Glossary

by | Feb 12, 2016 | Home Loan Posts

Glossary A to B Accrued Interest Additional Repayments Adjustments Application Fee Affordability Agent Agreement All in one Loan Allotment Amortisation Period Annual Percentage Rate Appraised Value Arrears Assets At Call Auction Balance Sheet Bankruptcy Basic Variable...

Glossary T to Z

by | Feb 12, 2016 | Home Loan Posts

Glossary T-Z   Term The duration of a loan. For a home loan, a term of 25 or 30 years is fairly standard. Loan terms will also often be referred to as a number of months i.e. a 30 year loan can be expressed as 360 months. Title Search This is a search of the...

Glossary P to S

by | Feb 12, 2016 | Home Loan Posts

Glossary P-S   Portable Loan A loan that allows you to take your mortgage with you from one property to the next without having to go through the full approval process. You also avoid some of the fees associated with setting up a loan. Pre-approved Loan Getting...

Glossary M to O

by | Feb 12, 2016 | Home Loan Posts

Glossary M-O   Maturity The date the debt needs to be paid in full. Maximum Loan Amount The maximum loan value which can be borrowed & is based on a disposable borrower’s income, deposit & purchase price of the property. Minimum Loan Amount The minimum...

Glossary I to L

by | Feb 12, 2016 | Home Loan Posts

Glossary I-L   Income What you earn, including your salary or wages, overtime payments, interest and dividends, rental income etc. Lenders will need to know your income when you apply for a loan. Instalment A regular repayment that the borrower makes to pay off a...

Glossary E-H

by | Feb 12, 2016 | Home Loan Posts

Glossary E-H   Early Termination Charges The costs a borrower pays when the loan is paid out early. Easement A right to use a corridor or passage of land that belongs to another. End Loan Also referred to as bridging finance. It is a short term loan that covers a...