Australian Real Estate Terms

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Buying, selling or renting property in Australia and having trouble understanding what they're saying? To help you figure it out, we've created brief explanations of the words used. For more complete information, see your local real estate agent, financial advisor or solicitor.

A B C D E F G - H I - J - K L M - N O P - Q R S T U - Z

B
BAD	Bank Accounts Debit Tax. State or Territory government tax (except ACT) on withdrawals from accounts on which a cheque can be drawn.
balloon payment	A large loan payment to clear a debt.
body corporate	An administrative body made up of all the owners within a group of units or apartments of a strata building. They form a self-elected committee or council for the management and upkeep of the buildings and common areas.
bond	A sum of money paid by a tenant and held by the Rental Bond Board to ensure against defaulting on payment and damage to the property.
boundary	The lines that define the perimeter of a property.
break costs	The penalties charged when a loan is paid off before the end of its term.
brickveneer	A type of construction that has a structural timber frame tied to a non-load bearing, single-brick external wall.
bridging loan	A short term loan that covers the financial gap between buying a new property and selling the old property.
building code	Local regulations that control design, construction, and materials used in construction.
building inspections	An inspection generally carried out prior to the purchase of a property to ensure the building is structurally sound.
building loan	Also called a construction loan. A short-term, interim loan paid to registered builders for financing the cost of construction. The lender makes payments to the builder at periodic intervals as the work progresses.
building regulations	The standards formulated by local councils to control the quality of buildings under its jurisdiction.
business day	A standard day for conducting business. Excludes weekends and public holidays.
buyer's market	When the demand for property is less than supply so the advantages shift to the buyer.

Note: We assume no liability resulting from any errors or omissions. Translation . . . we've done our best to bring you accurate information. However, you should seek your own independent advice as to the accuracy of the information supplied.

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