VIC Refund of Deposit on Property Under Property Law?

[swabby]

I paid a deposit for the purchase of land, finance was approved, then I lost my job by redundancy. The bank then reclined the finance. The vendor is agreeable to cancel but wants 50% of the deposit $6500. I am entitled to full refund under property law?

 

[Sophea]

What does your contract say? Was it conditional upon finance?

If the vendor is agreeing to cancel out of the goodness of his heart, I don't think you have a choice about the deposit. A deposit can only be refunded under certain circumstances, which should be spelled out in your contract.

 

[swabby]

What does your contract say? Was it conditional upon finance?

If the vendor is agreeing to cancel out of the goodness of his heart, I don't think you have a choice about the deposit. A deposit can only be refunded under certain circumstances, which should be spelled out in your contract.

Thanks for reply but I didn't asked to leave work (I'd been there many years so unexpected redundancy) finance had all gone thru so I guess being conditional that would have expired however as my circumstances had changed bank rescinded finance therefore I asked for contract to be withdrawn on these grounds