What is the cooling-off period in NSW, VIC, and QLD?
How many days you get to change your mind after signing a home contract in NSW, VIC and QLD, and when no cooling-off period applies.
What is the cooling-off period in NSW, VIC, and QLD?
Yes, all three states give residential buyers a cooling-off period — but the length, the start point and the exceptions are different in each. In New South Wales it’s 5 business days from exchange of contracts. In Victoria it’s 3 clear business days from when the buyer signs. In Queensland it’s 5 business days from when the buyer receives the signed contract.
A cooling-off period is a short legal window after a property contract is signed during which the buyer can withdraw from the purchase, usually for a fee, without needing the seller’s agreement. It exists to give buyers a brief chance to arrange finance, a building and pest inspection, or a final legal review before the contract becomes binding for good. It does not apply to every sale — auctions are the main exception in every state covered here.
How the cooling-off period works in each state
The table below is current as at July 2026. State contract-of-sale rules don’t move often, but always confirm the position for your own contract before relying on it — a conveyancer or solicitor can check this in minutes.
| State | Cooling-off period | Key exceptions |
|---|---|---|
| NSW | 5 business days from exchange | None at auction; waivable (s66W) |
| VIC | 3 clear business days from signing | None at or near a public auction |
| QLD | 5 business days from signed contract | None at auction or post-auction private treaty |
A few things the table can’t fit. NSW extends its window to 10 business days for off-the-plan contracts, and there’s no cooling-off at all if a property is passed in at auction and then sold to the same buyer that day. Victoria’s 3-day rule applies to private residential sales and small rural land under 20 hectares, and stops applying once you’re within 3 business days of a scheduled public auction — even if the property doesn’t end up selling under the hammer. Queensland’s exception is narrower than it looks: even a private treaty sale loses its cooling-off if you were a registered bidder at an auction that failed within the previous 2 days.
Can you waive the cooling-off period?
In NSW, a buyer can waive the cooling-off period entirely by having a solicitor or conveyancer sign a section 66W certificate — this is common when a buyer wants their offer to look as firm as an auction bid. Queensland allows a similar waiver by written notice. Victoria’s legislation doesn’t offer buyers a waiver mechanic in the same way; the exemptions there are built around auction proximity rather than a signed waiver. In all three states, waiving or losing the cooling-off period means the contract is binding from signing, with no fee-based exit.
What does it cost to change your mind during the cooling-off period?
If a Victorian buyer withdraws during their 3-day window, the seller can keep whichever is greater: $100 or 0.2% of the purchase price. In Queensland, the penalty is capped at 0.25% of the purchase price. NSW’s rescission fee is also 0.25% of the purchase price — the NSW Government’s own page states it plainly: “you will have to pay the vendor 0.25% of the purchase price” (worked example: $250 for every $100,000). That figure is fixed by section 66V(2) of the Conveyancing Act 1919, a different section from the section 66W certificate used to waive the cooling-off period. Whatever the state, this is a cost that comes out of your deposit, not an extra bill.
What to weigh during the cooling-off window
A cooling-off period is short, so most buyers use it to do two things at once: chase up finance approval and arrange a building and pest inspection. There’s no published government figure for what an inspection report costs — it varies by property and inspector, so getting a couple of quotes early is more useful than assuming a number. Our guide to what a conveyancer does covers the contract review a conveyancer typically runs in this window, and our guide to conveyancing fees covers why that cost also isn’t a fixed figure.
Whether it’s worth waiving the cooling-off period — to make an offer look more competitive against other buyers — isn’t something a general guide can answer for you. It depends on how confident you are in your finance, whether you’ve had time to inspect the property, and how competitive the specific sale is. A conveyancer or solicitor who’s seen the contract can help you weigh that trade-off; this article can only set out the mechanics.
Where this fits in the buying process
Cooling-off is one step inside a longer sequence — exchange, cooling-off (if any), inspections, finance, and settlement — and the exact order and timing can shift depending on the state and whether you’re buying by private treaty or at auction. Our step-by-step guide to buying a house in Australia walks through the full sequence. If you’re still working out how much deposit you’ll need before you get to this stage, see our guide to first home deposits in Australia.
Disclaimer
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not duplicated here. See substantiation/cooling-off-period-nsw-vic-qld.md.)
