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 |
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WARNING: This comparison rate is true only for the examples 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 calculated on a secured loan of $150,000 over 25 years for home loans and a loan of $30,000 over 5 years for car and personal loans, unless the lender states another basis. Business loans and equipment finance for a business purpose have no mandatory comparison rate.