Stage 7 of 8
Making an offer (and signing the contract)
First Home Buyer
Stage 7 / 8 · Making the offer
Making an offer (and signing the contract)
Auction, private treaty, conditional or unconditional, what you sign and how you sign it depends as much on the state you’re in as the property.
The buyer who wins isn’t always the highest bidder, they’re often the one whose contract is cleanest and whose finance is fastest.
Cooling-off periods by state
| State | Private treaty | Auction | Notes |
|---|---|---|---|
| NSW | 5 business days | None | 0.25% penalty if you exit |
| VIC | 3 business days | None | $100 or 0.2% penalty |
| QLD | 5 business days | None | 0.25% penalty |
| WA | None (negotiable) | None | No statutory cooling-off |
| SA | 2 business days | None | Cool-off only on private treaty |
| TAS | None | None | Bargain at signing |
| ACT | 5 business days | None | 0.25% penalty |
| NT | None | None | No statutory cooling-off |
From the rest of the site
- NewsPre-approval theatre: the PDF in your inbox is not a promise to lend you money
- NewsFirst Home Guarantee plus Help to Buy: how the two federal schemes interact in May 2026
- BlogHow Much Can I Borrow in 2026? Serviceability, HEM, HECS and the Real Numbers
- BlogFirst Home Buyer Grants & Schemes in 2026: State-by-State Guide
WARNING: This comparison rate is true only for the example given and may not include all fees and charges. Different terms, fees, or other loan amounts might result in a different comparison rate. Comparison rates are based on a secured loan of $30,000 over 5 years for vehicle finance and $50,000 over 5 years for equipment finance, as required under the National Credit Code.