Home loan terms and mortgage definitions
A redraw facility allows you to make additional repayments into your loan account and then access these extra funds when necessary. It has two key advantages: it encourages borrowers to make extra repayments, thereby saving on interest costs; and it provides flexible access to funds when they are most needed. A redraw facility is available on most variable rate loans but is not available on fixed rate loans.
A redraw fee is charged to cover or partially cover the lender's internal costs of allowing the borrower to redraw funds.
To replace or extend an existing loan with funds from either the same or another lender.
A repayment holiday is when you’ve built up enough buffer with your funds (available redraw)from making extra repayments on your home loan. This buffer allows you to stop or reduce the amount of loan repayments as available redraw covers your scheduled home loan payments. You should contact your lender to check that your available redraw will cover the payment you wish to miss or reduce.
Requisitions are questions asked by the buyer of the seller about the title and statutory obligations and controls affecting the property. The right to make requisitions is created by the contract and the seller must answer the requisitions accurately and in a reasonable time.
The specified minimum price acceptable to a seller at auction and which commits the seller to sell the property if the reserve is reached. If bidding falls short of the reserve price it is usual for the seller to negotiate with the highest bidder to arrive at a mutually agreeable price.
A right of way is a particular type of easement ie. a right to travel over land belonging to another person in a particular manner. It does not give a right to take any produce or soil from that other person’s land.
A building contract clause that allows the final pricing to move up or down according to the fluctuations of material prices or wages or variations to building work.
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