"I" just bought a property in Sydney and here is what happened. Made offer and started finance app same day and ordered valuation. Went back and forth for a few days, finalised price. Then received contract and started negotiating terms. finalised terms after a few days. Then I did the building and pest inspection. found somethings wrong, as there always is, and negotiated the price down. They were constantly pushing to exchange, but told them had to wait till finance unconditional. Paid 5% deposit, refused to accept their special conditions about deposit being 10% in installments. Told agent I would hand deliver executed contract, but posted it to him, allowing a few extra days. Finance fully approved and then I allowed agent to exchange. Got it for under valuation price.
I tried to negotiate terms so I could get the full 0.25% usually forfeit back if I exercised the cooling off period, but they were happy to just wait until finance was fully approved and exchanged on that basis with a 66w so no cooling off.
There were supposdely other buyers who had requested contracts, would I like to increase my offer blah blab, but I held my ground and actually reduced my offer. All up I delayed them around 2 weeks.