Glossary of useful terms and 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 for a home loan, set for an agreed period.
Fixed interest rate loans offer more certainty of repayment 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). 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 agreed with the lender.
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 call 13RAMS, that's 137267.
When a Lender lends you money at a fixed interest rate, they do so on the understanding that you will make certain fixed payments for the whole of the fixed rate period. Usually the Lender arranges their
own funding position on the assumption that they will receive those payments. As a result, if you make certain changes to your loan, it will change that funding position. The Lender may make a loss from re-arranging their funding. As a result, you may be required to pay costs for breaking the fixed rate period depending on the circumstances. Download Fixed rate break costs for more information.
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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