I would assume this relates to Master ---> Master transfer, rather than a Bachelor degree to Master entry.
Essentially this means that if you study a Master of Audiology somewhere else (or equivalent), they won't give you credit for anything already started at your previous university due to the diverse structure of each course at each institution. So say you did 6 months in a Master of Audiology somewhere else, you'd have to start again at the new university.
You would be OK to apply after you have finished the Bachelor degree.
Transcripts are formal records of your studies - they have every unit you've studied along with the grade/result, when it was completed and other details (e.g. majors, minors, special conditions that have been granted etc, along with your GPA/WAM)