Yes you can. Some customers approach me with the same predicament, where I would help them getting better rates. However, keep in mind that typically there is a 90 + 30 days from the date of signing of the S&P to the full disbursement of the remaining purchase price, so if you delay too much, your bank, loan-agreement lawyer, and other parties may not make it in time for the full disbursement.

Then you would get to pay the daily-rest penalty

A note though, depending on the type of the house and the loans that you would be getting like a government loan, or if the property is encumbered with a government loan, it is possible that the 90 + 30 days deadline to start only:

- upon approval by the government loan processing office (because they are so slow)
- upon consent by the state for transfer of rights (for leasehold property)

You need a lawyer who is experienced in the conveyancing industry to make sure that they are protecting your interests.
There are ways to get out of that. A person could apply from multiple banks, 1 would be approved (with horrible terms and conditions), while the other 2 gets rejected. And they use the rejection letter from the other 2 to prove that their loans have been rejected and refuse to proceed with the purchase.