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Why were perpetual faxing the poor old conveyancer about the loan documents? These go direct to the client. A conveyancer doesn't advise on these. Sounds strange. You agreed, in writing, to settle on a certain date, and you agreed to the penalty interest. It would all be in the contract which...

No use crying over spilt milk. Everyone makes mistakes, especially early on. I made heaps. Just learn from the experience (and see if you can get out of it, or reduce it). I bet the next time you buy you will be on the ball. 14 days may be usual, but there is no reason to agree to this...

And it wasn't a good idea to accept a 14 day settlement either. This should have been negotiated out to 21 or 28 days. Very hard to get bank approval and settle within this time frame. Did you get advised on this when entering the contract?

Firstly, you are probably lucky they didn't terminate your contract and keep your deposit. Then have a look at your contract and see what is says about penalty interest. You should have chased the loan documents earlier and you should also ask your conveyancer what their delay was for. You...