A cooling-off period lets a buyer pull out of a signed residential contract for a small cost. It is short, it varies a lot between states, and at auction it does not exist. Here is how it works in each state and territory.
| State | Cooling-off period | Cost to withdraw |
|---|---|---|
| South Australia | Until the end of the 2nd clear business day after the Form 1 is served | Any deposit over $100 is refunded |
| New South Wales | 5 business days from exchange (10 for off the plan) | 0.25% of the price |
| Victoria | 3 clear business days from signing | The greater of $100 or 0.2% of the price |
| Queensland | 5 business days from receiving the signed contract | 0.25% of the price |
| ACT | 5 business days from exchange | 0.25% of the price |
| Northern Territory | 4 business days | Deposit refunded |
| Western Australia | None, unless written into the contract | Not applicable |
| Tasmania | None, unless written into the contract | Not applicable |
Business days exclude weekends and public holidays. Notice must be in writing.
When there is no cooling-off
- Auctions: no cooling-off anywhere in Australia, and in most states not for contracts signed just before or after the auction either
- Waivers: in NSW a solicitor or conveyancer can sign a 66W certificate waiving it; in SA a waiver needs a solicitor’s certificate. Vendors often ask for this with pre-auction offers.
- WA and Tasmania: only if you negotiate a clause into the contract
South Australia and the Form 1
In SA the clock starts when you are served with the Form 1, the vendor’s statement. Two clear business days is not long to arrange finance or a building inspection, so many buyers make the contract subject to finance and inspection instead. Have a conveyancer read the Form 1 before you sign, and before auction day if you are bidding. Compare conveyancers in Adelaide.
Before you sign anywhere
- Get the contract and disclosure statement checked (in Victoria, the Section 32)
- Have finance approval or a finance clause
- Book building and pest inspections, or make the contract subject to them
- Know your state’s deadline and how to give written notice
Not sure who to call? Read what a conveyancer does, then find one in NSW, Victoria, Queensland or South Australia.
Find a conveyancer near you. Search by suburb or postcode and compare offices by distance and Google reviews.