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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.
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Additional Repayments or Extra Repayments
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Application Fees
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ATO Notice of Assessment
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Average Annual Percentage Rate (AAPR)
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Basic Variable
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Break Costs
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Certificate of Title
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Combination loan
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Comparison Rate
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Construction Loan
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Contract of Sale
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Conveyancing
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Disbursements
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Equity Loan/Line of Credit
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Establishment Fee
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Exchange of Contracts
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Extra Repayments or Additional Repayments
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Family Pledge
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Fixed interest/Fixed Rate
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Genuine Savings
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Guarantee
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Holding Deposit
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Interest-Only Loan
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Introductory Loan
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Joint Tenants
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Legal & Other charges
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Lenders Mortgage Insurance (LMI)
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Line of Credit
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Loan Amount
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Loan to Valuation Ratio (LVR)
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Off the Plan
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Offer to Purchase
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Offset Account
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Ongoing Fee
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Other Government Charges
Includes the mortgage registration and/or the land transfer registration
P&I Repayments
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Principal
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Principal & Interest
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Private Sale
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Private Treaty Sale
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Redraw Facility
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Refinance
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Rental Guarantee
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Security
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Settlement Date
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Stamp Duty on Transfer
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Standard Variable
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Strata Title
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Tax Returns
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Tenants In Common
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Valuation
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Weighted Average Rate
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Vendor
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Zoning
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