A cooling-off period gives a buyer a limited period after entering into a residential property contract to withdraw from the purchase. The rules, timeframes and any financial penalty vary across Australia.
As at September 2026:
- NSW: 5 business days, or 10 business days for off-the-plan purchases. Withdrawing generally costs the buyer 0.25% of the purchase price.
- VIC: 3 clear business days. The buyer generally forfeits $100 or 0.2% of the purchase price, whichever is greater.
- QLD: 5 business days. The seller may deduct a termination penalty of up to 0.25% of the purchase price.
- SA: 2 clear business days after the required Form 1 is served on the buyer.
- ACT: 5 clear working days. The cooling-off period can be waived or shortened where the required legal advice and documentation are provided.
- NT: 4 business days for property not sold at auction. The buyer can generally withdraw during the cooling-off period without penalty.
- TAS: There is no statutory requirement for a cooling-off period for residential property sales.
- WA: There is no mandatory cooling-off period for real estate contracts unless one is included by agreement in the contract.
Cooling-off rights can also be excluded, waived or altered in certain circumstances, and special rules apply to properties sold at or around auction. The rules differ between states and territories.
Because these rights can affect whether a contract can be terminated after signing, both sellers and buyers should have their solicitor or conveyancer confirm the cooling-off provisions that apply to their particular contract.
If you don't already have a legal representative, No Agent Property can help connect you with a solicitor or conveyancer through our Solicitor & Conveyancer Referral service.