|
Agree to the terms of an offer or contract. |
|
|
Extra funds paid into the loan in addition to the monthly minimum payment. |
|
|
The period of time a loan is calculated over (and repaid). |
|
|
The fee charged by a lender to cover or partially cover the lender's costs of setting up or establishing the loan. |
|
|
An overdue account yet to be paid. |
|
|
Lending institution that lends finance based on the value of the asset, which will be held as security. |
|
|
Money, property or goods owned. |
|
|
Legal transference of a right or a title to a property, to another party. |
|
|
The right of a Bank to retain a customer's securities until a liability to the Bank is discharged. (See 'General Lien'). |
|
|
The legal financial state and individual is in, when unable to meet debts (for Companies it is known as being 'wound up'). A debtor may be declared bankrupt by the Federal Court at either the debtor's or the creditor's instigation, and the debtors estate will be placed in the hands of an official receiver who will distribute the estate in accordance to the provisions of the Bankruptcy Act. |
|
|
A person, persons, or entity borrowing money to purchase, payoff, or refinance a product or effect. |
|
|
Person to act on behalf of the buyer to find and negotiate on properties the buyer wishes to purchase. |
|
|
The current value of the assets, including car, property, business, or money etc. |
|
|
The financial gain you get when you sell something for more than you bought it. Maybe subject to capial gain's tax, which is paid on the gained amount. |
|
|
A notice of warning given to a public authority, e.g. Titles Office, claiming entitlement to an interest in certain land. The caveat is registered and remains on the books as a warning to anyone who contemplates dealing with the property. It therefore prevents any action being taken without the previous notice of the person entering the caveat (the caveator). |
|
|
The term used to describe any right established over a borrower's property to secure a debt or performance of an obligation. |
|
|
Additional or supporting security given in addition to the principle security. |
|
|
The schedule displayed by a lender that give the annual percentage rate and respective Comparison Rate, for the lender's loan products for specific amounts over specific terms. |
|
|
Legislation designed to protect the rights of the individual (personal consumer) by ensuring the banks and other financial institutions all adhere to the same rules when providing personal, domestic or household credit. It should provide borrowers with complete and honest information. Also known as the Uniform Consumer Credit Code or UCCC. |
|
|
A written agreement outlining the terms and conditions for the purchase or sale of property. |
|
|
The legal process for the transferal of ownership of real estate. |
|
|
Credit Ombudsman Service Limited. Formerly known as MIOS (Mortgage Industry Ombudsman Service). |
|
|
(Credit Reference Association of Australia) the company which used to record and hold credit information on everyone. Changed it name to 'Credit Advantage Limited' and more recently Baycorp Ltd. |
|
|
Interest calculated on a daily basis - varies according to the daily account balance. |
|
|
Someone who owes money to another and can be compelled to perform an obligation. |
|
|
A document in writing,which is signed, sealed and delivered by the parties thereto, to prove and testify the agreement of the parties whose deed it is, to the things contained in the deed. |
|
|
The accounting practice where the cost of a fixed asset of a business is spread over the life of the asset. Depreciation is a non-cash expense which allows the money to be retained by the business, thus technically allowing the business the capacity to replace the asset over time. |
|
|
Where the lender debits a payment from the client's bank, credit union or building society account. |
|
|
Solicitor's incidential costs involved when dealing with the client on behalf of the Lender, e.g. searches, pest reports etc. |
|
|
This is the act of transferring money from a lending institution to the borrower after the loan has settled. |
|
