VIC Off the plan contract of sale for foreigner

[paulscholes]

Hi,

I am foreigner planning to purchase an off the plan property.

The purchaser is listed as the developer and/or nominee on the Contract of Sale. If I agree to the terms of the contract, the developer will nominate me onto the Contract.

However, I've noticed that the contract is not subject to FIRB approval or subject to finance.

I just wanted to ask if I cannot obtain FIRB approval or finance will I still be able to back out of the Contract? What other considerations should I take into account?

Thank you