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Cooling-off changes at every border

In WA and Tasmania there's no cooling-off by law at all.

Five business days in NSW and Queensland, three in Victoria, two in SA, none by law in WA or Tasmania. And none at auction, anywhere.

Cooling-off is the short window after signing when you can still pull out, usually for a small cost. How long you get depends entirely on where the home is.

New South Wales: Private sales: 5 business days of cooling-off after exchange. Auctions have none.

Victoria: 3 clear business days from when you sign. None at auction, or within 3 clear business days either side of one.

Queensland: Most private sales have 5 business days of cooling-off. Auctions have none.

South Australia: 2 clear business days from the later of getting Form 1 or signing. None at auction.

ACT: Private sales: 5 working days of cooling-off. None at auction.

Northern Territory: Private sales: 4 business days of cooling-off. None at auction.

Western Australia: No cooling-off in WA, unless your contract adds one.

Tasmania: No cooling-off by law. Only if it's in your contract.

If you're buying interstate, the rules of the state where the home is apply, not the state you live in.

Questions to ask

  • Does this sale come with a cooling-off period, and when does it start?
  • What does it cost me to pull out during it?
  • Is anyone asking me to waive or shorten it?

Check it yourself

  • Read your state's page in module 5 of the course before you make an offer.
  • In WA and Tasmania, put your finance and building and pest conditions into the contract before you sign.

Source: NSW Government: Contracts and deposits, Consumer Affairs Victoria: Buying by private sale, Queensland Government: Cooling-off period, SA Government: Home sales, Civil Law (Sale of Residential Property) Act 2003 (ACT), NT Government: Contract of sale, Consumer Protection WA: Buying by private sale, Consumer Affairs Tasmania: Advice when buying or selling property

General education. Not legal, financial or engineering advice, and it says nothing about any specific property.

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