Additional payments in loan above the payments prescribed.
The process of paying off the principal and interest under loan at regular intervals.
Fee lender charges when a loan application is lodged.
It is the overdue amount which has not yet been paid.
Representative body acting for owners with the responsibility of administering, controlling and managing all common property areas.
The sum paid to a body corporate for covering the administrative costs associated with a common property.
It is the insurance in which costs incurred in the rebuilding or repairing of a property after structural damage are covered.
It is the money acquired upon selling an asset at a higher price than you had originally paid.
An area which many people use and is owned by a Body Corporate.
A written agreement in which the terms and conditions of purchasing or selling a property are stated.
A tool that enables consumers in identifying the actual cost of a loan including the interest rate as well as the underlying charges and fees related to the loan.
Failure of paying the debts on the agreed due date.
Decrease in property value over time.
The difference in the amount you owe and the property’s current worth.
The buyers and sellers entering into a binding contract that obligates them to purchase or sell the property.
Interest for a home loan that enables you to lock it for a set period.
It is the total income prior to tax and doesn’t include super or other perks.
Refundable deposit made by purchasers to demonstrate their goodwill for going forward with the purchase.
Honeymoon rate, also called introductory rate, is when home loans offer a low rate of interest for the starting period, usually the initial 1-3 years.
It is an agreement wherein which borrower only makes payments of interest, not the principal.
When property is held by two or more people with equal shares.
Loan to valuation ratio (LVR) is the measure of loan amount compared to the property’s value.
A kind of security for a loan that is taken over real estate.
When the return on investment is not enough to meet investment costs and interest costs of the loan.
A savings account in which balance is offset against home loans for reducing total payable interest.
A feature that allows transfer of home loan from one property to another one without having to refinance.
Movement of the loan from one lending institution to another one.
A document which is registered at the Land Titles Office and confirms ownership change.
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