26 Aug 2022

What is The Cooling Off Period & How Can I Change it to Meet My Requirements?

Car Loans

The Cooling Off Period is an agreed-upon time frame that allows a buyer to withdraw from a contract if the said buyer has changed their mind after purchasing a new home. The Cooling Off Period starts the day that the contract is signed and does not apply to housing purchased through auctions. 

Buyers can choose to either waiver or shorten the Cooling Off Period to meet their desired requirements. Waiving the Cooling Off Period completely before having full inspections of the house completed by professionals can be a bad decision, especially if the house begins to exhibit issues after the Cooling Off Period has been waived, and can lead to a buyer losing additional money for house repairs and expenses. The Cooling Off Period for residential houses in Australia is 5 business days, not including holidays. 

If you would like additional information about the Cooling Off Period regulations, the Australian government has a helpful article that potential buyers in need may find helpful.

Cooling Off Period Conclusion

The Cooling Off Period is a 5 business day timeframe that allows a buyer to back out of a legal contract for any reason. A Cooling Off Period can be waived or shortened by the buyer if desired, but we recommend verifying that the house in question has been properly surveyed first. Reach out to us today at Mortgage House to discuss how we can assist with any questions or concerns you may have.

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