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The seller can cancel the contract if you are unable to settle on the date nominated. Contracts of real estate generally include the provision that "time is of the essence" - hence the common saying - which means that inability to fulfil the contract at the time stipulated is sufficient to cause...

Sorry for thinking NSW, not sure where I got that from! If you advise that you wish to terminate for lack of finance approval, yes, you have your deposit returned. You may be requested to provide proof of the failure of finance, but if the vendor wants out, probably not.

I'm not sure what the default interpretation is in NSW, but check the definition of "days" in the contract. Yes, you can remove the finance condition at any time within the 28 days, and the contract then becomes unconditional and binding on both parties. It's the probable only consequence...