About

The cash rate is the interest rate that is set by the Reserve Bank of Australia. If you have a variable interest home loan, then your repayments will most likely be impacted by changes in the cash rate because the major lenders will adjust their rates when the cash rate changes.

The cooling off period is the amount of time that the person making an offer has to cancel their offer without having to pay any fees.

Progress Payments are instalments that are paid to a builder during the house construction phase. The first payment is usually a deposit that is made before the commencement of the build. The next payment usually then occurs when the concrete slab goes down on the block. By using Progress Payment, the money required for the building project does not need to be paid up front.

New homes in Western Australia must be built to a minimum six-star sustainability rating. This can be achieved by design that takes into consideration factors such as direction aspect, external windows and internal doors.

Practical completion for a house is the time when you can take the keys and move in.

Public open space includes playgrounds, parks, public squares and reserves. These are places within a community that can be used for play, sport, recreation activities and social gatherings.

Zoning places a restriction on what land can be used for. In Western Australia, zoning falls within the following categories of residential, commercial, industrial, mixed use, public use and agriculture.

The lot number is used within a land subdivision to show the specific location of a piece of land. This is different from a house address which comes after the land or house has been developed.

Lots that are rear loaded do not have front driveways or garages. In these lots, the garage can be accessed by a laneway at the rear of the lot.

Headworks refer to the work done on vacant lots so that essential services can be connected in the future. Headworks include gas water sewerage and Internet services.

Buying off the plan refers to making a purchase of a property before it has been built. In this case, buying decisions are usually made by referring to images, maps and blueprints.

There are a number of factors that determine the threat of bushfire to your property. These include the region, the vegetation around your home, the slope of the land and the buffer zone. There are six BAL levels ranging from BAL Low to BAL Flame Zone.