|Advance position||The amount the loan facility is ahead of scheduled repayments. This amount is often available for redraw.|
|Agents commission||The fee (usually a percentage of the sale price) payable to a real estate agent for selling a house.|
|Amortisation period||Refers to the time period it will take for the borrower to repay a loan in full. Also known as the loan term for principle and interest loans. This length of time is set during the application and approval process and, along with the agreed interest rate, is used to calculate the monthly mortgage payment.|
|Application fee||This is generally a flat fee that covers the lender’s internal costs and often waived for home loan finance.|
|Appraised value (valuation)||The estimated value of a property being used as security for mortgage purposes.|
|Arrears||An unpaid (outstanding) or overdue amount.|
|Assets||Everything that a person or company owns or has a right to, from which a benefit can derive. Net assets are assets in excess of liabilities. Liquid assets are assets either in the form of cash or readily convertible into cash.|
|Body corporate||Also known as an owner’s corporation. A body corporate manages the common property of a residential, commercial, retail or industrial development. All the owners of a flat, apartment or unit within a strata building elect a council responsible for the management of the building and its common areas.|
|Break costs/Fixed rate break cost||A cost on charged by lenders for paying out a fixed term loan early. These penalty charges for ‘breaking’ or ending a fixed term loan before the agreed date are designed to compensate the lender for any loss of profit, and usually only charged if the comparison rate at the time of breaking is lower than the original fixed rate.|
|Bridging finance||A short-term loan used to cover the period between the termination of one loan and the start of another. This finance gap can happen when a buyer purchases a new property before selling an old one. Higher interest rates and establishment fees usually apply to this type of finance to compensate for the additional risk.|
|Building inspection||An assessment carried out by a certified building inspector to ensure the building meets building code requirements and is structurally sound. Building inspections are usually undertaken prior to the purchase of a property and contracts of sale can be made subject to obtaining a satisfactory building inspection.|
|Capital gains||A capital gain is the difference between the original purchase price and what is received when the asset is disposed of.|
|Capital gains tax||A federal tax payable on the financial gain made from the sale of an asset purchased after September 1985. Most personal assets are exempt from the tax (including sale of an owner-occupied residence), so it generally applies to investment properties only.|
|Capped interest rate||A loan where the interest rate is allowed to fluctuate but cannot exceed a set level for a period of time.|
|Caveat||A caveat lodged upon a land or property title indicates that a person, other than the owner, can claim some right over, or interest in, the property.|
|Certificate of title||A legal document that provides the identification of ownership for certain property, such as vehicles, homes and land. It is a record of all current information relevant to a particular property or piece of land, including current ownership details, description of property and any registered caveats. A lender usually holds this document as security until the loan is fully repaid, then is returned to the borrower.|
|Certificate of currency||A certificate from your property insurer confirming that insurance is in place, its expiry date and lists the financial institution the loan is with.|
|Chattels||Chattels are items of movable personal property, such as furniture, clothes and appliances. In real estate terms, chattels can be taken by the seller, whereas fixtures must be left behind when the property is sold.|
|Commission||The fee or payment made to a broker or other financial agent for negotiating a sale. The amount may be a flat fee or a percentage of the sale.|
|Comparison rate||The Comparison Rate provides an indicative interest rate that takes into account certain costs associated with setting up a loan. This rate includes the nominal interest rate/s, loan approval fee, any other upfront fees and known ongoing fees. The Comparison Rate does not include government and statutory fees, which are standardised across all loans regardless of the lender. Other fees and charges that are ‘event based’ and which may or may not apply throughout the term of the loan are also not included, eg redraw fees and early repayment costs.|
|Contract of sale||A written agreement setting out the terms and conditions agreed upon between the buyer and seller for the purchase of a property.|
|Conveyancing||The legal process involved in the transfer of title (ownership) of property from one person to another.|
|Cover note||A temporary document issued by an insurance company that provides insurance coverage until a formal policy can be implemented.|
|Credit||Contractual agreement in which a borrower receives immediate access to money or other financial assistance which must be paid back under arrangement with a lender at a later date.|
|Creditor||A person or organisation that is owed money.|
|Debtor||Someone who is in debt (owes money) to another person or organisation.|
|Default||Failure to meet the legal obligations (conditions) of a mortgage or loan agreement, such as the inability to make minimum loan repayments when due. Defaulting on a loan may result in financial penalties or in extreme cases, the lender taking legal action to repossess the property.|
|Deposit||A monetary amount paid by the buyer at the time of exchanging the contract for sale, showing an intention to complete the purchase. Normally a minimum of 5-20 percent of the total purchase price is required.|
|Deposit bond||An alternative to the cash deposit which is required between signing the contract of sale and settlement. It is a type of insurance that acts as a guarantee to the seller that they will receive their deposit. This is useful if the buyer has cash tied up in term deposits or other investments. The buyer must pay the full purchase price of the property, including the amount of the deposit, at settlement.|
|Direct debit||Regular electronic debiting of funds from a nominated account under the authorisation of the account holder.|
|Disbursements||Miscellaneous fees and charges incurred during the conveyancing process, including search fees and charges paid to government authorities.|
|Discharge fee||A fee to cover the costs incurred by the lender when terminating a loan account.|
|Discharge of Mortgage||A document signed by the lender and given to the borrower when a mortgage loan has been repaid in full.|
|Disposable income||A person’s remaining income after all known financial expenses, such as loan payments and bills, have been met.|
|Draw down||To withdraw funds from a loan facility. Draw down usually refers to loans where the limit is set, but the amount is not accessed all at once such as a construction loan, or a line of credit. The borrower draws down or uses the funds as required, up to the set limit.|
|Encumbrance||An outstanding liability or financial charge on a property.|
|Equity||The current value of a property less the amount still owed on its mortgage. Equity usually increases as the principal of the mortgage is paid off, and it can be altered by market values and property improvements.|
|Establishment fees||Fees charged by the lender to cover the cost of setting up a loan.|
|Exit or early repayment fees||Fees charged by the lender when a loan is paid off before the end of its agreed term.|
|Extra repayments||Additional payments on a loan above the minimum repayment amount required.|
|Finance broker||An accredited independent agent who acts as an intermediary between financial institutions and clients. They plan, organise and negotiate all types of lending from numerous financial institutions on behalf of the customer to find the most suitable finance for their client’s needs. Similar to a Mortgage Broker, who specialises only in home loans.|
|First Home Owners Grant||A one-off grant payable to eligible home owners who have not previously purchased property in Australia. It was introduced to compensate for the increased cost of housing after implementation of the GST.|
|Fixtures and fittings||Items that belong to the property and are not intended to be removed after the sale of the property, eg fixed carpets, lights, curtains and stoves.|
|Fixed rate||An interest rate that applies to a loan for a set term. Both the interest rate and loan repayments are fixed for the agreed term, regardless of any interest rate variations in the home loan market. The agreed term is usually anywhere between one and five years, although up to ten is available.|
|Freehold||Complete ownership of a property and the land that it has been built on.|
|Guarantee||A contract to pay someone else’s debt if it’s not paid.|
|Guarantor||A person or organisation that agrees to be responsible for the payment of a loan if the actual borrower defaults or is unable to pay.|
|Home equity||The amount of a property actually ’owned’ by the owner. Home equity is the difference between the current value of a property less the amount still owed on its mortgage. Equity usually increases as the principal of the mortgage is paid off and when property market values increase.|
|Home loan||The funds borrowed to purchase a property. The property acts as security for repayment of the loan. The lender holds the title or deed to the property, which is also known as the mortgage.|
|Interest||The amount charged by a lender to a borrower for the use of the money borrowed.|
|Interest only loan||A loan where only the interest is paid for an agreed term which usually ranges from one to five years. The principal is then repaid over the remaining term of the loan by the conversion of repayments to principal and interest.|
|Interest rate||The rate a lender charges to borrow its money, or the rate a bank pays its savers for keeping money in an account.|
|Introductory loan||A loan offered at a reduced rate to new borrowers for an introductory period, which is – usually six to twelve months. This type of loan may also be called a discounted or honeymoon rate.|
|Investment property||A property purchased for the sole purpose of earning a financial return, either in the form of rent or capital gain. The owner does not live in the property.|
|Joint tenants||Equal holding of a property between two or more people. If one party dies, their share passes to the survivor or survivors.|
|Lease||An agreement between a property owner and a tenant. It allows the tenant to occupy and use a property for a set period in exchange for a set payment of rent.|
|Leasehold||The right to use and have exclusive possession (but not ownership) of real estate for a specified period, subject to the fulfilment of certain conditions as recorded in a lease agreement.|
|Lender’s Mortgage Insurance (LMI)||Insurance which covers the lender if a borrower defaults on a loan and the sale of the property doesn’t cover the outstanding debt. LMI is usually required for loans that a lender considers more risky than others, for example, when the amount borrowed is over 80% of the property value. Only the lender is covered by this insurance; it offers no protection to the borrower.|
|Liabilities||Debts owed by a company or individual.|
|Line of credit facility (loan)||A flexible loan arrangement with a specified limit to be used at a customer’s discretion.|
|Lump sum repayments||Additional ad hoc repayments, made over and above the minimum loan repayment required.|
|LVR||Abbreviation for the term ‘Loan to Value’ ratio. LVR is the percentage of the loan amount compared to the value of that property. For example, if a house is worth $160,000, and the mortgage is worth $100,000, then the LVR is 62.50%. Most lenders require a borrower to take out Lender’s Mortgage Insurance if the LVR is 80% or more.|
|Maturity||The date when an outstanding debt must be paid in full.|
|Maximum loan amount||The maximum amount that can be borrowed. It’s based on a borrower’s disposable income, deposit, and the purchase price of the property.|
|Minimum loan amount||The minimum amount that can be borrowed.|
|Minimum repayment required||The minimum amount a borrower is contractually obliged to pay each month in order to repay a loan within an agreed term.|
|Mortgage||A document executed by a customer and lender to take property as security for repayment of the loan. The lender holds the title or deed to the property listed in the mortgage. The term ‘mortgage’ is also known as a home loan.|
|Mortgage Broker||An accredited independent agent who acts as an intermediary between financial institutions and clients. Similar to a Finance Broker, but only specialises in home loans.|
|Mortgage offset account||A savings account linked to a home loan. The interest earned by the money in the savings account offsets – or reduces – the interest due on the home loan. A 100% offset is where the interest rates earned and paid are the same. A partial offset account is where the interest earned on the offset account is only a portion of the rate paid on the home loan.|
|Mortgage Protection Insurance||This insurance covers loan repayments should a borrower become sick, injured, made redundant from their employment or unable to work. It is also called income protection insurance. This insurance covers the borrower, not the lender.|
|Mortgage registration fee||A State Government charge for the registration of a loan. Because the property acts as security for a home loan, the government requires a home loan to be registered so that all claims on a property can be checked by any future buyers of that property.|
|Mortgagee||The lender of home loan funds.|
|Mortgagor||The owner or owners of the property offered as security for a loan.|
|Portability||Allows a different property to be substituted as security for an existing loan. Portability can be useful if the borrower is buying a new home but doesn’t want to set up a new mortgage.|
|Principal||The amount owing on a loan, upon which interest must be paid.|
|Principal & Interest Loan||A loan in which both the principal and interest are repaid during the agreed term of the loan.|
|Purchaser||The person who buys property from the vendor; usually the customer seeking finance.|
|Redraw facility||A component of a variable rate loan which enables a borrower to make extra repayments on the loan but can later redraw this money if needed.|
|Refinance||To switch mortgage providers and arrange a new loan for the same property.|
|Reserve price||The minimum price acceptable to the seller of a property at auction.|
|Searches||Research carried out to confirm information about the property prior to settlement. Searches are usually arranged by a solicitor.|
|Security||An asset that a borrower gives a lender the rights to,so that the lender can be confident of getting their money back if the debt is not repaid as per the loan agreement.|
|Settlement||There are generally two types of settlement that happen with most property purchases:|
1. Settlement of the property is when the balance of the purchase price is paid to the seller. The buyer receives the keys and becomes the legal owner of the property.
2. Settlement of a loan coincides with settlement of the property. It’s when the lender transfers the borrowed funds to the seller or the seller’s mortgage holder.
|Split loan||A loan that is part variable and part fixed. However, a split loan can also have multiple variable parts. Borrowers wanting to use equity in a property to invest in the share market may make ’multiple variable splits‘ to better track the return on their investment.|
|Stamp duty||A State Government tax based on the purchase price of the property. Stamp duty is also payable on mortgages in some states. Each state and territory has different rules and calculations.|
|Strata title||The most common title associated with townhouses and home units and acts as evidence of a unit’s ownership. In a strata plan, individuals each own a small portion of a strata building such as a unit – which is identified as ‘lot’ on the title. All owners in a strata plan share common property such as external walls, windows, roofs, driveways, foyers, fences, lawns and gardens.|
|Tenants in common||A form of agreement often used when friends or family purchase a property together and details the equal or unequal holding of property by two or more people. These shares can be freely transferred to other owners both during life and via a will should one person die, rather than simply defaulting to the owner of the other share.|
|Term||The duration of a loan or a specific period within that loan. This value is usually written in months, eg, 360 months equals 30 years.|
|Title deed||Document disclosing the legal description and ownership of a property.|
|Title fees||Fees charged by a state or territory’s Titles Office for title searches, property ownership transfers, the registration of new mortgages and the discharge of old mortgages.|
|Transfer||A document registered with the Titles Office that confirms the change of ownership or a property.|
|Unencumbered||A property free of encumbrances, covenants and restrictions.|
|Uniform Consumer Credit Code (UCCC)||The legal framework that governs the relationship between borrowers and lenders and requires all credit providers such as banks, building societies, credit unions, finance companies and businesses to:|
• Explain the borrower’s rights and obligations
• Disclose all relevant information about a loan in a written contract, including interest rates, fees and commissions.
|Valuation||A professional opinion of a property’s value.|
|Variable rate||An interest rate that goes up or down depending on money market interest rates.|
|Variation||A change to any part of a loan contract.|
|Vendor||One who offers a property for sale.|
01:04 30 Apr 21
Llewe is quick and always explains things clearly, making it easier to understand what can be a very confusing process.
06:50 09 Apr 21
Llewe was so helpful with organising my loan to purchase my new car after an unfortunate incident that left me carless. He made the process a breeze and got things finalised quickly. Highly recommend Llewe and Endeavour Finance. Thanks again Llewe!
00:22 08 Apr 21
Llewe did a fantastic job securing finance for a first home buyer under complicated circumstances. He went above and beyond to get everything sorted in good time and with no fuss. Could not recommend him highly enough to anyone.
22:53 29 Mar 21
A+++++ service from Adam whilst assisting Aust-Link purchasing a heavy vehicle (Mack truck) for our Mildura site. Would highly recommend Adam and the Endeavor Finance team for promptness and accuracy.
00:59 26 Mar 21
Llewe has been an incredible help in securing my first home. He is highly dedicated, helped me understand the complexities of the process and was readily available to answer any queries I have had. Could not recommend anyone more.
05:54 22 Mar 21
07:07 12 Mar 21
Working with Lllewe was an absolute breeze! He is so great at explaining everything and making the process as easy as possible! I would highly recommend him to everyone
19:53 04 Mar 21
Adam was extremely helpful through the whole process of getting my loan and I cannot thank him enough! He was always available if I had any questions and everything was achieved in a timely manner. I highly recommend Endeavour Finance to anyone.
04:46 16 Feb 21
Excellent experience with Adam at Endeavour Finance. Made the home loan process very easy for us and always kept us in the loop. Couldn’t recommend highly enough.
00:43 16 Feb 21
Llewe was my broker who helped me understand the complex financial side of being a first home buyer as well as the loan process, he listened to my opinions and helped me navigate the steps I had to take to become successful in getting a home loan!Thank you Llewe for your dedication and hard work on my behalf! 👏🏻10/10 would recommend to anyone searching for a broker who is dedicated and efficient to get the best outcome for you!
01:19 09 Feb 21
We needed to refinance a loan and apply for a new one, the process was a struggle although would not have happened if Adam didn’t help us through. Highly recommend 👏
08:24 03 Feb 21
Hi,I cannot speak more highly of Adam and the team at Endeavour Finance. He is more than responsive, he takes the time to listen to you and works out a solution. Very responsive and my circumstance was complex and needs timely assistance. I think I have found a mortgage broker to stick with, like they say, you need a good accountant, lawyer and now a good mortgage broker. Adam and the team for me.Cheers
02:51 29 Jan 21
Llewelyn is a very professional, friendly person. He is constantly in touch with the progress of our loans. I would strongly recommend using Llewelyn for your financial needs, I definitely will be using him again.
23:11 27 Jan 21
Highly recommend Llewellyn! Very informative, and professional. Very helpful and was more then happy to answer any questions we had.Absolute 10/10 broker.
05:25 25 Jan 21
Great service and communication
07:16 22 Jan 21
Adam was very professional I thought I would never get the loan for maintenance done on our home. Adam came through once again thank you Endeavor Finance.
09:39 18 Jan 21
Adam helped me from start to finish purchase a house interstate.I have never completed this process myself before.The service that Adam provided felt like I was his VIP client.Adam at all times was Informative, helpful, responsive, efficient and most of all provided a service that felt like he was a trusted friend that stayed by my side supporting me all the way.I Highly recommend Endeavor Finance.An amazing service that is very passionate and proud of what they do.Thank you for everything, I’ll be working with you again soon.Kat
06:28 12 Jan 21
Adam helped us secure our first block of land and construction loan. He worked with us through the whole process and made sure we had a great outcome in the end! Thanks Adam!
00:41 10 Jan 21
05:15 22 Dec 20
Adam is always responsive, professional and easy to work with. They have made everything so easy for us! We recommend endeavor finance to everyone
07:13 21 Dec 20
Adam and his team are quick, accessable and professional. Couldn't recommend them enough. If your looking for finance definitely give them a go, you won't be disappointed.
05:03 09 Dec 20
Llewellyn has been outstanding to work with, very knowledgeable and savvy, great at explaining the process and making the experience a breeze, definitely recommend to anyone!
02:06 09 Dec 20
21:11 08 Dec 20
Had a fantastic experience with Llewelyn, he helped me to secure my loan approval very quickly, he was very informative and made the process very smooth. Would recommend his services!
07:25 08 Dec 20
So happy with the way Llewellyn has helped us. Very patient and explains everything so clearly. Went above and beyond to help us save the most we could. If you need a broker he's highly recommend.
04:03 24 Nov 20
Llewe has been great in helping my partner and I get our finance sorted for our land purchase and upcoming build! Highly recommend!
05:11 19 Nov 20
Thanks particularlly to Llewe who is absolutely professional and helped us through all the finance journal regardless how complicated our situation is. We cannot thank you enough and will definitely come back if we have any other finance requests.
02:38 19 Nov 20
Llewe was super helpful with a short turn around time - definitely recommend.
01:02 13 Nov 20
Llewe from Endeavour has been so knowledgable and supportive to my partner and I. We are in the process of applying for our first home loan and to have someone taking us through every detail step-by-step makes it a lot less daunting. So friendly too. Definitely recommend, especially from first home buyers perspective!!
11:48 12 Nov 20
Llewellyn is professional, knowledgeable and a pleasure to communicate with. He has gone above and beyond to get the best outcome for our home loan and we would highly recommend Endeavour Finance
01:47 26 Oct 20
Great service all around. Nothing was too much trouble.
04:08 23 Oct 20
Adam was very helpful with a complex situation, working through many loan options and providing a quick, responsive and thorough service. Very happy with his service and with the outcome
07:20 22 Oct 20
I am a small business owner and operator and have recently used Endeavor Finance for the purchase of a company vehicle. I dealt with Adam and I could not recommend him more highly. He was always available, responded quickly and was extremely easy going and great to deal with. 5+ stars! I will definitely use endeavor for my future needs.Emily MillsBusiness owner and managerDCIRS Community Care
04:28 15 Oct 20
The service and advice I received from Llewellyn exceeded my expectations. He was an absolute pleasure to deal with - always very professional, responsive and knowledgeable.Llewe, my sincere thanks for such a positive experience and ensuring a seamless process regarding my property purchase.
01:39 02 Oct 20
My partner and I reached out to Llewe for some advice in taking strategic steps to getting into our first home, and he has really helped us get in the best position and give us the confidence to look at making an offer when we find our dream home
01:56 30 Sep 20
21:56 25 Sep 20
Llewe Ebery at Endeavor Finance was suggested to me by friends and I am so glad I listened! As a first home buyer; let alone a first home buyer during a pandemic, Llewe made the process a breeze. He came up with a plan to get the best loan possible for me in the time frame we had and it worked perfectly. Everything was explained in terms I understood and no question was left un answered.If you feel like your out of your depth when it comes to financing your home owning dream...Llewe is your guy! Highly recommend !
21:46 24 Sep 20
My partner and myself have just bought our first home through Endeavour Finance.Adam was so helpful through the whole process. As first home buyers we had a lot of questions and he was always responsive and happy to help which made it a lot easier on us.We cannot recommend him enough!
03:47 18 Sep 20
Adam was absolutely amazing in handling the finance for my car, 24 hour turn around and a stellar deal. Couldn’t recommend anyone more.
11:48 14 Sep 20
Llewellyn has been a pleasure to work with securing finance for my first home. He has been incredibly professional throughout, guiding me through each step, patiently answering many questions and keeping me informed. He responded quickly to all our communication and his knowledge was evident as we moved through the process with ease, regardless of the many working parts to my particular situation. I highly recommend working with Llewe!
07:50 14 Sep 20
Laurielle Pole Dance
23:36 08 Sep 20
Llewe was amazing! Building our first home we had no idea what to expect but Llewe made it all so easy for us. He was able to help us through constantly changing circumstances so that we could continue with our build. He put in so much time to making sure we had the best possible finance option. Thanks Llewe!!
07:35 07 Sep 20
Llewe was incredible to work with. Extremely professional, polite and provided some high quality work in a very quick time frame. I would definitely recommend Llewe to everyone.
07:25 04 Sep 20
Llewe and the Endeavor team have just helped me purchase my first home. Llewe was fantastic the whole way through the process and made what was a stressful time very pain free for me by answering all my questions even when I kept changing my mind more than a teenager choosing an outfit for school. Friendly face, great professional service and an impressive beard. Highly recommend Llewe and Endeavor
06:48 04 Sep 20
Llewellyn at Endeavor Finance provided professional but friendly service. Didn’t matter what time or day, Llewe was responsive and generous with his knowledge. Highly recommended Llewe, as he will listen to your needs.
13:07 03 Sep 20
Adam is an outstanding broker and very knowledgeable. As first home buyers, we were essentially flying blind, but Adam was able to assist us through the approval process and find a solution to meet our needs. Communication was fantastic throughout and he was always willing to assist, even after hours. Went above and beyond and we couldn’t recommend highly enough!
07:36 03 Sep 20
Llewellyn was very thorough and professional throughout the the process especially given the COVID-19 restrictionsHighly recommend him for anyone looking for finance
23:52 02 Sep 20
HIGHLY RECOMMENDED!!!I don't typically write reviews but I just had to share just how amazing our experience was with endeavour finance when purchasing our first home.Adam was very receptive to our needs and super responsive to our calls and emails, demonstrating respect and patients in regard to all our myriad of questions along the way. He made the application process effortless, which really allowed me and my partner to celebrate and really enjoy the process in purchasing our first home!Can't thank the endeavour finance team enough for all their support along this journey and would highly recommend their services !!
07:42 31 Aug 20
Adam has helped me a few times now. When I first started my business Adam and the Endeavour team were fantastic with securing finance for equipment and work vehicle, and has recently helped us finance our first home. Adam was great with answering all of my queries I had and was always there to walk me through any unfamiliar processes. I can highly recommend Adam and the Endevour team!
07:33 27 Aug 20
Llewe was amazing to work with. Between working full time and moving towns, I didn’t have to do anything, Llewe did it all for me.