The cooling-off period is a consumer protection mechanism letting you withdraw within the window without major penalty — time to review the contract, seek legal advice, and confirm the decision suits your best interests. If you terminate during the period, the seller may retain 0.25% of the purchase price from your deposit, with the balance refunded within 14 days. You can shorten or waive the period by giving written notice. It doesn't apply to: property used primarily for industry, commerce or primary production; auction sales (or sales entered into no later than 5pm on the second clear business day after being passed in at auction with a registered bidder); sales by exercise of an option; or where the buyer is a publicly listed corporation (or subsidiary), the State or a statutory body, or purchasing 3+ lots at once. To cool off: notify the seller before 5pm on the last day — telling your conveyancer alone isn't enough, they need time to pass the message on. Don't leave it until the last minute.
At a glance
| Rule | Queensland |
|---|---|
| Cooling-off window | Five business days |
| Penalty to withdraw | 0.25% of the purchase price |
| When it doesn't apply | Property used primarily for industry, commerce or primary production; auction sales (or sales entered into no later than 5pm on the second clear business day after being passed in at auction with a registered bidder); sales by exercise of an option; or buyers that are a publicly listed corporation (or subsidiary), the State or a statutory body, or purchasing 3+ lots at once |
What the penalty looks like (illustrative)
If you cool off, the seller may retain 0.25% of the purchase price and refund the rest of your deposit within 14 days. For example, on a $10,000 deposit:
| Purchase price | 0.25% penalty retained | Refunded from a $10,000 deposit |
|---|---|---|
| $600,000 | $1,500 | $8,500 |
| $900,000 | $2,250 | $7,750 |
| $1,200,000 | $3,000 | $7,000 |
The window always ends at 5pm on the fifth business day, whatever the price.
