Pay residue deposit, whether or not your finance has been approved.
Take out insurance coverage for any buildings on the property for its replacement value. You should also note on you insurance policy the interest of the Bank or the financial institution as the mortgagee.
Ensure you make immediate application for finance if you have not already done so.
Advise the vendor if finance has not been approved by the approval date as outlined on your contract, or has been declined.
If you do not advise the vendor that finance has not been approved, the usual finance clause will allow the contract to become unconditional.