What Is The Cooling Off Period for Off the Plan Purchase?
Welcome to Ello Lending, your trusted Australian mortgage broker. Today, we're going to discuss the cooling off period for off the plan purchases. When you're buying a property, it's important to understand the cooling off period. This is the period of time you have to change your mind after signing a contract. In Australia, the cooling off period for off the plan purchases is five business days.
An off the plan purchase is when you buy a property that hasn't been built yet. This could be a new apartment, house, or townhouse. You'll be buying the property based on plans and specifications, and you won't be able to inspect the property until it's built.
The cooling off period is the period of time you have to change your mind after signing a contract. In Australia, the cooling off period for off the plan purchases is five business days. This means that you have five business days to decide if you want to go ahead with the purchase. During this time, you can cancel the contract without any penalty. You'll get your deposit back, and you won't be liable for any other costs.
If you don't use the cooling off period, you'll be legally bound to the contract. This means that you'll be liable for any costs associated with the purchase, including stamp duty, legal fees, and other costs. It's important to note that the cooling off period only applies to off the plan purchases. If you're buying an existing property, the cooling off period is different.
During the cooling off period, it's important to do your due diligence. This means researching the property, the developer, and the area. You should also get a building and pest inspection and speak to a lawyer about the contract. It's also important to speak to a mortgage broker during this time. A mortgage broker can help you understand the loan process and find the best loan for your needs.
At Ello Lending, we're experts in the Australian mortgage market. We understand the loan process, and we're here to help you get the best loan for your needs. We'd love to answer any questions you have and help you get a home loan. Get in touch today to find out more.
