Is there a cooling-off period to cancel my loan

If you purchase from a door-to-door sales agent under an unsolicited consumer agreement, you have a 10-business-day period to change your mind. This is known as the ‘cooling-off’ period, and the sales agent must inform you about it before you sign. If, within this period, you find the offer unsuitable for any reason, even after signing the contract, you can cancel the agreement.

An unsolicited consumer agreement occurs when:

•  a supplier or salesperson contacts you to sell goods or services without an invitation;

• negotiations happen either over the phone or in person at a location outside the supplier’s normal place of business (for example, your home)

This type of agreement typically happens during door-to-door sales, telemarketing, or in public spaces. This right to a cooling-off period applies only to unsolicited consumer agreements.

When purchasing from a store or website, consumers do not automatically have this cooling-off period, and businesses are not obligated to issue a refund if the consumer simply changes their mind.

To cancel a purchase agreement during the cooling-off period, notify the merchant of your intention to cancel the sale. You can do this by phone, in person, by post, email, or using the form provided at the time of sale. The cancellation is effective from the date you give notice. The notice does not need to be in any specific form.

Even if you've used the product, you still have the right to cancel the agreement. However, you must either return the product to the merchant or inform them of a suitable time and place for collection.

Handle the product carefully before returning it or while awaiting the merchant's collection. Failure to do so may allow the merchant to claim compensation for any decrease in the product's value, excluding any loss resulting from normal use.

Once you notify the merchant of your cancellation, the merchant will inform us. We will cancel the contract and refund any payments made, less the cancellation fee specified in your contract. If no payments have been made, you must pay the cancellation fee before we can cancel the loan contract. Please allow up to 10 business days for this to occur. 

Most merchants list response timeframes on their websites. We recommend taking a moment to visit the merchant's website and noting the expected response time. Keep in mind, it might take a couple of business days for them to get back to you! Also, some merchants may not respond over the weekend, so a little patience is appreciated.

When you made the purchase, you likely received some paperwork, including an offer to purchase document. This will include the merchant's name and contract details, as required by law.

Many merchants offer different ways to contact them, so if you're unsure, it's a good idea to check their website for other contact options.

To exercise your right to cancel a purchase within the 10-business-day cooling-off period, you must contact the sales agent or merchant directly. We (Breeze Finance) are not responsible for the delivery or return of goods, nor are we involved in the agreement between you and them. You must reach out to them directly. This list does not cover all your rights under the Australian Consumer Law and does not replace the legislation or legal advice. For more details, please visit HERE.