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GLOSSARY

Accrued interest
Interest that has been earned or incurred that is yet to be charged or paid.

Annual percentage rate
this is the advertised interest rate per annum.

Amortization period
the period of time taken to pay or the time given to pay out a loan.

Assets
Money, property and/or goods owned.

Capped loan
where a ceiling is set on an interest rate.  The interest rate cannot exceed the ceiling rate.

Caveat emptor
latin for ‘let the buyer beware’ and places some responsibility on the buyer to be informed concerning the purchase.

Certificate of Title
This official document shows land dimension, encumbrances and ownership details.

Comparison rate
this is the nominal rate taking into consideration ongoing fees and charges plus upfront costs.

Compound interest
Interest that is paid on the accumulated interest as well as the principal balance.

Consumer credit code
this is an Act of parliament instigated on the 1st Nov. 1996. It governs the relationship between lender and borrower.

Conversion
changing the loan from one type of loan product to another.  For example, converting the variable loan to a fixed loan.

CRAA
Credit Reference Association of Australia). This association holds credit details on individuals and companies.  Your lender will access a credit report on yourself to determine if you are an acceptable credit risk.

Credit
amount of money borrowed to be paid back to lender and/or amount of money paid into an account.

Default
failure to make loan repayments on due date.

Discharge
occurs upon full repayment of loan.

Equity
The difference between the value of the property and the loan.

Equity loan / mortgage
loan secured by the equity in the property.

Establishment fees
fees paid upon the establishment of a loan and may or may not cover legal and valuation costs but covers cost to the lender of preparing documents.

Fixed interest
An agreed term set at an agreed interest rate that will not fluctuate during the term.

Gearing
the ratio of your own funds contributed to an investment and the borrowed funds.

Holding deposit
the deposit paid to hold an asset for purchase.

Legals
the term given for the preparation of legal documents on behalf of the lender.

Legal Disbursements
Cost incurred to the borrower by the lenders solicitor for incidental expenses, such as, document searching, photocopying, etc.

Liabilities
the funds owed to others – debts.

Line of credit
a flexible loan arrangement with a ceiling allowing the borrower to pay funds into it and draw funds out of it.

LVR
Loan to Valuation Ratio – the ratio between the value of the asset and loan amount secured against it.

Mortgage
a contractual arrangement between lender and borrower using property as security.  Negative Gearing the difference between expenses on a property and the income received from the property when expenses are greater than the income received.

Mortgage Offset account
savings account that is linked to the mortgage and offsets the mortgage interest rate by the interest rate charged on the offset account.  Please refer to section on offset accounts for further explanation.

Principal
the total funds borrowed.

Principal and Interest
repayments of both interest and principal.

Redraw
the ability of redrawing any extra repayments made into the loan above the minimum repayment amount required.

Security
the asset used as collateral for the loan.

Settlement
the day on which the funds borrowed are drawn down and/or the property changes hands from the old owner to the new owner.

Signatory
the person given authority to sign on someone else’s behalf.

Splitting
to split the loan into parts, that is, for instance, one part on a fixed rate and the other on a variable.

Stamp duty on Transfer
government charge placed on the purchase price of a property.

Switching
changing the loan from one type to another, e.g. from fixed to variable.

Top up
term relating to the increase of the loan amount.

Valuation
a professional opinion required by the lender as to the property’s value.

Vendor statement
a statement by the seller to the buyer regarding the property in question.
 
 

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