Once you've given notice that finance is approved, you can't withdraw it — but your lender can still withdraw its own approval any time before settlement, so think carefully before notifying. What happens if you miss the notification deadline, and whether a finance condition even exists in your contract by default, both vary significantly by state — the table below compares the three, and your state's explainer carries the full detail.
Finance conditions by state at a glance
| Feature | QLD | VIC | NSW |
|---|---|---|---|
| Notice deadline | By 5pm on the finance date | Within 2 clear business days after the approval date | Often not a standard condition — usually a negotiated special condition |
| If no notice is given by the deadline | The contract continues; both parties keep a right to terminate until notice is given | The right to end lapses — the contract continues as unconditional | Depends on the wording of any condition added |
| To terminate for finance | Written notice before the deadline | Written notice ending the contract, with the lender's written evidence, within 2 clear business days after the approval date | As set by the special condition, through your conveyancer |
| Duty to pursue finance | Take all reasonable steps | Take all reasonable steps | Usually not relevant — once contracts are exchanged you're committed (subject to any cooling-off); a duty to pursue finance only arises under a negotiated special condition |
