An asset that guarantees the lender their loan until the loan is repaid in full. Usually the property is offered to secure the loan.
Usually a monthly fee levied by the lender to cover costs of administering and maintaining the loan account.
A date on which the new owner finalises payment and assumes possession of a property.
A period after contracts exchange and before the settlement date. This period allows the buyer time to organise finance, if needed, and to conduct searches surveys and other formalities. The settlement period usually lasts six to eight weeks, depending on a range of factors, including the state.
A combination of loan types forming one loan, such as a partial fixed/variable interest rate loan.
State Government tax assessed on the selling price of the property. Each state has different rules and calculations.
Standard Variable Rate
The rate which lenders apply to their "premium" home loan product. Carries features such as a redraw facility, portability, salary account and mortgage offset.