Skip to main content Skip to accessibility page Skip to search input


"Beware" – if a caveat is lodged on a title to land, it warns a person buying the property that a third party (the party that lodged the caveat) has some right or interest in the property.

Caveat Emptor

"Let the Buyer Beware" - this principle of law requires the buyer to be satisfied with the item they wish to buy before buying. The buyer purchases the property "as is".

Cash Advance

You can use your credit card to get cash across the counter at branches of Bank of Melbourne or through the worldwide network of cash machines that carry the Visa® or MasterCard® logo using your PIN.

Certificate of Title

A document identifying the ownership of land. It shows who owns it and whether there are any mortgages or other encumbrances on it.


Property other than real estate, such as moveable possessions that may be included in a sale, e.g. furniture.

Clear Title

A vendor has a clear title when there are no interests (like an outstanding mortgage) on the vendor’s title.

Common Law Title

Usually referred to as "old system title", it consists of a series of title documents called "a chain of title". The title to a property held under this system is “clear” only if every document in the chain is available and complete (i.e. the chain of title is unbroken). Legal costs associated with a purchase of Old System Title land are higher than those on a purchase of Torrens Title land, because making a thorough investigation of the chain of title can be complicated and time consuming. Old System Title may be converted to Torrens Title, and often can be automatically converted to Torrens Title following a sale.

Comparison Rate

The comparison rate helps you compare one loan with another so you know how much you will pay over the life of the loan. While the interest rate is a major component, it’s not only the cost. There are other fees and charges that affect the true cost of the loan. The comparison rate calculates fees associated with setting up the loan, such as establishment and service fees. It doesn’t include government charges or early pay out fees.

Contract of Sale

A document that sets out the terms and conditions of sale between the vendor and the purchaser (referred to as a "Contract").


The process of transferring the ownership of property from the vendor’s name to the buyer’s name.

Cooling off period

This is a period of time, which may vary between 24 hours and 14 days from the time it is signed (depending on the type of contract), when you or your organisation can decide not to continue with a contract. Cooling off periods vary in each state in Australia.


An agreement noted on the title to a property requiring the property's owner to adhere to certain terms, conditions or restrictions regarding the property. The nature of any covenant over a property should always be established before you enter into a contract to purchase the property.

Cover Note

A document issued by an insurance company, to temporarily insure a property until a formal policy is issued, following payment of the requisite premium.

Credit Limit

The credit limit is the maximum amount of credit you or any additional cardholder can normally obtain on your card account.