HLSC: Investor Loans, Personal Loans, Mortgages, Refinance, Investment, Melbourne, Australia

To accumulate between payments.  In consumer credit transactions, interest charges accrue, or accumulate, from the date one payment is due until the due date of the next payments.

The current loan balance inclusive of any advance/additional payments.

The interest on a loan that is computered for the therm of the loan and added to the principal.

A table that shows the amount of each loan payment applied to principal and interest, and the remaining unpaid principal.

The total cost of credit of a loan expressed as an annualised rate.  Consumer credit regulations set specific formulas for computing the Annual Percentage Rate.

A report prepared by an expert who estimates the current market value of the property.

An abbreviation for the Automatic Teller Machine.  ATMs allow you to withdraw money from your account, providing you have ATM access without having to go into a bank. 

Laws that govern legal proceedings of those who are no longer able to pay their debts.

A change in interest rates or yields expressed as 1/100th of 1 percent.

BPAY is a service via which Australians can pay their bills with 180 financial institutions.  Over half (58%) of BPAY payments are made over the internet.  Each month Australians make 8 million BPAY payments worth $4 billion.

The penalty fee charged when a borrower terminates a fixed rate loan contract before the expiry of the fixed rate period.

An applicant’s financial ability to repay a loan according to a payment schedule.  It is determined by subtracting the applicant’s total expenses from total income.

The amount of money available to a company of individual for spending after operating expenses are deducted from gross income.

The evidence of ownership of real estates.  It describes the property and lists any charges against it.

The actions a lender takes to contact delinquent borrowers to establish the lenders firm position in dealing with delinquency.

The loan is usually for a business purpose.

The rate designed to reflect the total annual cost to a borrower of a loan, including interest payments & fees and expressed as one rate.

A loan used for the purpose of construction a building.

The loan is usually for personal purposes.

Regulates the provision of credit for personal, domestic and household purposes and has been established under the Consumer Credit Acts of all States and Territories.

The loan balance excluding any advance/additional payments – balance of home loan from date of draw down.

The price an organisation pays to have funds available to lend, including factors such as the amount of interest it pays on deposits and on funds it borrowers from investors.  The figure is an important consideration in setting interest rates for loans.

A proposal to grant credit on terms different from those requested by the applicant.

A determination of the risk inherent in making a loan or extending credit to a  particular person or business, including consideration of the applicant’s income, expenses, past use of credit, and general ability to manage financial affairs.

The maximum allowable unpaid balance on open end credit, such as credit card or line of credit, or the amount of limit approved by way of overdraft.

A written statement of the goals, guidelines, standards, and procedures a lender follows in determining who will receive credit and under what terms and conditions.

A history of an applicant’s ability and willingness to pay debts on time.

A confidential report prepared for lenders that provides factual data about an applicants financial condition and standing with creditors.

A company hired by a lender to prepare a report on an applicant’s credit history and creditworthiness.

A statistical formula used to evaluate and rate credit applicant’s.

The process of offering additional services to a customer who already is using one or more services.

The balance of the loan including any extra funds paid into the loan.

The borrowing of funds to pay off multiple and often over debts.  The borrower then owes only one creditor with loan payments usually extended over a longer period of time.

The failure to pay a debit.

The failure to make a loan payment on time.

To pay out money.

The release of the customer’s property title once their loan has been paid to zero and discharge requested.

The amount of an individuals total monthly income that remains after all taxes have been paid.

An Abbreviation for Electronic Funds Transfer at Point of Sale.  EFTPOS allows you to purchase goods and services, and withdraw cash if the merchant agrees, using an ATM card. (See ‘ATM Cards’)

The difference between the amount of unpaid loan principle on a property and its current value.

An interest rate that is set for a predetermined period, such as one, two, three of five years.

A legal procedure allowing a creditor to sell real estate property given as security on a defaulted mortgage loan.

The total dollar amount of a person’s income before taxes and other deductions.

One who takes responsibility for the debts and obligations of another.

It is secured by a mortgage over a residential property and is made up of principal and interest only payments from the borrower to the lender.

Adjustment of the minimum repayment required.