Thought I'd quickly share an ongoing experience I'm facing with delayed settlement at the moment and some learnings for others about to exchange contracts (this shouldn't be anything new for the regulars). Exchanged contracts just over a month ago on a property in Queensland with a 30 day settlement, subject to building and pest and finance approval to be met 14 days after exchange of contract. Loan application via mortgage broker to one of the 4 majors followed shortly after exchange of contracts. Bank was super slow to assess and approve the loan, which required an extension of finance approval by one business day. Already behind the eight ball, the documents required to be signed and returned to the bank took a whole week to arrive in the mail from when they were originally sent, arriving exactly one week before settlement was due. By this point there was no chance of settling on time. Had to resubmit some documentation by express post due to an error on my part on the day of settlement and still waiting for settlement to occur due to delays in the bank verifying documentation again. Default interest still increasing as the delays go on, fortunately the vendor hasn't decided to terminate and take the deposit due to the delays. Moral of the story is this: Don't waste any time getting documentation in order once contracts have exchanged and make sure everything has been completed correctly.