Home loan terms and mortgage definitions
Items that can be removed from a property without causing damage to it. Fittings which will remain in the property must be specified in the contract for sale.
An interest rate set for an agreed term.
Where the interest rate for a home loan is set for an agreed term Fixed interest rate loans offer more certainty than variable interest rate loans because the interest rate does not change for a specified period of time (usually between 1-5 years but even up to 10 years or more). At the expiry of the fixed rate period the interest rate generally reverts to a variable interest rate unless a further fixed rate period is selected. Fixed rate home loans have traditionally been less popular than standard variable rate loans because they were less flexible in terms of access to your money and the ability to make extra repayments. However, that’s recently changed and many fixed rate home loan products now permit extra repayments and may even include redraw facilities. These are some of the pros and cons of fixed interest rate loans.
To find out whether the additional security and certainty of a fixed interest rate is right for you, or learn about the RAMS Fixed Rate home loan. Fees, conditions, limitations and lending criteria apply. This information is of a general nature only and is not to be relied upon as being appropriate or suitable for your particular circumstances.
Items that would cause damage to a property if removed. Their removal must be stipulated in the contract of sale and any damage made good by the seller.
Freehold gives the purchaser complete and indefinite ownership of a property and the land on which it stands.
An account in which all transactions have been suspended.
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