What is a 66w certificate? | Finder

What is a 66w certificate?

If you’re buying or selling a property in NSW, you’ll come across section 66W certificates. This article looks at what these certificates do and when you’ll need one.

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Buying a property can be complex. Signing away hundreds of thousands of dollars to buy a home will most likely be the biggest financial decision you ever make, so it’s vital that you make the right decision.

When you’re buying property in NSW, a five-day cooling-off period applies after you’ve exchanged contracts with the seller. This allows you to get building and pest inspections done and ensure you are happy to go through with the purchase of a property. But in certain circumstances you may wish to waive your right to a cooling-off period in order to guarantee a quick sale. This is where a section 66w certificate, also referred to as a 66W certificate or an S 66W certificate, comes in.

Why is there a cooling-off period?

Once you’ve signed a contract to buy a house in NSW, a cooling-off period begins and lasts five business days. This grace period is included in contracts to safeguard you, the buyer, and gives you the opportunity to change your mind about going through with the purchase. It begins when you and the vendor exchange contracts and ends at 5pm on the fifth business day.

As you’re hunting around for the right home, trudging from one open home inspection to the next, you’re usually up against other potential buyers in the same situation. In an effort to get in quick before someone else snaps up the property, you put in an offer that is soon accepted. Then, with very little thought given to whether or not you’re making the right decision, you and the seller exchange contracts.

The five-day cooling-off period allows you to back out of the contract if you decide the property is not right for you. For example, you may get a professional to conduct a building and pest inspection, which turns up a number of potentially expensive defects, or you may simply decide the property is not in the ideal location for you. If this happens during the cooling-off period, you can withdraw from the contract and pay a fee of 0.25% of the sale price to the vendor.

It’s also worth mentioning that cooling-off periods only apply to private settlements, not to properties sold at auction.

Everything you need to know about cooling-off periods

What is a 66W certificate?

While the cooling-off period does offer an important level of protection for homebuyers in NSW, there are certain situations where you may decide that you would like to waive your right to a cooling-off period. For example, if you’re unlucky enough to be buying in a seller’s market, the vendor may request that you waive your right to this period in order to guarantee a quick sale. If there are several people interested in buying the property, your willingness to forego the cooling-off period may make your offer more attractive to the vendor.

Waiving your right makes the contract legally binding and means you’re unable to back out of the contract. There is a legal provision for this under the Property, Stock and Business Agents Act 2002. If you provide the vendor a completed S 66W certificate before or during the exchange of contracts, you can waive your right to the cooling-off period.

A 66W certificate is needed by NSW property buyers who want to waive their cooling-off period. There are different requirements that need to be met in other states and territories. For example, buyers in Queensland will need to obtain a lawyer’s certificate, while Victorian buyers must seek legal advice.

66w Certificate Example

How do I use a 66W certificate?

If you want to bypass the cooling-off period when buying a property, you’ll need a completed 66W certificate. This certificate must be signed by a licensed conveyancer, solicitor or barrister who must be working for you, not the vendor. The certificate will also need to be in writing and meet the requirements of section 66W of the Conveyancing Act 1919.

The certificate should also state that its purpose is to eliminate the cooling-off period and explain that the conveyancer or solicitor who signs it has explained the effect of the certificate to you.

What are the risks of waiving the cooling-off period?

  • You’re locked in. Waiving your right to a cooling-off period means that contracts are legally binding once they have been exchanged with the seller.
  • You may not know whether the property is right for you. With all the excitement and pressure that comes with buying a property, you might get caught up in everything else that’s going on and fail to examine the purchase from all angles. Does the property have all the features you want, such as enough bedrooms? Is it in a great location for you and your family? Often, your opinion of something can change simply by sleeping on it, so don’t waive the cooling-off period unless you’re sure the property is right for you.
  • You might not know of any defects. If the necessary pre-purchase building and pest inspections haven’t been carried out, you could be buying yourself a wide range of problems. The property could have a termite problem, building defects or unapproved structures that could end up being very costly. Knowing about them ahead of time may very well prompt you to back out of the purchase, so make sure you’re fully aware of what you’re getting yourself into when buying the property.
  • You might not be able to get financing. What happens if you’re locked into a property purchase contract but you soon discover that you’re unable to get the home loan you need to buy your dream home? If you intend to waive the cooling-off period, make sure you have your financing sorted out first.
  • Pulling out later. If you waive your right to a cooling-off period but then later decide to rescind the contract after the exchange, you’ll need to pay a penalty as stipulated in the contract. This is usually 10 per cent of the purchase price but may be more in some cases.

Finally, it’s worth mentioning that you also have the option of reducing or extending the cooling-off period if the seller agrees, so speak to your legal adviser for more information.

Check out these home loans and apply today

Data updated regularly
$
years
Name Product Interest Rate (p.a.) Comp. Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment
Westpac Flexi First Option Home Loan
2.29%
2.72%
$0
$8 monthly ($96 p.a.)
95%
$577.55
Up to $3,000 refinance cashback.
A flexible and competitive variable rate loan. Eligible borrowers refinancing $250,000 or more can get $2,000 cashback per property plus a bonus $1,000 for their first application. Other conditions apply.
St.George Fixed Rate Advantage Package
1.84%
3.38%
$0
$395 p.a.
80%
$543.64
Up to $4,000 refinance cashback
Borrowers with 20% deposits or equity can get this competitive fixed rate loan. Refinancers borrowing $250,000 or more can get up to $4,000 cashback (Other terms, conditions and exclusions apply).
UBank UHomeLoan Fixed
1.75%
2.22%
$0
$0 p.a.
80%
$537
This very low fixed rate is only available until 29 April 2021. Other conditions apply. A competitive fixed rate loan with no ongoing fees. Requires a 20% deposit
HSBC Fixed Rate Home Loan Package
1.88%
2.86%
$0
$390 p.a.
80%
$546.6
$3,288 refinance cashback offer
Lock in a low fixed rate for 2 years and buy your home with a 20% deposit. Eligible refinancers borrowing $250,000 or more can get a $3,288 cashback. Terms and conditions apply.
Suncorp Home Package Plus Fixed
1.89%
2.85%
$0
$0 p.a.
80%
$547.35
Lock in a low fixed rate loan for two years and get the annual package fee waived in the first year. Available for borrowers with 20% deposits.
Athena Variable Home  Loan
2.19%
2.19%
$0
$0 p.a.
60%
$569.91
Owner occupiers with 40% deposits or equity can get this competitive variable rate loan. No upfront or ongoing fees.
AMP Bank Professional Package Fixed Loan
1.99%
3.1%
$0
$0 p.a.
80%
$554.81
Get a low fixed rate package with no application or settlement fee. Available with a 20% deposit. Other fees and charges apply.
loans.com.au Smart Booster Discount Variable Home Loan
1.99%
2.47%
$0
$0 p.a.
80%
$554.81
Home buyers can get a very low discounted variable rate for the first year. This loan has a revert rate of 2.48%. Requires a 20% deposit. Add an offset account for an additional 0.10% on your interest rate.
Westpac Fixed Option Home Loan Premier Advantage Package
1.89%
3.46%
$0
$395 p.a.
95%
$547.35
Up to $3,000 refinance cashback.
Eligible borrowers refinancing $250,000 or more can get up to $3,000 cashback. Other conditions apply.
Macquarie Bank Basic Fixed Home Loan
2.09%
2.43%
$0
$0 p.a.
70%
$562.33
Get a low interest rate and a mortgage with flexible, basic features. No application or ongoing fees. Requires a 30% deposit. Refinancers can switch with a convenient digital application.
St.George Basic Home Loan
2.49%
2.51%
$0
$0 p.a.
80%
$593.01
Up to $4,000 refinance cashback
Get this low-rate variable loan with a 20% deposit and pay $0 application fee. Borrow from $150k (or $250k to be eligible for the cashback offer) (terms, conditions & exclusions apply).
Well Home Loans Balanced Fixed Home Loan
1.89%
2.18%
$250
$0 p.a.
90%
$547.35
Owner occupiers can get a sharp fixed rate for the first year, plus an offset account. Available with a 10% deposit.
UBank UHomeLoan Variable Rate
2.34%
2.34%
$0
$0 p.a.
80%
$581.39
Enjoy flexible repayments, a redraw facility and the ability to split your loan. Plus, pay no application or ongoing fees.
HSBC Home Value Loan
2.44%
2.45%
$0
$0 p.a.
80%
$589.12
$3,288 refinance cashback offer
Get a low interest variable rate loan with no ongoing fees. Plus you can make extra repayments and free redraw online. If you're refinancing $250,000 or above you can get a $3,288 cashback. Terms and conditions apply.
UBank UHomeLoan Fixed
1.99%
2.33%
$0
$0 p.a.
80%
$554.81
Fix your mortgage for 1 year with a very competitive rate and no ongoing fees.
Greater Bank Great Rate Fixed Home Loan
1.69%
3.49%
$0
$0 p.a.
110%
$532.6
Requires a family member to act as guarantor.
Get one of the lowest rates on the market with this fixed rate mortgage and borrow more with help from a family guarantor. NSW, QLD and ACT residents only.
Macquarie Bank Basic Home Loan
2.49%
2.49%
$0
$0 p.a.
60%
$593.01
A competitive variable rate home loan for owner-occupiers. Requires a 40% deposit. Refinancers can switch with a convenient digital application.
ME Flexible Home Loan Fixed with Members Package
1.99%
3.33%
$0
$395 p.a.
80%
$554.81
Lock in a competitive rate for owner occupiers for two years. Comes with a 100% offset account.
Suncorp Back to Basics Home Loan
2.44%
2.45%
$0
$0 p.a.
80%
$589.12
A competitive variable interest rate loan with low fees. The establishment fee is waived if you borrow $150,000 or more.
IMB Fixed Rate Home Loan
1.97%
2.81%
$449
$6 monthly ($72 p.a.)
95%
$553.31
NSW and ACT customers only. 3 years fixed interest terms and free access to redraw facility online. Available with a 10% deposit.
Well Home Loans Balanced Variable
2.17%
2.2%
$250
$0 p.a.
80%
$568.39
A very low interest rate for home buyers with 20% deposits saved. Add an offset account for a small fee.
homeloans.com.au Low Rate Home Loan with Offset
2.14%
2.16%
$0
$0 p.a.
60%
$566.11
A competitive rate with no application or ongoing fees. This loan is not available for construction.
Virgin Money Reward Me Fixed Rate Home Loan
1.94%
2.77%
$300
$10 monthly ($120 p.a.)
80%
$551.07
$3,000 refinance cashback.
Buy your home and lock in a low rate for the first two years. Get a $3,000 cashback when you switch to Virgin Money with a loan amount of $300,000 or more with an LVR up to 80%. You must apply by 28 May 2021 and settle by 27 August 2021.
Bank of Melbourne Basic Home Loan
2.49%
2.51%
$0
$0 p.a.
80%
$593.01
Up to $4,000 refinance cashback
A competitive variable rate loan. Refinancers borrowing $250,000 or more can get up to $4,000 cashback (Other terms, conditions and exclusions apply).
Well Home Loans Balanced Fixed Home Loan
1.95%
2.17%
$250
$0 p.a.
90%
$551.82
A low fixed mortgage with an optional 100% offset account. Not available for construction purposes.
homeloans.com.au Low Rate Home Loan with Offset
2.24%
2.26%
$0
$0 p.a.
90%
$573.72
This loan offers a competitive variable rate and a 100% offset account to help save you on interest repayments. This loan is not available for construction.
BankSA Basic Home Loan
2.49%
2.51%
$0
$0 p.a.
80%
$593.01
Up to $4,000 refinance cashback
A competitive variable rate loan from BankSA. Refinancers borrowing $200,000 or more can get up to $4,000 cashback (Other terms, conditions and exclusions apply).
Bank of Melbourne Advantage Package Fixed Home Loan
1.94%
3.21%
$0
$395 p.a.
80%
$551.07
Up to $4,000 refinance cashback
Lock in a low fixed rate loan for four years. Refinancers borrowing $250,000 or more can get up to $4,000 cashback (Other terms, conditions and exclusions apply).
CUA Achieve Variable Home Loan
2.35%
2.4%
$600
$0 p.a.
95%
$582.16
Home buyers can get a competitive, low-fee variable rate plus a 100% offset account. Low deposit option available. Eligible new home buyers with low deposits can apply for the First Home Loan Deposit Scheme with this lender and avoid LMI costs. Eligible refinancers can get a $2,000 pre-paid credit card when they switch to CUA.
Westpac Fixed Option Home Loan Premier Advantage Package
1.99%
3.29%
$0
$395 p.a.
95%
$554.81
Up to $3,000 refinance cashback. Lock in a very low rate for four years with this owner occupier loan. Eligible borrowers refinancing $250,000 or more can get up to $3,000 cashback. Other conditions apply.
BankSA Advantage Package Fixed Home Loan
1.89%
3.43%
$0
$395 p.a.
80%
$547.35
Up to $4,000 refinance cashback.
Fix to a low rate for two years and forget about rate rises. Refinancers borrowing $200,000 or more can get up to $4,000 cashback (Other terms, conditions and exclusions apply).
Bank of Melbourne Advantage Package Fixed Home Loan
1.84%
3.38%
$0
$395 p.a.
80%
$543.64
Up to $4,000 refinance cashback
Get a competitive home loan rate for two years. Requires at least a 20% deposit. Refinancers borrowing $250,000 or more can get up to $4,000 cashback (Other terms, conditions and exclusions apply).
loans.com.au Fixed
1.99%
2.7%
$0
$0 p.a.
80%
$554.81
Home buyers can lock in this low fixed rate for two years. This loan also allows extra repayments. Requires a 20% deposit.
BankSA Advantage Package Fixed Home Loan
1.99%
3.26%
$0
$395 p.a.
$554.81
Up to $4,000 refinance cashback
A competitive fixed rate loan. Refinancers borrowing $200,000 or more can get up to $4,000 cashback (Other terms, conditions and exclusions apply).
Heritage Bank Fixed Rate Home Loan
2.19%
4.23%
$600
$8 monthly ($96 p.a.)
95%
$569.91
Get a partial offset account and the option to make interest-only repayments.
St.George Fixed Rate Advantage Package
1.94%
3.21%
$0
$395 p.a.
80%
$551.07
Up to $4,000 refinance cashback
Lock in a very low rate for four years. Requires a 20% deposit. Refinancers borrowing $250,000 or more can get up to $4,000 cashback (Other terms, conditions and exclusions apply).
Athena Variable Home  Loan
2.24%
2.21%
$0
$0 p.a.
70%
$573.72
A low variable rate for owner occupiers with 30% deposits. No upfront or ongoing fees.
Newcastle Permanent Building Society  Premium Plus Package Fixed Rate
2.28%
3.84%
$0
$395 p.a.
95%
$576.78
$2,000 refinance cashback
Enjoy a competitive rate with no application fee for this package loan. $2,000 cashback for eligible refinancers borrowing $250,000 or more.
ME Flexible Home Loan Fixed with Members Package
2.09%
3.27%
$0
$395 p.a.
80%
$562.33
Get a low 3 year fixed rate with a 100% offset account and package discounts.
Greater Bank Great Rate Discount Variable with Family Pledge Home Loan
2.59%
2.6%
$0
$0 p.a.
110%
$600.83
Pay no deposit or LMI and get a discounted rate with this family pledge loan. Requires a family member to act as guarantor. NSW, QLD and ACT only.
IMB Budget Home Loan
2.58%
2.64%
$449
$0 p.a.
80%
$600.05
A competitive variable rate for borrowers with 20% deposits saved. Available for NSW and ACT borrowers only.
Well Home Loans Balanced Fixed Home Loan
2.29%
2.29%
$250
$0 p.a.
90%
$577.55
A competitive 3 year investor rate with principal and interest repayments. Optional offset account with a $10 monthly fee. Not available for construction purposes.
homeloans.com.au Low Rate Home Loan with Offset
2.69%
2.52%
$0
$0 p.a.
80%
$608.71
A competitive rate with no application or ongoing fee. This loan is not available for construction.
ME Basic Home Loan
2.58%
2.6%
$0
$0 p.a.
80%
$600.05
This variable rate loan keeps the features simple and fees low. This loan is offered by a 100% online lender.
UBank UHomeLoan Fixed
2.14%
2.35%
$0
$0 p.a.
80%
$566.11
A one year fixed rate offer with no ongoing bank fees.
Heritage Bank Discount Variable Home Loan
2.59%
2.64%
$600
$0 p.a.
80%
$600.83
Family guarantee option available. Enjoy flexible repayments and a low minimum loan amount.
UBank UHomeLoan Fixed
2.14%
2.71%
$0
$0 p.a.
80%
$566.11
Investors can enjoy flexible repayments and an easy application process with this pioneering online lender.
ME Flexible Home Loan Fixed
2.64%
4.65%
$0
$0 p.a.
80%
$604.76
Lock in a competitive rate for 2 years, unlock package discounts and use a 100% offset account to minimise interest payments.
Heritage Bank Advantage Package Fixed
2.39%
3.15%
$0
$350 p.a.
95%
$585.25
Get a partial offset account and flexible repayments with this package loan.
homeloans.com.au Low Rate Home Loan with Offset
2.59%
2.42%
$0
$0 p.a.
60%
$600.83
Macquarie Bank Offset Home Loan Package
2.49%
2.76%
$0
$0 p.a.
60%
$593.01
A sharp variable rate with low fees for borrowers with 40% deposits or refinancers with equity in their properties. Refinancers can switch with a convenient digital application.
loans.com.au Smart Booster Discount Variable Home Loan
1.99%
2.71%
$0
$0 p.a.
80%
$554.81
If you have an owner occupier loan with loans.com.au you can also get this very low rate variable mortgage for your investment property. Principal and interest repayments. Add an offset account for an additional 0.10% on your interest rate.
homeloans.com.au Low Rate Home Loan with Offset
2.74%
2.76%
$0
$0 p.a.
90%
$612.67
Access a fee-free offset account and a special interest rate for investors. This loan is not available for construction.
St.George Basic Home Loan
2.54%
2.56%
$0
$0 p.a.
90%
$596.91
$2,000 cashback.
With this competitive variable rate loan from St.George, refinancers borrowing $250,000+ can get a $2,000 cashback (terms, conditions & exclusions apply)
Macquarie Bank Basic Fixed Home Loan
2.19%
2.53%
$0
$0 p.a.
80%
$569.91
Borrow up to $750,000 with this basic 3 years fixed rate home loan. Refinancers can switch with a convenient digital application.
Bank of Melbourne Basic Home Loan
2.54%
2.56%
$0
$0 p.a.
90%
$596.91
$2,000 cashback
A competitive variable rate loan. Refinancers borrowing $250,000 or more can get a $2,000 cashback (Other terms, conditions and exclusions apply).
homeloans.com.au Low Rate Home Loan with Offset
2.39%
2.41%
$0
$0 p.a.
80%
$585.25
This investment loan keeps fees low, has a sharp interest rate and comes with a 100% offset account. This loan is not available for construction.
IMB Budget Home Loan
2.68%
2.74%
$449
$0 p.a.
95%
$607.92
NSW and ACT customers only. You can get an interest rate discount for a limited time with this competitive variable mortgage.
Tic:Toc Live-in Loan Fixed Rate Home Loan
1.89%
2.15%
$0
$0 p.a.
90%
$547.35
Get a very low interest rate and pay no application, settlement or valuation fees. Apply online for full approval in real time and add a 100% offset account for $10 a month.
Newcastle Permanent Building Society Real Deal Home Loan
2.59%
2.63%
$595
$0 p.a.
80%
$600.83
$2,000 refinance cashback
$2,000 cashback for eligible refinancers borrowing $250,000 or more.
UBank UHomeLoan Variable Rate
2.74%
2.74%
$0
$0 p.a.
80%
$612.67
Get a discounted, low-fee investor loan from a convenient online lender. 20% deposit required.
Virgin Money Reward Me Variable Home Loan
2.59%
2.76%
$300
$10 monthly ($120 p.a.)
60%
$600.83
$3,000 refinance cashback.
A variable rate loan for owner occupiers with a 40% deposit (or equity) borrowing under $500,000. Get a $3,000 cashback when you switch to Virgin Money with a loan amount of $300,000 or more with an LVR up to 80%. You must apply by 28 May 2021 and settle by 27 August 2021.
homeloans.com.au Low Rate Home Loan with Offset
2.29%
2.31%
$0
$0 p.a.
60%
$577.55
A competitive rate with no application or ongoing fee. This loan is not available for construction.
ME Flexible Home Loan Fixed
2.14%
3.95%
$0
$0 p.a.
80%
$566.11
Get a low fixed rate and pay no application or ongoing fees.
IMB Fixed Rate Home Loan
1.89%
2.87%
$449
$6 monthly ($72 p.a.)
95%
$547.35
NSW and ACT customers only. Lock in a low fixed rate for two years. Available with a 5% deposit.
Newcastle Permanent Building Society  Premium Plus Package Fixed Rate
2.19%
3.72%
$0
$395 p.a.
95%
$569.91
$2,000 refinance cashback
Enjoy a discounted fixed rate and the ability to package the loan with other financial products. $2,000 cashback for eligible refinancers borrowing $250,000 or more.
homeloans.com.au Low Rate Home Loan with Offset
2.59%
2.61%
$0
$0 p.a.
90%
$600.83
Save on interest with a free 100% offset account and buy your property with just a 10% deposit. This loan is not available for construction.
IMB Fixed Rate Home Loan
2.49%
3.36%
$449
$6 monthly ($72 p.a.)
90%
$593.01
NSW and ACT customers only. A 3 years fixed rate investor which allows extra repayments to be made.
ME Flexible Home Loan With Member Package
2.59%
3.05%
$0
$395 p.a.
80%
$600.83
$2,000 cashback offer
A competitive variable rate package home loan with a 100% offset account. Eligible refinancers can get a $2,000 cashback.
UBank UHomeLoan Fixed
2.29%
2.72%
$0
$0 p.a.
80%
$577.55
Investors can enjoy flexible repayments and an easy application process with this pioneering online lender.
Bankwest Complete Home Loan Package Variable
2.55%
3.01%
$0
$395 p.a.
80%
$597.7
$2,000 refinance cashback.
Eligible customers who apply to move their home loan to Bankwest by 30 June 2021 can get a $2,000 cashback. To qualify you must refinance a minimum loan amount of $250,000 or more with an LVR of 80% or lower. The loan must be funded by 31 August 2021 (other terms, conditions and exlcusions apply).
HSBC Home Value Loan
2.54%
2.55%
$0
$0 p.a.
90%
$596.91
A competitive value home loan with no ongoing fee.
Well Home Loans Balanced Fixed Home Loan
2.04%
2.17%
$250
$0 p.a.
90%
$558.56
A low 3 year fixed rate for home buyers. Add a 100% offset account with a $10 monthly fee. Not available for construction purposes.
Newcastle Permanent Building Society Fixed Rate Home Loan
2.29%
3.94%
$595
$0 p.a.
95%
$577.55
$2,000 refinance cashback
Borrow up to 95% LVR of the value of the property you're buying and pay no ongoing fees. $2,000 cashback for eligible refinancers borrowing $250,000 or more.
Macquarie Bank Basic Home Loan
2.64%
2.64%
$0
$0 p.a.
80%
$604.76
Pay no application and ongoing fees and take advantage of split and redraw options. Refinancers can switch with a convenient digital application.
Well Home Loans Balanced Variable
2.52%
2.55%
$250
$0 p.a.
90%
$595.35
A very low variable interest rate for borrowers with a 10% deposit. Add a 100% offset account for $10 a month. Not available for construction purposes.
Newcastle Permanent Building Society Premium Plus Package Home Loan
2.94%
3.34%
$0
$395 p.a.
95%
$628.65
$2,000 refinance cashback
New borrowers or refinancers can get a discounted rate with this package loan. $2,000 cashback for eligible refinancers borrowing $250,000 or more.
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