Glossary of terms | Bank of Melbourne

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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.

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The Detail

Conditions, fees and credit criteria apply.

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