The cooling-off period is a set window after signing where you can withdraw for any reason, for a small penalty worked out on the purchase price and taken from your deposit. It never applies to auction purchases, in any state. The exact length, penalty and waiver rules depend on your state, below.
In detail
To cool off, you must communicate your decision to the seller (or their agent) before the deadline. Telling your conveyancer alone is not enough, since they then need time to pass the message on. Don't leave it until the last day. Once you cool off within the window, the seller keeps a penalty worked out as a small percentage of the purchase price (with a flat minimum in Victoria), taken from your deposit, and refunds the rest.
Common questions
No, in every state — cooling-off never applies to auction purchases.
The seller keeps a penalty worked out on the purchase price, taken from your deposit, and refunds the balance. The exact amount depends on your state.
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