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Yes I have had this accepted in the past in NSW for clients. I don't think it is much for the Vendor worry about. The cooling off period is there anyway, and it is not like they would lose money - they just would not get some extra money if someone didn't proceed.

Or simply insert a clause allowing you to get the full deposit back if you pull out during the cooling off period.

It amazes me that there are still people out there that do not read contracts. Every investor should be reading the standard contract and should know it well. Then when entering a contract you just have to read the special conditions.

You should read the contract you signed as this has the terms of your agreement. Generally you would forfeit the 0.25% under the standard contract - but this was open to negotiation.