A State Government tax charged to the owners of any property over a stipulated value.
Someone's debts or obligations.
Line of Credit
A fully functional transaction account that has a credit limit attached to it. The borrower can generally withdraw funds at any time, up to the credit (or facility) limit. (If the credit limit is attached to more than one account, the borrower may only be able to draw up to the account limit on each account.) There is usually no fixed repayment schedule; however, the borrower is usually required to make payments to at least cover the interest and fees on the loan.
Lenders Mortgage Insurance (LMI)
Lenders Mortgage Insurance. A one off payment by the borrower to the lender to insure the loan. Insurance taken out by the lender to protect itself from default by the borrower. Generally required for Home loans with a Loan to Value Ratio (LVR) above 80%.
Loan to Valuation Ratio (LVR)
The total amount of the loan divided by the appraised value of the property. For example, if a property is valued at $300,000 and the loan amount is $240,000 then the LVR is 80%.
A loan process generally for self-employed people who do not have the standard financial statements required to obtain a loan.
Lump Sum Repayment
An extra repayment made to a loan, outside of the scheduled repayments.