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INFORMATION

JARGON EXPLAINED

The following is a listing of words commonly used by lenders and mortgage brokers. We have tried to give a brief and simple explanation so that you may have a better understanding of the process. For a more detailed explanation we suggest that you refer to your solicitor or accountant.

ASSET: Something of value that you own such as a car or a house etc.

CAVEAT: Not a mortgage but a charge that will prohibit any dealings on the property involved.

CLEAR TITLE: This is a Title or Deed without any encumbrances recorded. (See Deed or Title)

CONTRACT: The document that you sign to sell or purchase a home or other asset. Laws vary from state to state regarding cooling off periods etc, we suggest that before signing any contract you consult a solicitor.

CONVEYANCING: This describes the process where your solicitor searches the title, council rates, toxic waste records, future main roads requirements, land tax and any other items that your solicitor may deem appropriate for your property. Please discuss these searches with your solicitor as each situation will be different.

DEED or TITLE: These are mainly an electronic record these days, but we still talk about them as though a tangible record exists. In past times there actually was a parchment style document that recorded the current and past owners on the deed. In some areas these may still be in existence.

ENCUMBERANCE: A registered charge such as a mortgage or caveat.

EQUITY: A term used a lot by the Commonwealth Bank, it is the amount of your house or property that you own. IE. Market Value minus Loan Debt = Equity

LIABILITY: Usually a debt such as a loan, credit card debt etc.

LOAN CONTRACT: This is the contract that you will sign with the lender. It will give you all costs and fees that apply to your loan. We recommend that you familiarise yourself with all of these items as exit fees or deferred establishment fees may apply if you repay the loan early.

MORTGAGE: A registered charge over the title for a home, unit or land.

SETTLEMENT: A term used to describe the moment when your solicitor exchanges your money for the deeds and documents to give you ownership of the property that you are buying.

VENDOR: The person or persons selling the property.

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