Cooling-Off Period
A statutory window to back out of a private-treaty contract. Varies by state.
What is Cooling-Off Period?
A cooling-off period is a legally defined window after signing a Contract of Sale during which the buyer can withdraw — usually with a small penalty (typically 0.2% of purchase price). Length varies by state: NSW and VIC are 3 business days; QLD is 5 business days; WA and TAS don't have one.
Why it matters for you
Cooling-off is not available for auction purchases, nor for commercial or rural properties (in most states). Finance approval, building inspections and legal advice should all happen during cooling-off, not after.