The current value of your long-term assets.
The monetary gain obtained when you sell an asset for more than you paid for it.
Capital Gains Tax
A Federal tax on the monetary gain made on the sale of an asset (excluding your primary residence) bought and sold after September 1985.
The positive increase in value of an asset or investment ie the difference between the current value and the original purchase price.
Interest payments which are added to the principal of the loan.
A loan where the interest rate is not allowed to exceed a set level for a period of time. Unlike fixed-rate loans, the interest rate is allowed to drop.
Latin for "beware". A notice of warning given to a public authority. Usually a caveat is in the form of a contract clause that stipulates a particular requirement.
Certificate of Title
A document that details the land dimensions and identifies the ownership of land. It shows who owns the land and whether there are any mortgages or other restrictions on it. This document (if issued) is usually held by the lender as security for a loan.
The term used to describe any right established over a borrower's property to secure a debt or performance of an obligation.
Personal property. There are two types. Real chattels are buildings and fixtures, while personal chattels are clothes and furniture.
A group of houses that share common space.
Additional or supporting security given in addition to the principal security.
The fee payable to an "agent" for services.
A property title that applies when owners of units in a block form a company.
Since July 2003, all lenders must disclose a benchmark comparison rate in their advertising of Home Loans and personal loans. This comparison rate is designed to reflect the total annual cost to a borrower of a loan. It wraps up interest payments and fees and expresses all these costs in one rate, or the average annual percentage rate (AAPR).
Interest that is paid on both the accumulated interest and the original principal.
Consumer Credit Code
An Act of Australian Parliament governing the relationship between borrowers and lenders. The legislation is designed to protect the rights of the individual by ensuring finance institutions adhere to the same rules when providing personal, domestic or household credit.
Contract of Sale
A written, legally enforceable agreement outlining the terms and conditions for the purchase or sale of a property.
The transfer of ownership of a property from the seller's name to the buyer's name.
The legal process for the transfer of ownership of real estate.
Credit Ombudsman Service Limited.
Terms and conditions that specify the usage of a block of land or the buildings on the land.
A guarantee of temporary insurance before the implementation of a formal policy
A history of an individual's debt repayment. Lenders use this information to gauge a potential borrower's ability to repay a loan.
The maximum amount of credit the borrower can use at any one time.
CRAA is a term often used by Brokers and Lenders. CRAA became "Credit Advantage Limited", then Baycorp Advantage and then Veda Advantage and My Credit File. Veda Advantage is the company which records and holds credit information on everyone in Australia.