• Glossary of useful terms and definitions

  • The language and jargon used in purchasing a property can be very confusing. Here's an A-Z glossary of commonly used words and phrases, with easy-to-understand definitions for each one.
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  • G

    • Garnishee

      To legally divert a part or whole of someone's money or property to someone else by order of a Court, usually to settle a debt.

    • Gearing

      The ratio of your own money and borrowed funds in an investment.

    • GST

      Goods and Services Tax which is a Federal tax levied as a percentage added to the price charged on specified goods and services.

    • Guarantee

      A promise made as bound by the terms of a contract.

    • Guarantor

      A person or company that guarantees that promises made by the first party (the borrower) to the second party (lender) will be fulfilled, and assumes liability if the borrower fails to fulfill them (defaults). In case of a default, the guarantor must compensate the lender, and usually acquires an immediate right of action against the borrower for payments made under the guarantee.