First Home Owners Grant
A grant from the Federal and State Governments. It was introduced as compensation for the increased cost of housing after implementation of the Goods and Services Tax (GST) on 1 July 2000. It's only for buyers that have not previously bought property in Australia.
Items not intended to be removed from a property when it's sold, for example fixed carpets, lights, curtains and stoves.
An interest rate set for a fixed term. Penalties may apply if the loan is paid out or additional repayments made before the term expires.
A fixed interest rate that applies to a loan for a set term. Both the interest rate and loan repayments are fixed for the agreed term, regardless of any interest rate variations in the Home Loan market
Items that would cause damage to a property if removed. Their removal must be stipulated in the contract of sale and any damage made good by the seller (e.g. carpets , stoves, dishwashers etc)
A legal process in which mortgaged property is sold to pay the loan of a defaulting borrower.
The dwelling and the land on which it stands is owned by the owner until they choose to sell.