AAPR ~ the actual rate of a loan by taking into account interest rates, upfront and ongoing fees, and other costs not included in the advertised rate.
ABIO ~ an independent body that handles disputes between individuals and financial institutions.
ATM ~ an automatic teller machine, a public device that lets you make withdrawals, deposits, balance inquiries, and other transactions without the need for an actual teller.
Accrued interest ~ interest that has been recognized, but not yet paid or charged.  
Additional Repayment ~ a payments you make above the minimum monthly requirement on a loan.
Adjustment ~ a fee paid by the buyer of a home for utility expenses such as phone, water and electricity.
All In One Loan ~ a loan that allows you to deposit your savings, income, and other funds into your loan, and easily withdraw them as needed. 
Amortisation Period ~ the time frame during which a buyer is expected to pay off a loan and its interest. 
Annual Percentage Rate ~ the effective interest rates charged to the borrower, taking one-time expenses such as opening fees into account. 
Annual fee ~ an ongoing fee charged to the borrower in a loan, as well as credit card holders, as payment for keeping their account active.
Application Fee ~ a fee charged to the borrower or consumer to cover the initial costs of the loan approval process. 
At call ~ used to describe funds that are accessible at any time, instead of being locked away like term deposits.
BPay ~ an electronic payment system offered by many Australian financial institutions. 
Basic Rate ~ a variable interest rate generally lower than the standard.
Basic Variable ~ a special loan program offering lower interest rates than the standard variable rate loan.
Body Corporate ~ an organization formed by the unit owners of an apartment or strata building.
Break Costs ~ a term that refers to charges or penalties incurred when you decide to pay out the full amount of a loan before the fixed term is over.
CRAA ~ a premier credit reporting agency responsible for keeping files on all borrowers and financial institutions. 
Capped Loan ~ a loan wherein the interest rate may go lower than, but cannot exceed, a preset level.
Caveat ~ a Latin word which literally means beware.
Certificate Of Title ~ an official document stating that a person owns a piece of land or property. 
Charge card ~ a charge card allows you to credit your purchases on a separate account payable at the end of every month.
Chattels ~ a term descibing movable personal property such as clothes, furniture, and appliances, as opposed to permanent fixtures like homes and buildings.
Combination Loan ~ a loan that switches between two schemes, usually from fixed to variable rate or vice versa. 
Common Property ~ any property which is owned by a number of tenants instead of a single individual. 
Comparison Rate ~ the true rate of a loan, taking into account the upfront costs, ongoing fees, and other fees not commonly included in advertised rates.
Construction Loan ~  used to finance the building of a new home or property.
Consumer Credit Code ~ the code to protect borrowers from deception, fraud, and other illegal dealings by lenders and financial institutions.
Contract ~ an agreement between two entities, which may or may not be written. 
Conveyancing ~ the process of officially transferring a property title from one party to another.
Credit Union ~ a financial institution fully owned and controlled by its members. 
The Debt Service Ratio ~ the percentage of a borrower's income that will be used to pay off a loan.  
A Debenture ~ an unsecured debt supported only by the borrower's credit, or evidence of good credit, rather than a specific property or collateral.
Debit card ~ a payment system that draws funds directly against your savings or bank account. 
Deposit Bond ~ an agreement issued by a bank or financial institution that guarantees full payment by the due date. 
Direct Credit ~ a payment system that transfers funds electronically from one account to another. 
Direct Debit ~  a method of payment wherein funds are directly withdrawn from your bank account. 
Discharge fee ~ the fee  charged upon full payment or at the end of a loan period. 
EFTPOS ~ a method of payment allowing you to pay for purchases by debiting the amount directly from your savings account.
Early Termination Charges ~ the term that describes charges that are imposed when you default, transfer, or pay off your loan before the end of the term.
Easement ~ a right-of-way granted to individuals or companies providing services to improve one's property.
Encumbrance ~ an outstanding charge or liability on a property, which limits its use or prevents full transfer of ownership.
Equity Mortgage ~ a type of loan that uses part of the asset's value as security. The security is usually a large percentage of the home, typically around 75% of the total value.
Equity reduction limit ~ used to describe the cap on the amount you can deduct from your home equity.
Establishment Fee ~ an initial payment made upon application or during the opening of a loan, credit card account, or other financial service. 
Exit Fee ~ charged when a borrower defaults, refinances, or transfers a loan to another lender.
FID ~ a now-defunct fee imposed on deposits to savings, term deposits, and other bank accounts. 
Freehold ~ a type of ownership where one owns both the property and the land it is standing on. Also called a fee simple.
Gazumping ~ when a seller accepts an offer on a property but accepts higher bid from another buyer before a deposit is made. 
Giro Post ~ an Australian banking service allowing holders of card-based accounts to make bank transactions via post.
Guarantor ~ a person or institution who takes responsibility for another person's debt.
Holding Deposit ~ a small fee made to indicate one's interest in buying a property. 
Home Equity Loan ~ a loan secured by the equity or part of the value of the property. 
Honeymoon Rate ~ a discounted initial rate designed to make loan offers more attractive to borrowers. 
Interchange fee ~ is charged to cardholders or merchants who accept electronic payments from other banks through a card network, such as VISA or MasterCard.
Interest Adjustment ~ a fee sometimes paid when a borrower makes additional repayments beyond the monthly minimum on a loan. 
Interest Only Loan ~ a loan that allows you to pay only the predetermined interest rate for part of the loan term, leaving the principal unchanged.
Internet Banking ~ a term that describes banking via a website managed by your bank or financial institution.
Joint Tenants ~ a term that describes two or more people who share equal ownership of a property. 
Land Transfer Fee ~ a state tax imposed on a sale price of a property. 
Legal Fee ~  paid to a broker or some other party who handles bank documentation and other paperwork on your behalf.
Line of Credit ~ a loan that lets you obtain funds at will within a specified time, and up to a given credit limit.
Loan Maintenance Fee ~ an ongoing fee charged regularly to a borrower throughout the duration of a loan. 
Loan to Value Ratio ~ the amount of money borrowed against the total value of the property in a home equity loan.
Mortgage ~ the asset used as collateral or security on a home loan, which is usually all or part of the value of the property being purchased.
Mortgage Discharge ~ a fee paid when a home loan is closed before the loan period ends. 
Mortgage Insurance ~ a policy that protects lenders against borrowers who default or are unable to pay off their loans. 
Mortgage Offset ~ a bank account that is linked to a home loan. 
Mortgage Stamp Duty ~ a state tax imposed on the sale value of a property. 
Mortgagee ~ a person or company that lends out money to help others buy homes or property. 
Negative Gearing ~ a tax offset strategy.
Non-conforming loan ~ a loan that do not meet the banking criteria for lending money, such as going over the loan limit, lack of collateral, poor credit, or an unusual loan purpose
Non-recourse loan ~ a loan that is secured against a property, but does not hold the borrower personally liable for the loan. 
Off the Plan ~ used to describe the purchase of a property before it is fully constructed; i.e. during the planning stage.
Official Cash Rate ~ an interest rate used by banks and other financial institutions as a benchmark for their own interest rates. 
Offset Account ~ a bank account, usually savings, that is linked to a mortgage loan.
Ombudsman ~ an official body that handles formal disputes between consumers and financial institutions.
Ongoing Fee ~ any fee that is paid throughout the duration of a loan, credit card, or other financial contract.
Online savings account ~ designed to provide at-call access to your funds via internet and phone banking.
Passed In ~ a term used when the highest bid on a property does not meet the reserve price set by the vendor.
Portability ~ a feature of a mortgage that lets you transfer the loan to another property without incurring any penalties.
Principal ~the actual amount borrowed on a loan without the interest, ongoing fees, and other expenses that make up the loan's total cost.
Principal and Interest ~ a payment scheme wherein both the principal and the interest are paid out in regular installments every month.
Redraw Facility ~ a loan feature that allows you to make additional repayments and withdraw them anytime. 
Rental Guarantee ~ a policy that ensures owners of a set return on their investment property. 
Reverse mortgage ~ a loan designed for senior citizens who want to convert their home equity into cash.
Rise and Fall Clause ~ a provision in a building contract that allows the price of a property to move up or down according to changes in construction expenses.
Search ~ a process by which a home is inspected to ensure that it is legally sellable and carries no encumbrances. 
Semi Detached ~ used to describe a property that shares a common wall with another property.
Service Fee ~ imposed on a loan, bank account, or other financial product to cover the costs of keeping the borrower's account active.
Settlement Date ~ the date on which the full payment for a loan, asset or security is actually made. 
Solicitors Mortgage ~ a special type of loan usually offered by solicitors to investors. 
Split Loan ~ a loan that switches from one type to another, allowing the borrower to enjoy the benefits of both schemes. 
Standard Variable Rate ~ a base rate determined by the lender and applied to their 'premium' products, or the standard residential mortgage.
Strata Title ~ used to designate ownership of a building unit, rather than a full piece of land. 
Sub-prime lending ~ a term that refers to loans that do not meet the standard banking criteria for lending.
Switching Fee ~ charged to borrowers who wish to switch from one type of loan to another.
Tenants in Common ~ a type of joint ownership wherein two or more people share equal or uneven parts of a property.
Term Deposit ~ a bank account that gives you a fixed interest rate for a predetermined period, usually from one to three years. 
Title Fees ~ a state tax paid for the title search for the registration of a mortgage or sale, transfer, or discharge of a property.
Title Search ~ the process of investigating a land title to make sure the holder is a legal vendor; that is, there are no restrictions on ownership or encumbrances to the sale.
Torrens Title ~ the simplest and most common form of property ownership in Australia. 
Uniform Consumer Credit Code ~ a law that protects the borrower from fraud, deception, and other illegal activities by lenders and financial institutions.
Valuation fee ~ a fee charged for the inspection of a property to determine its value, or more specifically, the surveyor or lender's opinion of its value to be used as security for the loan.