Council certificate
A council document that confirms information about a property, such as zoning, use and development rules for it. Councils issue different certificates for different information types held by them about properties.
A document issued by a local government that confirms information about a property, such as how the land is zoned and how it can be used. Local governments, or councils, issues different certificates for different types of information about a property in their jurisdiction.
Discharge of mortgage
A mortgage is discharged when the borrower has no more repayments to make to the lender.
Equity
The difference between the market value of an asset, such as a property, and any debts owed against it.
Fixed interest rate
When the interest rate on a loan is fixed at an agreed rate for a set time period.
Insurance
A financial agreement with an insurer to protect assets, such as a home or income, against risks such as damage, theft or loss.
Interest only repayment option
An option that allows borrowers to repay only the interest accrued on a loan for a set period, during which no repayments are required to reduce the loan’s principal amount.
Investment Property Loan
A loan taken out to purchase, refinance or renovate a property that’s used for an investment purpose. Investment properties are not occupied as the primary residence of an owner.
Loan Account
An account the lender opens to record the transactions, such as repayments, made under the borrower’s loan agreement.
Loan Term
This is the period of time that a borrower has to repay the loan. It may be expressed as a maximum period of time, but a borrower may still be able to repay the loan sooner.
Mortgage
A legal agreement by which a lender secures a borrower’s loan by using a property (whether owned by the borrower or someone else). Taking security here means acquiring rights or control over the asset such as requiring its owner to properly maintain it and having power to sell it upon the borrower’s default and apply the sale proceeds towards repaying the loan
A legal agreement under which a lender secures a loan by using a property as security. This means that if a borrowers fails to meet the loan obligations, the lender may sell the property in order to repay the loan.