How long is the cooling-off period in Queensland?

5 business days. It starts when the buyer receives a copy of the contract signed by both parties, not when the buyer signs it; if the contract arrives on a weekend or public holiday, the period starts on the next business day, and it ends at 5pm on the final day.

What is the penalty for cooling off in Queensland?

If a buyer terminates during the cooling-off period in Queensland, the seller may deduct a termination penalty of up to 0.25% of the purchase price from the deposit, and must refund the balance within 14 days. On a $600,000 purchase that maximum penalty is $1,500; on a $700,000 purchase it is $1,750.

Is there a cooling-off period when buying at auction in Queensland?

No. There is no cooling-off period for a property bought at a public auction in Queensland, and in most cases none for a private-treaty contract signed within 2 business days of an unsuccessful auction where the buyer was a registered bidder. Buyers are committed as soon as they sign, so all due diligence must be completed beforehand.

Is Queensland's cooling-off period the same as NSW or Victoria?

Queensland's cooling-off period is 5 business days, the same length as New South Wales, but it starts from when the buyer receives the fully signed contract rather than from signing or exchange. Victoria's is shorter, at 3 clear business days from signing. All three states remove the cooling-off period entirely for auction purchases.

Cooling-off period in Queensland: 5 business days from when you receive the contract

When you buy residential property in Queensland by private treaty, you get a cooling-off period of 5 business days. The length is the same as New South Wales, but the starting point is genuinely different: in Queensland the clock starts when you receive a copy of the contract signed by both parties, not the day you sign it. That distinction changes your actual deadline, so it is worth understanding precisely before you sign anything.

Key points

Queensland gives a private-treaty buyer 5 business days to cool off, starting from when you receive a copy of the contract signed by both parties, not from when you sign.
If the contract arrives on a weekend or public holiday, the cooling-off period starts on the next business day, and it ends at 5pm on the final day.
If you pull out during the period, the seller can keep a termination penalty of up to 0.25% of the purchase price from your deposit, and must refund the rest within 14 days.
There is no cooling-off period at all for an auction purchase, or (in most cases) for a private-treaty contract signed within 2 business days of an unsuccessful auction where you were a registered bidder.
Queensland (5 business days) is the same length as New South Wales, but longer than Victoria (3 clear business days); the real difference from both is the receipt-based trigger.

What the cooling-off period is

The cooling-off period is a statutory right, set out in the Property Occupations Act 2014 (Qld), that lets a residential property buyer in Queensland end a private-treaty contract shortly after receiving it, for a small penalty, and recover the rest of any deposit paid. It exists so a buyer who committed quickly, or who finds a problem right after receiving the contract, is not locked in with no way out.

It is not a licence to renegotiate the price, and it is not a substitute for doing your checks before you sign. It is a narrow, time-limited exit, and it disappears once the 5 business days pass.

The 5 business days, explained

The period is 5 business days. Two details matter for a buyer working out their exact deadline, and they are the part most guides for other states get wrong when applied to Queensland:

It starts when you receive the contract, not when you sign it. Queensland counts from the day the buyer receives a copy of the contract signed by both the buyer and the seller, which in practice is often a day or more after you first put pen to paper, because the seller still has to countersign and the copy has to reach you.
Weekend and public holiday arrivals push the start date: if the signed contract reaches you on a weekend or a public holiday, the cooling-off period starts on the next business day instead.
The period ends at 5pm on the fifth business day, a fixed cut-off time rather than "by the end of the day."

Because the trigger is receipt, not signing, always ask your solicitor to confirm the exact date you received the fully signed contract and calculate your deadline from that, rather than counting from the day you initialled your own copy.

The penalty if you withdraw

If you terminate during the cooling-off period, the seller is entitled to deduct a termination penalty of up to 0.25% of the purchase price from your deposit, and must refund the balance within 14 days of the contract ending:

On a $600,000 purchase, the maximum penalty is $1,500 (0.25% of $600,000).
On a $700,000 purchase, the maximum penalty is $1,750 (0.25% of $700,000).

The rest of any deposit or holding money is returned to you within the statutory 14-day window.

How to exercise the cooling-off period

To cool off, you must give the seller (or their agent) written notice that you are ending the contract, and you are responsible for making sure it actually arrives before the period expires. Simply deciding not to proceed, or going quiet, is not enough. Your solicitor normally prepares and sends this notice for you, which is another reason to have one engaged before you sign, not after. You can also choose to waive or shorten the cooling-off period, but that decision must also be made in writing.

When there is no cooling-off period

The cooling-off period does not apply in the following situations. If any of these describes your purchase, you are committed as soon as the contract is signed, with no statutory window to withdraw:

Auction purchases: property bought at a public auction has no cooling-off period at all.
Post-auction follow-up sales: a private-treaty contract entered into within 2 business days of an unsuccessful auction of that same property, where you were a registered bidder at the auction.
Option contracts: a contract resulting from the exercise of an option.
Bulk purchases: buying 3 or more lots in the one transaction.
Corporate or government buyers: where the buyer is a publicly listed corporation (or its subsidiary), the State, or a statutory body.

Buying at auction in Queensland? Because there is no cooling-off period at all at auction, all your checks, including reviewing the seller's Form 2 disclosure statement and arranging finance and inspections, must be done before you raise your hand. You cannot rely on a cooling-off window that does not exist.

The Form 2 disclosure statement and your right to terminate

The cooling-off period is separate from, and sits alongside, a much newer Queensland protection: the Seller disclosure statement (Form 2). Since 1 August 2025, under the Property Law Act 2023, the seller must give you a signed Form 2 statement and prescribed certificates before you sign the contract at all. If that statement is not given, or is materially inaccurate or incomplete in a way you were unaware of and that would have changed your decision to buy, you may have a right to terminate at any time up to settlement, which can extend well beyond the five-day cooling-off window. The two rights work together but address different problems: cooling-off is a short, no-reasons-needed exit; the Form 2 termination right addresses defective disclosure. The statement and the termination right are covered in full in the Form 2 seller disclosure statement guide.

Queensland versus New South Wales and Victoria

All three eastern states give residential buyers a cooling-off right, but the trigger point and the length both differ:

Queensland: 5 business days, starting from contract receipt, penalty of up to 0.25% of the purchase price.
New South Wales: 5 business days, but starting from exchange of contracts, penalty of 0.25% of the purchase price.
Victoria: 3 clear business days, starting from when the buyer signs, penalty of $100 or 0.2% of the purchase price, whichever is greater.

All three remove the cooling-off period entirely for auction purchases. If you are comparing states, see our NSW cooling-off period guide, Victoria cooling-off period guide, and the cooling-off period by state comparison, which sets out every state and territory side by side.

Practical tips for Queensland buyers

Get your exact start date confirmed in writing. Ask your solicitor for the date the fully signed contract was actually received, not the date you signed your own copy, because that is what your 5 business days run from.
Do your checks early. Five business days is not long enough to arrange finance, a building and pest inspection and a full review of the Form 2 disclosure statement from scratch.
Remember auctions carry no cooling-off period. If you might bid, complete all due diligence beforehand.
Serve notice properly if you withdraw. Written notice to the seller or their agent, actually delivered before the period expires, is what ends the contract.

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Conveyancing Explained provides general information about property transactions in Australia. It is not legal advice and does not create a client relationship. For advice on your situation, engage a licensed conveyancer, settlement agent, or property solicitor in your state or territory.