Cooling-Off Period in Victoria (VIC)
Victoria's cooling-off period is 3 business days with a penalty of $100 or 0.2%. Learn your rights under the Sale of Land Act 1962 and when cooling-off doesn't apply.
Last updated
Victoria cooling-off is 3 clear business days under the Sale of Land Act 1962 (VIC).
Quick Facts
| Duration | 3 clear business days |
| Penalty | $100 or 0.2% of purchase price (whichever is greater) |
| Legislation | Sale of Land Act 1962 (VIC) |
| Starts | When the buyer signs the contract |
| How to Exercise | Written notice to the vendor before the period expires |
| How to Waive | None. The Victorian cooling-off right cannot be waived: section 31(8) makes any contract provision that excludes, modifies or restricts it void |
Exceptions
The cooling-off period does not apply in the following situations in Victoria:
- Properties sold at public auction
- Properties purchased within 3 clear business days before or after a publicly advertised auction
- Where the buyer previously signed a substantially identical contract for the same land
- Buyers who are estate agents or corporate bodies
- Industrial or commercial land, and land over 20 hectares used primarily for farming
Does Cooling-Off Apply at Auction?
No. Properties purchased at public auction in Victoria do not have a cooling-off period. The contract becomes legally binding from the fall of the hammer. This means all due diligence, including building and pest inspections, contract review, and finance approval, must be completed before auction day. If a property is passed in at auction and sold by private treaty shortly afterwards, cooling-off may also be excluded depending on the timeframe and state legislation.
Can the Cooling-Off Period Be Waived?
Yes. In Victoria, the cooling-off period can be waived via: None. The Victorian cooling-off right cannot be waived: section 31(8) makes any contract provision that excludes, modifies or restricts it void. This is common in competitive markets where vendors prefer certainty, but it removes your right to withdraw without penalty. Always seek independent legal advice before agreeing to waive cooling-off.
Frequently Asked Questions, VIC Cooling-Off
Victoria's cooling-off period is 3 clear business days under the Sale of Land Act 1962. It starts when the buyer signs the contract. The penalty is $100 or 0.2% of the purchase price, whichever is greater.
No. Victoria is the one jurisdiction where the cooling-off right cannot be given up: section 31(8) of the Sale of Land Act makes any contract provision that excludes, modifies or restricts the right void. An agent asking you to waive cooling-off in Victoria is asking for something the law does not allow.
No. Auction purchases in Victoria have no cooling-off period. This also applies to properties purchased within 3 business days after a passed-in auction.
Cooling-Off in Other States
Related Resources
- VIC Contract Review Guide, Cooling-off only matters after you sign. Check what's in the VIC contract first.
- Exchange of Contracts Explained, Understand what happens when contracts become legally binding.
- Pulling Out After Signing a Contract, Your options and financial consequences if you change your mind.
- How to Read a Property Contract, A buyer's guide to understanding every clause before you sign.
Realestate Lens is in pre-launch
The public app does not currently accept contract uploads. Join the early-access waitlist for verified launch and product updates.
Join early access