Question 1

What is a cooling-off period?

Accepted Answer

A short window after signing a residential property contract when you can pull out, usually for a small statutory penalty. It is set by each state's legislation and applies only to private-treaty purchases - it does not apply to contracts signed at auction. Each state has its own length (between 2 and 5 business days) and its own penalty formula.

Question 2

Does cooling-off apply if I bought at auction?

Accepted Answer

No. A contract signed at an auction has no statutory cooling-off in any Australian state or territory. In NSW and QLD the exemption extends to same-day private negotiation after a passed-in auction. In Victoria the exemption extends to 3 clear business days either side of a publicly advertised auction. If you want to keep cooling-off rights, you may want to negotiate before the auction is publicly advertised or wait until the listing moves to private treaty.

Question 3

What counts as a 'clear business day'?

Accepted Answer

A day that is not a Saturday, Sunday or public holiday in the state where the property is being purchased. In NSW the August Bank Holiday is skipped too. In most states the signing day counts as day zero and the count starts on the next business day. Queensland is different: the day you receive the contract signed by both parties is day 1 (or the next business day if you receive it on a weekend or public holiday). Public holidays vary by state, so the calculator above uses the official state holiday lists and tells you if your dates fall outside the years they cover.

Question 4

What's the penalty for using the cooling-off period?

Accepted Answer

It varies by state. NSW, QLD and ACT charge 0.25% of the purchase price. Victoria charges $100 or 0.2% of the price, whichever is greater. SA charges a flat $100 deposit forfeiture. The Northern Territory lets a buyer cancel during the cooling-off period without any penalty at all. WA and TAS have no statutory cooling-off, so there is no statutory penalty there either - any rescission has to go through a contract special condition or the deposit is at risk. The PenaltyCard above shows the estimate for your state.

Question 5

What about off-the-plan contracts?

Accepted Answer

In NSW, off-the-plan contracts have a 10-business-day cooling-off period under the Conveyancing Act, and choosing "Off the plan" with NSW selected applies it. Other states use their standard period in this calculator, and your contract may carry different terms. If you are buying off the plan, ask your conveyancer to confirm the specific period your contract carries.

Question 6

Why do WA and TAS have no cooling-off?

Accepted Answer

Western Australia and Tasmania chose not to legislate a statutory cooling-off period for residential property. Buyers in those jurisdictions rely on contract special conditions (subject-to-finance, subject-to-building-and-pest, subject-to-sale) for the same protection. Always ask your conveyancer or solicitor to walk through which special conditions are written into your specific contract and how long each one is open for.

Question 7

Can my contract override the statutory cooling-off?

Accepted Answer

In most states, the buyer can waive the cooling-off period by giving the seller a certificate from an independent solicitor (a Section 66W in NSW, a Section 17 in the ACT, an independent legal certificate in QLD). The waiver is legally binding once signed, so do not sign one without taking advice. Conversely, the contract can extend the period or layer on additional conditions, so read your contract carefully for any non-standard wording.

Question 8

Is this legal advice?

Accepted Answer

No. This calculator is general information based on the public statutory cooling-off rules in each state. It is not legal advice, conveyancing advice or personal financial advice. The official date by which you must lodge a rescission notice is the date in your specific contract and the official rule in your state's statute. Confirm both with a licensed conveyancer or solicitor before acting. See the disclaimer for the full statement.

Cooling-off Period Countdown

When and where you signed

Your contract

Cooling-off period in QLD

Cost to rescind

How QLD cooling-off works

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Cooling-off explained