Notice to Complete
Notice to Complete is a formal demand issued under a property contract requiring the defaulting party to settle within a fixed period — typically 14 business days in most Australian states. If the buyer fails to complete, the vendor can rescind the contract, forfeit the deposit, and potentially sue for damages. It is one of the most urgent triggers for bridging finance in Australian property transactions.
Why It Matters
A Notice to Complete creates a hard deadline. If a buyer's bank approval is delayed, their sale hasn't settled, or their funds are stuck, they face losing both the deposit and the property. This is where private lending and commercial bridging finance become critical — they can fund settlement within days to prevent contract rescission.
How It Works
- A vendor (or buyer) issues the Notice to Complete after the other party fails to settle on the contracted date.
- The defaulting party typically has 14 business days to complete settlement.
- If settlement does not occur, the issuing party can rescind the contract and claim the deposit.
- Buyers facing a Notice to Complete often use bridging finance or a caveat loan to settle urgently.
Common Use Cases
- Bank approval delayed past the settlement date
- Buyer's existing property sale has fallen through
- Complex structure (trust, company) slowing lender assessment
- Buyer needs urgent short-term funds to protect a deposit
- Development site purchase at risk due to finance delays
Related Switchboard Resources
For legal guidance on property contracts, consult a qualified solicitor or visit legalaid.vic.gov.au.