checked, finance approved and inspections done. The length, the penalty and the exceptions differ in each state.
| NSW | Victoria | Queensland | |
|---|---|---|---|
| Length | 5 business days from exchange | 3 clear business days from signing | 5 business days from receiving the signed contract |
| Cost to withdraw | 0.25% of the price | $100 or 0.2% of the price, whichever is more | 0.25% of the price |
| Auction | None, including a contract exchanged on auction day | None at auction, or within 3 clear business days before or after | None |
| Can it be waived? | Yes, with a section 66W certificate from your solicitor or conveyancer | It does not apply in the listed exceptions | Yes, by the buyer in writing |
| Can it be extended? | By agreement with the vendor | No | By agreement |
How to use the period
Treat the cooling-off period as the time to finish what should ideally be done before signing: the contract review, finance approval and the building and pest inspection. If any of them come back badly, withdrawing costs a fraction of a per cent rather than the deposit.
When you will be asked to waive it
In a competitive market the vendor's agent may ask you to exchange unconditionally, which in NSW means signing a 66W certificate and in Queensland a written waiver. Doing so without finance approval and a reviewed contract exposes the whole deposit. We only recommend it when the checks are done.
Victoria's exceptions
The Victorian cooling-off period does not apply to a purchase at or near a public auction, to commercial, industrial or large farming land, or if you have bought a property from the same vendor on substantially the same terms in the previous three business days.
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