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Yes of course it's not nice at all. Just try to learn from it...as a silver lining that $5,000 or so in penalty interest can be added to the capital base of your property so you don't pay so much tax when you sell (if it's an IP). Just keep that in mind.

You will probably have no recourse to the developer/vendor - it is not their fault that Perpetual and your conveyancer stuffed up. Penalty interest rate of 15% is standard - but don't get too upset. On my purchase of over $4m I was late by 3 weeks @ 15% interest - so you can imagine how much...

Assuming you have clean credit, PAYG wage etc it can be settled in 14 days. But it's so difficult because there's so many things that can go wrong or delay any loan application...I would never guarantee you could get approval in that time.

Terry I don't think I've ever seen an OTP contract with settlement longer than 14 days from the date the certificate of occupancy is provided by the Council. However, usually developers inform the purchasers long before that step is completed so that their finance is all ready to settle. It's...

Was this an off the plan purchase? For such purchases the vendor only gives the purchaser 14 days to settlement from completion.... As terry said you are lucky not to have lost the entire 10%. I would be pushing on the conveyancer if I were you to get some compensation.