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Glossary of terms
While we’ve made every effort to make our site as straightforward as possible, sometimes banking and finance jargon is unavoidable. If you are unsure what a term means, look it up in the A-Z glossary below.
Deed
A formal document including special signing requirements recording an agreement, obligation or conveyance of property.
Deeming rates
Deeming rates
Deposit
When purchasing a property, the buyer normally pays a deposit at the time of exchanging contracts. It is normally between 5-10% of the total purchase price.
Direct Debit
A direct debit is a transfer of funds from your Bank of Melbourne account drawn under a direct debit request you have given a third party.
The Detail
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