Home loan terms and mortgage definitions
An interest rate that includes both the headline interest rate and the fees and charges relating to a loan. It is designed to help consumers identify the true cost of a loan and compare it with other loans.
The difference between the lender's interest indicator rate (or other reference rate) and the rate actually charged to borrowers.
The date a debt or investment must be paid in full.
The maximum loan to valuation ratio. This means the amount you can borrow expressed as a percentage of the valuation of the security (usually the property you are buying). For example, 90% LVR means you can borrow up to 90% of the valuation of the property.
The maximum length of a home loan or a specific portion within that loan.
The maximum amount that can be borrowed.
The minimum amount that can borrowed at a fixed rate of interest.
The minimum amount that can be repaid as a lump sum.
The minimum amount that can redrawn from a loan at any one time.
The fees charged to cover or partially cover the lender's internal costs of administering the loan each month.
A form of security for a loan usually taken over real estate. The lender, the mortgagee, has the right to take the real estate if the borrower, the mortgagor, defaults on the loan repayments. A mortgage over land is registered or noted on the Certificate of Title to that land.
State government tax calculated on the borrower's loan amount.
The length of time over which you agree to pay back your mortgage, usually up to a maximum of 30 years.
The lender of funds.
The person borrowing money under the terms of a mortgage.
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