Glossary B

Basic or ‘no frills’ loans
Generally tend to be cheaper than variable loans, however these loans tend to be less flexible and offer fewer features, such as redraw facilities or no extra payments can be made.

The beneficiary is the person that is selected to receive the income from a trust, estate, or a deed of trust.

Break Costs
If you have a fixed rate loan contract and you wish to break the contract before the period expires, you may incur a break fee.

Bridging finance
This type of finance is used for times when finance is needed to buy a new house while waiting for the old one to sell and usually has higher interest rates.

Building inspection
It is encouraged to carry out a building inspection prior to purchasing a house to make sure the house is structurally sound.

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