you loose 10% of the purchase price (if you gave them less for your deposit you will still need to pay the full 10%), and could possibly be liable for any difference in price if resold for a lower price to another party - but this depends on your contract. Often with long settlements you are unable to do 'subject to finance' because alot of financial institutions will not offer finance for to far in the future. You just have to wear the risk.
Find a good mortgage broker, you will be surprised at some of the deals they may be able to pull out that you didn't know about.
Check real estate laws - I think there is a cooling off period set in legislation that gives a purchaser a few days to get out of a purchase. I believe this is the case in Victoria, but I'm not sure if only applies to already established homes or if it also applies to blocks of land as well.
Just looked it up on the internet - the purchaser has 3 working days to cool off. There are terms and conditions but it might give you an opportunity to hustle and try and get pre-approval now if it's not too late.
The legislation differs from state to state as do conveyancing practices.
If you are in NSW you will lose 10% of the purchase price (the deposit) and if the block is sold for less than what you are going to pay for it they can sue you for damages and also cost in readvertising additonal legal fees etc.
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