Layaway, also known as Lay-by in Australia, is a way to purchase an item without paying the entire cost at once. However, rather than taking the item home and then repaying the debt on a regular schedule, as in most installment plans or hire purchases, the layaway customer does not receive the item until it is completely paid for. There is typically a fee associated with a layaway purchase, since the seller must "lay" the item "away" in storage until the payments are completed.