How long is the cooling-off period when you buy a home?

Based on official guidance as at November 2026, the cooling-off period is 5 business days after exchange in NSW (until 5 pm on the 5th business day), 5 business days from the day you receive the contract signed by both parties in QLD , 3 clear business days from the day the buyer signs in VIC , and 2 clear business days in SA , counted from the later of the day you receive the Form 1 and the day you sign. There is no cooling-off period when you buy at auction, and there are other exceptions, so check the start and end dates with a professional straight after you sign.

What happens if I buy at auction or waive the cooling-off period?

Official guidance says there is no cooling-off period when you buy at auction in any of NSW, QLD, VIC, SA, ACT, NT or TAS. Contracts made around an auction are also excluded, depending on the state: in NSW, an exchange on the day an auction is passed in; in SA and the ACT, a contract with a bidder on the day of the auction; in QLD, a contract with a registered bidder within 2 business days after the auction is passed in; and in VIC, a purchase within 3 clear business days before or after the auction. To waive the cooling-off period you need a section 66W certificate in NSW, a solicitor's certificate in the ACT and SA, or written notice in QLD, so talk to a professional.

Can I still end the contract after the cooling-off period is over?

The statutory cooling-off right can no longer be used once the period ends, but there may be other grounds to end the contract. If your contract has finance or inspection conditions, follow those conditions. In QLD, from 1 August 2025, there are cases where you can terminate before settlement if the seller did not give you the disclosure documents before you signed or their contents are inaccurate or incomplete, and separate requirements apply. If you pull out without grounds, as SA Government guidance notes, you may lose your deposit or face a claim for damages, so check with a professional.

When do I have to pay transfer duty?

It differs by state (checked November 2026). In NSW you must pay by the earlier of the settlement date and 3 months after you sign the contract. In QLD you lodge within 30 days of the liability date (usually the contract date). If you lodge it yourself, you pay by the due date on the assessment notice; a self assessor (such as a solicitor) lodges online within 30 days and then pays within 14 days after that. In VIC you pay before the transfer of ownership is registered, usually at settlement, and penalty tax and interest may apply once more than 30 days have passed after settlement. For SA, check with RevenueSA.

What happens on settlement day?

Settlement is the day the buyer pays the balance and ownership passes to them. The NSW Government says it is usually about 6 weeks after exchange, and that a solicitor or licensed conveyancer who is a subscriber to the Electronic Lodgment Network (ELN) handles settlement electronically. In VIC the settlement period is negotiated and is usually 30 to 90 days. As SA Government guidance notes, you can no longer use the cooling-off period once settlement is complete, and NSW advises doing a final inspection of the property on the morning of settlement.

What happens in WA, TAS, the ACT and NT?

WA and TAS have no statutory cooling-off period (one can be written into the contract). For transfer duty, WA requires lodging within 2 months of the date the liability arises, and TAS within 3 months of the transaction date (usually the settlement date). The ACT's cooling-off period is 5 working days, with the application for registration made within 14 days after settlement and transfer duty paid within 14 days after registration. In NT, sales other than auctions get 4 business days, but under the standard contract this does not apply if the buyer's conveyancer is involved in the exchange, so check your contract. In the NT, stamp duty is generally payable within 60 days of the transaction or at settlement, whichever is earlier.

Australian Home Purchase Deadlines — Cooling-Off, Transfer Duty and Settlement - Geelong

Back to Guides

Home-buying deadlines you can't afford to miss — cooling-off, transfer duty and settlement

A deadline guide for people buying a home in Australia — a state-by-state comparison of cooling-off periods and withdrawal costs, transfer duty lodging and payment, and how settlement works.

Overview — the deadlines that run from contract to transfer duty

Buying a home in Australia proceeds in the order contract signing (or exchange of contracts) → cooling-off period → settlement, and the deadlines for lodging and paying transfer duty overlap with these steps. The cooling-off period is a statutory window that lets you withdraw if you change your mind after the contract is made, and settlement is the day you pay the balance and ownership passes to you. Depending on the state, transfer duty is also called stamp duty or conveyance duty, and in some states its deadline falls before settlement. If you miss a deadline, your chance to withdraw may end or penalty tax and interest may apply, and the length of each period and the point it starts from differ by state and type of sale. This guide covers the deadlines before and after the contract; for the approval that foreign buyers such as temporary visa holders need, see the 'Buying a home on a temporary visa (FIRB)' guide.

Cooling-off periods by state at a glance

As at November 2026, and subject to change: NSW allows 5 business days after exchange, QLD 5 business days from the day you receive the copy signed by both parties, VIC 3 clear business days from the day the buyer signs in a private sale, SA 2 clear business days for a sale by offer, and ACT 5 working days. WA and TAS have no statutory cooling-off period; for NT, see the FAQ below. There is no statutory cooling-off period for an auction purchase in any state, and contracts made around an auction are also excluded depending on the state.

Cooling-off — start, deadline and how to give notice

The cooling-off period is a statutory scheme that lets you withdraw within a set time if you change your mind after entering a contract. It is counted in business days and the starting point differs by state, so even the same 5 business days can end on different dates. NSW and QLD say the period runs until 5 pm on the last day, and QLD explains that the buyer is responsible for making sure the notice arrives in time, so keep a record of how you delivered it.

Withdrawal costs and deposit refunds differ by state

The NSW Government says that if you withdraw, you must pay the seller 0.25% of the purchase price ($250 per $100,000). In QLD the seller returns the deposit within 14 days and may deduct up to 0.25%. In VIC you get back what you paid minus $100 or 0.2% of the purchase price, whichever is greater, and in the ACT you pay the seller 0.25% and get the remaining deposit back. The SA Government says you have no legal liability if you withdraw under the cooling-off period, but under the legislation a deposit of $100 or less and option money may not be refunded.

Start date — counted from the exchange of contracts in NSW, from the day you receive the copy signed by both parties in QLD, and from the day the buyer signs in VIC

When cooling-off is absent or works differently

Not every contract has a cooling-off period. Some states, such as WA and TAS, have no statutory cooling-off period, and even within the same state you should check before signing whether any of the three situations below applies, and depending on the state, contracts made by tender or by exercising an option may also be excluded. For other building and site documents to look at before signing, see the 'Strata apartment living', 'Pool fence laws & drowning prevention' and 'How to Check Flood Risk' guides.

Auctions — there is no cooling-off period when you buy at auction, and contracts made just before or after an auction are also excluded, depending on each state's conditions
Waiving or shortening — NSW: section 66W certificate; QLD: written notice; ACT and SA: independent solicitor's certificate

4 deadlines that are easy to miss

Four stages around a contract come with dates attached. The figures are from guidance checked in November 2026 and differ by state and type of sale, so start by checking when each stage begins.

Cooling-off cut-off time

NSW and QLD allow 5 business days, VIC 3 clear business days and SA 2 clear business days. Confirm the start date and cut-off time (5 pm in NSW and QLD) from your signed copy and your professional's explanation.

Documents before signing and deposit timing

QLD guidance says the seller must give you the seller disclosure statement before you sign, and that conditions such as finance or inspection only take effect if they are written into the contract. The deposit is paid at exchange in NSW and, in QLD, usually within 2 to 3 days after the contract becomes binding.

Settlement date

The day you pay the balance and ownership passes to you. According to official guidance, it is about 6 weeks after exchange in NSW (NSW Government), negotiated in VIC and usually 30 to 90 days, and generally 30 days for SA auctions.

Lodging and paying transfer duty

In NSW, duty is paid by the earlier of the settlement date and 3 months after the contract is signed; in QLD, it is lodged within 30 days of the liability date (usually the contract date). For concession and grant eligibility, see the 'First Home Purchase — Government Support' guide.

Practical tips for not missing deadlines

From before signing until after settlement, put the dates in your calendar and keep what you and your professionals tell each other in writing. For loan calculations, see the 'Mortgage Calculator' guide.

Have the contract reviewed by a solicitor or licensed conveyancer before you sign. The QLD Government recommends independent legal advice before signing.
Put the cooling-off start date and cut-off time in your calendar. Because the count is in business days, weekends and public holidays can make the end date differ from the calendar date.

Common misconceptions and mistakes

These are typical misunderstandings that make deadlines easy to miss. Check them one by one before you sign.

The misconception that 'a home purchase always has a cooling-off period' — auction purchases are excluded, WA has no mandatory cooling-off period, and in TAS it is not a statutory requirement either. It can be written into the contract, so check the contract clauses.
The misconception that 'the period is the same in every state' — the length (5, 4, 3 or 2 business days), the starting point and the withdrawal cost differ by state. Check the guidance for the state where the property is located.

Life in Australia Guide