Mortgage Insurance: A deposit of 20% or more is required so as not to have to pay Mortgage Insurance to lenders.

Building Insurance: The building, not the land, needs to be insured prior to settlement of the purchase.

Fixed Loan Rate: Penalty fees may be issued if paying loan off in lump sums, making higher repayments or paying off in full before its due date.

Discounted Variable Rate: This rate may only last for a period of one, two or three years and then will revert back the standard variable rate.

Split Loan: Your loan may be part fixed and part variable and some lenders do charge fees for set-up, accounts & discharge on both portions.

Conveyancer/Settlement Agent: A Conveyer organises the legal transfer of property title from the seller to the buyer.  A settlement fee will apply as well as other fees including title search.