A glossary of terms you may encounter when purchasing property or obtaining a mortgage.

Every lender has their own terms and conditions, and this is intended only as a general guide to understanding this topic.  Contact us to discuss your individual circumstances.

Every lender has their own terms and conditions, and this is intended only as a general guide to understanding this topic. Contact us to discuss your individual circumstances. A construction loan operates slightly differently to a standard home loan. Construction funds from the loan are progressively drawn down at each stage of construction, as detailed […]

Work out how much ‘cash’ you need each pay period ($A).

Get your payroll department to deposit $A into your bank account and the balance into your Home Loan.

Pay as many bills as possible by credit card.

Redraw from your loan to pay your credit card and other bills as required.

The purchase price will consist of the loan and other amounts provided by the Superannuation Fund.

Is this property one that you would consider further? Ask me for my Property question checklist

A guarantor promises to make the payments or reimburse any shortfall in the event that the original borrower does not pay and/or the property is sold at a loss.

The family could provide a gift of money to the purchaser. If it isn’t to be treated as a repayable loan by the bank, then the family member giving the gift will need to provide a statutory declaration signed by a Justice of the Peace.

Construction Loans Insurance Examples

An adverse credit history indicates that there are negative reports or past transactions showing unpaid debts, overdue accounts, over the limit transactions or dishonoured payments.