Explanation of Terms

The mortgage and finance industry is full of jargon and unusual terminology. Some of it dates back to our inherited Old English legal system and some of it is invented by banks and economists to 'sound' intelligent.

Please use the search button (below) to look up the meaning of any terminology. If you are still unsure please call us and ask your question or email us here. It is important to us that you are fully informed.

Additional Repayments or Extra Repayments

Application Fees

Average Annual Percentage Rate (AAPR)

Basic Variable

Break Costs

Certificate of Title

Combination loan

Comparison Rate

Construction Loan

Contract of Sale

Conveyancing

Disbursements

Equity Loan/Line of Credit

Establishment Fee

Exchange of Contracts

Extra Repayments or Additional Repayments

Family Pledge

Fixed interest/Fixed Rate

Genuine Savings

Guarantee

Holding Deposit

Interest-Only Loan

Introductory Loan

Joint Tenants

Lenders Mortgage Insurance (LMI)

Line of Credit

Loan Amount

Loan to Valuation Ratio (LVR)

Off the Plan

Offer to Purchase

Offset Account

Ongoing Fee

P&I Repayments

Principal

Principal & Interest

Private Sale

Private Treaty Sale

Redraw Facility

Refinance

Rental Guarantee

Security

Settlement Date

Stamp Duty on Transfer

Standard Variable

Strata Title

Tenants In Common

Valuation

Weighted Average Rate

Vendor

Zoning

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