Last updated 30 May 2016
Consumers who purchase holiday shares or holiday credits so that they can access holiday accommodation can cancel the contract within seven calendar days of signing, if the seller is a member of the Australian Timeshare and Holiday Owners Council, or otherwise within 14 calendar days in accordance with the Australian Securities and Investments Commission’s Regulatory Guide 160 Time-sharing Schemes. The cooling-off period must be disclosed in the contract and a cancellation form provided by the seller.
Consumers who have a complaint about their entry into the contract or complaints about the operation of the time share can take their complaint to either the Financial Ombudsman Service (FOS) or the Credit and Investment Ombudsman (CIO) depending on who the seller is a member of. These independent alternative dispute resolution schemes are free for consumers to use and set up as an alternative to consumers taking legal action.
A decision by the CIO or FOS is final for the seller, but not for the consumer who is free to access the court system if they remain dissatisfied.