Cooling-off Period

The cooling-off period is the final stage of buying a home in which you can withdraw from the purchase of the property without legal or significant financial implications, even after signing the contract. Cooling-off periods are usually only available to buyers (not sellers) and are designed to protect them in case last minute issues arise. Reasons for withdrawing may include:

• not being granted finance approval by your lender
• an unsatisfactory building inspection report
• a change in personal finance (e.g. unemployment)
• you become aware of local development that will impact the liveability or value of the property negatively
• a property you'd prefer to buy becomes available.

Cooling off periods don't apply to property purchase made by auction.