"We believe in simplicity. Here are the most prominent terms you'll encounter on your property journey."
A short-term loan that allows you to buy a new property before you have sold your existing one.
A system where your credit report shows both your negative events (missed payments) and your positive behaviors (on-time payments).
The legal process of transferring property ownership from a seller to a buyer, usually handled by a solicitor or licensed conveyancer.
The difference between the market value of your property and the amount you still owe on your mortgage.
Funds that have been accumulated in a bank account for at least 3 months. It proves to the lender that you have the discipline to save.
A one-off insurance premium that protects the lender (not you) if you default on the loan. It's typically required when you have less than a 20% deposit.
The amount of the loan expressed as a percentage of the property value. For example, if a property is worth $500k and you owe $400k, your LVR is 80%.
When the costs of owning an investment property (interest, rates, etc.) are higher than the rental income it generates.
A transaction account linked to your home loan. The balance in this account 'offsets' the loan balance, so you only pay interest on the difference.
A repayment type where you pay back both the original amount borrowed (Principal) and the interest charged by the bank.
A feature that allows you to withdraw any extra repayments you've made into your loan account over and above the minimum requirements.
The final stage of the property sale where the buyer's lender provides the funds to the seller, and the title is legally transferred.
A state government tax on property transactions. The amount varies by state and is calculated based on the property's purchase price.
A condition in an off-the-plan contract that allows the buyer or seller to terminate the contract if the project isn't completed by a specific date.
An assessment of a property's value by an independent professional, ordered by the bank to ensure the security is worth the loan amount.