When you buy a residential property in NSW, there is a 5 business-day cooling-off period after you exchange contracts. During this period, you may get out of the contract as long as you give a written notice. The cooling-off period starts as soon as you exchange and ends at 5pm on the fifth business day after exchange.
A cooling-off period does not apply if you buy a property at auction or exchange contracts on the same day as the auction after it is passed in.
As an experienced mortgage broker, we can assist in guiding you through the process involved in purchasing a property. We are there to “hold your hand” every step of the way and do our best to ensure you have a clear understanding of what can sometimes be a confusing process.
Contact us today if you are looking to discuss borrowing options for your next purchase.
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