LOAN CALCULATORS & TOOLS
Bridging Finance
Loan which "bridges" the gap between the sale of one property and the purchase of another
Construction Loan
A loan for the purpose of building a property whereby the loan is drawn down over stages of construction.
Conveyancing
Legal fees on a property purchase are called conveyancing fees.
Deposit
The amount of cash you require to contribute towards your home loan application.
Drawdown
When building a home rather than buying, funds can be accessed in small lump sums at various intervals to suit the building process.
Equity
The amount of value you have in a property that is unencumbered, therefore the balance of the homes value once any loans are deducted which use the home as security.
First Home Buyer
A person purchasing a property who has not ever purchased another property in their name.
First Home Owners Grant
A government incentive grant for purchasers of their first residential property to assist with the costs of purchase.
Fixed Rate Loans
Interest rates that are locked in (fixed) for a defined period of time.
Home Loan
Otherwise known as a mortgage, is a loan that is securitised against a property.
Interest Capitalisation
Where the interest is not paid on a regular basis but is instead added to the total loan amount.
Introductory or Honeymoon Rate Loan
So named because they give you a low rate for the first year (honeymoon period) before they revert to the market variable rate.
Line of Credit
This is essentially an equity redraw facility where extra money paid in can be withdrawn again on the same loan.
Loan to Value Ratio (LVR)
The percentage of the total loan the lender will lend you based on the total value of the property. Eg 80% LVR
Mortgage
A loan which is securitised against a property.
Mortgage Broker
A specialist loan broker who acts as a middleman between the borrower and the lender to facilitate the negotiation and application for a home loan or financial product.
Mortgage Offset
This is a way of paying off your mortgage faster by linking your everyday transaction account to the loan and using the balance to reduce interest.
Mortgage Insurance
Mortgage insurance safeguards the lender in case of borrower default and is generally required when the borrower does not have sufficient deposit.
Ongoing Fees
Ongoing fees are those charged periodically over the life of the loan.
Redraw
When you have paid extra money into your loan and withdraw it back if you need it in the future.
Refinancing
Refinancing simply means taking out a new loan to pay out an old one.
Split Loans
Dividing your loan into one-portion fixed and one-portion variable interest rates giving you the best of both worlds.
Stamp Duty
Stamp Duty is a State Government duty on financial and other transactions.
Time Finance
Is the trading name for Time Finance and Home Loans Pty Ltd, a helpful and experienced Home Loan brokerage service provider with a network of mortgage brokers throughout Australia.
timefinance.com.au
The website for Time Finance and Home Loans
Lost time is never found again.
Have a professional Time Finance mortgage broker contact you to get your loan requirements arranged on a no charge, no obligation basis.
Call 1300 833 839 or enquire online ›››
