Glossary
A
- Accrued interest
- Interest you have incurred that is yet to be charged.
- Additional repayment
- Extra funds paid into the loan over and above the minium prescribed repayments.
- Adjustments
- The process of allocating expenses (council, electricity, phone, water rates) on settlement day that the seller has paid for but not used, and which the buyer has not used but will be billed for.
- All in one loan
- A loan, generally variable that allows you to deposit all of your income into the loan account and then withdraw money for the loan account for all your day to day purchases and transactions, the longer spare funds stay in the account, the greater the interest savings.
B
- BAD
- (Bad Accounts Debits tax) State or Territory government tax (except ACT) on withdrawals from accounts on which a cheque may be drawn.
- Bad debt
- A debt with little chance of being recovered and written off as a loss.
- Balance sheet
- A statement of assets, liabilities and net equity for an enterprise at a point of time.
C
- Capital gain
- The monetary gain obtained when you sell an asset for more that you paid for it.
- Capital gains tax
- A Federal tax on the monetary gain made on the sale of an asset bought and sold after September 1985.
- Capitalisation
- When interest payable is accrued and added to the total debt payable.
- Capped Loan
- A loan where the interest rate is not allowed to exceed a set level for a period of time but unlike fixed rate loans, is allowed to drop.
F
- Funds
- Funds refer to money set aside or available for a specific purpose. In the context of home loans and property, “funds” usually mean the money you have or need for buying a home, covering deposits, fees, or making repayments.
I
- Investment Property
- An investment property is a property that you purchase with the intention of earning a return — either through rental income, future resale (capital growth), or both. Unlike your primary residence, you don’t live in the property; instead, you lease it out to tenants or hold it to sell at a profit.
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