Delayed Settlement – without incurring a penalty fee?

I’ve bought a investment property (an apartment, in it’s final stages of being built). Came home to a letter notifying that settlement will take place on the 29/12/2011 however due to the nature of the upcoming holidays, many businesses will not operate to their normal trading hours. Settlement fees were to be paid by the 21/12/2011. However I believe the property is not up to standard for lease.

The problem is that I inspected my property last week and discovered that the carpeted hallway and a large portion of the lounge room was wet. There is obviously is or has been a leaking problem. I want the carpet to be replaced before the settlement and it seem very unlikely to occur in that short time I have before the settlement is due. Other issues include the omission of cupboards and such from the current apartment when they were clearly stated on the set of plans I had at the point of contract signing.

Settlement according to their plan is going to result in an empty apartment (no one is going to rent a new apartment during the Christmas break) and there are various issues that remain unresolved (issues that result because of their negligence) if I were to settle according to the notice letter. No one in their right mind would rent a brand new apartment with sodden stained carpet. What are my rights? What can be done? What are their legal obligations? Are there any loop holes to ensure that the issues will be fixed when I delay my settlement without incurring a penalty fee?

Any information that can help explain my situation and the options would be much appreciated!