Please visit rams.com.au/terms to view FAQs relating to changes to your home loan General Terms.
  • 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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  • S


    • Search

      An examination of records or documents at a Land Titles Office or Government Department to confirm ownership of property, registered easements and other encumbrances or current or future proposals in respect of the land.

    • Securities

      An asset that guarantees the lender their loan until the loan is repaid in full. Usually the property is offered to secure the loan.

    • Security

      A right of a lender against the real property, or other assets of a borrower or guarantor, to secure the repayment of a loan.

    • Semi-detached

      Also called a Duplex. This is a type of construction where two buildings are attached together by a common wall or walls.

    • Settlement date

      The date on which documentation for the transfer of ownership of property from the seller to the buyer takes place upon finalisation of the purchase price. It is also usually the date on which the buyer assumes possession.

    • Signatory

      A person authorised to access an account or who has authority to sign and be bound by documents.

    • Split loan

      The loan is split into two (or more) accounts. Customers sometimes use this option to take part of their loan at a fixed interest rate and part of their loan at a variable interest rate giving them rate certainty on the fixed rate portion and flexibility on the variable rate portion.

    • Stamp duty on transfer

      A State Government tax based on the value or purchase price of the property.

    • Strata title

      A form of title to a unit or lot on a plan of subdivision associated with townhouses, units and blocks of flats and based on the horizontal and vertical subdivision of air space. Owners have a certificate of title, are absolute owners of a freehold flat and have an undivided share of the common property.

    • Stratum title

      Similar to Company Title. As the owner you become a shareholder in the company that manages the common area, not just a member as in Strata title. Stratum units are regarded as unattractive because of difficulties and complexities involving the operation of the company, Corporations Law obligations and a reluctance on the part of lenders to accept them as security.

    • Survey

      A plan that shows the boundaries, and the position, of any buildings within a block of land and confirmation whether the building complies with Local Government legislation.

    • Switch to fixed interest rate fee

      A fee that may be charged to cover or partially cover the lender's internal costs of changing the loan from a variable interest rate to a fixed interest rate.