Do I have to take a 20 year term?

You can apply for any loan term up to a maximum of 30 years.  The shorter your loan term on your home loan, the higher your monthly instalment repayment will be but will result in a saving of total interest paid in comparison to a longer term loan. 

ooba Has a host of home loan calculators and other resources available to help you determine the potential cost of your home loan when planning and budgeting.