|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.|
05:16 20 May 22
Thanks Llewe for providing us with a detailed plan of what is possible for borrowing and planning for investing. We appreciated your responsiveness and professionalism.
10:41 09 May 22
Had the pleasure of dealing Llewe and the team at Endeavor more than once now, was extremely happy the first time and extremely happy this time. Have recommended Endeavor to friends and family and will continue to do so. As always top-notch stuff. Thank you!
22:39 25 Apr 22
Adam was great to deal with, was able to sort out an excellent mortgage outcome with a complicated situation for an investment loan. Always helpful and explanatory, and worked at all times to understand what i needed, and to get the best outcome. Simple, fuss-free and kept in the loop at all times...will never deal direct with a bank again! Already have recommended him to others.
03:43 20 Apr 22
I have dealt with Adam for a few property purchases now and can't recommend him highly enough. He values his clients greatly and goes above and beyond to ensure they get the best possible financial outcome as well as understand all of the information that's provided to them. I had no idea what I was doing when it came to purchasing a house, but I am now very confident in my understanding and will continue to use Adam for any future purchases. He loves a challenge and is great at getting the job done!
05:37 08 Apr 22
Adam was very easy to talk to and very quick to respond to my queries. He got my loan approved in no time. Highly recommend Endeavor Finance.
00:25 08 Apr 22
Fast & professional advice from Adam & his team. Highly recommended!
03:05 07 Apr 22
Adam was a fantastic broker, he was knowledgeable, friendly and patient with my many questions and made the whole process incredibly easy. Highly recommend.
03:37 29 Mar 22
Llewe and the team at Endeavour Finance were terrific in helping me secure a small loan. The whole process was super straight forward and they were very transparent with everything we did together.I would recommend Endeavour to anyone who is hoping to secure a loan in Central Victoria.
02:19 24 Mar 22
Llewellyn's guidance and expertise has provided my partner and I with the confidence to pursue the purchase of our first home. Llewellyn has given us clear goals and step by step instructions that take the stress out of home ownership. We look forward to working alongside Llewellyn for future financial decisions.
03:19 09 Mar 22
Second time around using Llewe and the team at Endeavor Finance, would definitely recommend!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.
03:43 21 Feb 22
Llewe was fantastic to deal with. He outlined a number of options based on different scenarios that we had provided him with. He explained everything clearly and gave us some insights that we would have not otherwise considered. Can't recommend his service enough and will definitely work with him again in the future. Thanks Llewe!
03:50 16 Feb 22
Adam was fantastic as we navigated the property purchase process. He is professional, friendly and takes the stress out of the process. Could not recommend him enough.
22:42 15 Feb 22
Great service, very helpful, found us a great interest rate for our home loan!
04:43 15 Feb 22
Adam at Endeavour Finance worked wonders for us. My partner and I bought our first home together with no experience and not much knowledge. Adam was able to guide the whole process and easily outlined what was required of us. He was very easy going and good to build a relationship with. He answered all of our questions, outlined what we were eligible for and worked around the clock for us, even on weekends. I could not recommend Adam or the company enough.
04:34 15 Feb 22
00:56 12 Feb 22
After meeting with Llewe, my wife and I came away with a lot of helpful information on what our borrowing power is and how we can move towards securing a loan. Llewe was highly knowledgeable and clear with explaining things to us, and took the time to run through various scenarios and ensure that he answered any questions we had. I highly recommend seeing Llewe!
21:12 07 Feb 22
Second time around using Llewy & the Endeavor Finance team. A-Grade operators, honest, no BS approach to lending makes for a very smooth and professional transaction.
09:23 07 Feb 22
Highly recommend Endeavor Finance! My partner and I have had best experience with Llewe and the team they were so prompt and lovely to deal with, and made applying for a home loan so easy and stress free. They helped us every step of the way, conversing with the builder and the banks. They explained everything so well, making it all so simple and straightforward for us.
06:56 03 Feb 22
Llwellwyn provided excellent communication, clear guidance and from first contact the process has been easy and professional. Highly recommended.
03:56 19 Jan 22
Llewe, has been fantastic in assisting my wife and I in the process of planning for the purchase of our first home. His advice is first class and added so much value to our property considerations and capital growth potential.
07:02 27 Dec 21
Headline: I couldn't be happier with the service, and the result that Adam Tharle & Endeavour Finance secured for me.A friend referred me to refinancing my home loan and consolidate other debts after the traditional banks knocked me back on the basis of too much unsecured debt (precisely the reason I was seeking to consolidate!)If you've ever refinanced your home loan you know it can be a protracted, administratively burdensome & somewhat mystifying experience!But Adam made it as easy as possible, ready to answer any question, and with great communications and responsiveness. As well as being easygoing, genuine and straightforward to deal with.All in all, I cant recommend Adam Tharle and Endeavour Finance highly enough!
03:34 22 Dec 21
Llewe and his team are great. Llewe was super helpful and responsive whenever I had questions, and his team were super prompt following up the bank to meet tight financing deadlines so close to Christmas.This is the second time I have organised finance with Llewe and I couldn't recommend him and his team highly enough both times.
12:50 20 Dec 21
Very personal, honest and professional service. I trusted them with all of my properties and business matters and they have gone above and beyond in every way.
05:21 20 Dec 21
A review honestly won’t do justice to how goodAdam at Endeavor was for me recently.I could not believe how easy he made my homeRefinancing, after everything you hear aboutThe banks making lending harder, I dealt with absolutely none of this. Adam made everythingSmooth and so simple.I was so happy with the service I spoke to AdamAbout car finance as well and bang as with my home refinance it was quick and easy.If your looking for any sort of finance, you mustGive Endeavor a go they are seriously amazing.Thank you so much for everything Adam I appreciate everything you’ve done for me.
02:42 20 Dec 21
Adam is absolutely amazing to deal with. He has a heart of gold and is very quick to follow things up/get things moved along. Will certainly keep using Adam for my financal needs and couldn't thank him enough for everything he has done over the last few years.
21:34 17 Dec 21
01:37 14 Dec 21
We have been working with Llewelyn from Endeavor Finance for the couple of months. Before we started we had no idea the advantages of a mortgage broker, with both my husband and myself previously securing home loans directly through a bank. Llewelyn was prompt, professional and very supportive. He made the process very simple and easy to navigate around. We live two and half hours from Endeavor finance and still managed to gain a successful loan all from the comfort of our our home and around work/parent life.I couldn't recommend these guys any more if i tried.ThanksJess
09:49 13 Dec 21
We were referred to Llewe at Endeavor as we needed a Broker who specialised in SMSF lending. When we initially met with Llewe we didn't have a property in mind to purchase, but wanted to get a better understanding of the SMSF lending process. Llewe was more than accommodating in meeting with us on several occasions and liaising with our Accountant and Financial Advisor to make sure when a property did come up we were in the best position possible to purchase.Fast forward a few years, and when we did find a property, Llewe secured our finance quickly - he was always available to answer our questions and always took the time to keep us updated along the way.On top of securing our SMSF loan, Llewe also sorted out a great deal on our existing home loans. Thanks Llewe!
03:13 26 Nov 21
Llewy is the man!!
02:58 25 Nov 21
Llewe went above and beyond to ensure I had a great experience and was satisfied with the result.
21:37 03 Nov 21
I couldn't recommend more. Very helpful to my partner and I as first home buyers. Thanks Llewe!
09:24 03 Nov 21
Couldn't be happier with our experience, especially as this is our first home. They did a great job at helping us with our home loan, despite the obstacles we had.Llewe, along with Jonel and Ben, have been extremely accommodating and responsive during this time. We are very thankful for their hard work.Highly recommend :)
04:45 01 Nov 21
Huge shout out to Adam who made the lending process so so simple; no complaints, just straight forward guidance without any jargon!
Jessie H Jackson
00:49 20 Oct 21
05:30 14 Oct 21
Very approachable and accommodating.Easy to talk to and super knowledgable on all topics.
05:44 05 Oct 21
Amazing detail and clarity. Very happy.
07:52 23 Sep 21
Llewellyn, was wonderful in explaining the processes surrounding buying our first property and spent the time to go through a range of scenarios and made us feel supported and listened to. We cannot wait to continue to work with Llewellyn to get our future finances in order.
10:19 20 Sep 21
I’d highly recommend Llewe from Endeavor Finance. He was very professional and easy to deal with in getting me the right finance for a work vehicle. 10/10!
10:52 08 Sep 21
Dealt with Llewe who was quick to respond to emails, easy to talk to and provided a comprehensive oversight of the lending process. Actually feel spoilt as there wasn't even a hint of a problem or any question that couldn't easily be answered. Stark contrast to previous experience dealing directly with a bank which, while successful, was very hard work. Couldn't recommend more.
Senura De Silva
21:42 06 Sep 21
Great GREAT service. Easy to talk to. Prompt reply. Quite fantastic overall.
05:06 02 Sep 21
Very helpful and very professional. They are very good at presenting a solid case and they don't build false expectations.
06:30 31 Aug 21
04:28 31 Aug 21
Llewe at Endeavor has always provided us with professional, relevant and timely advice.
11:12 30 Aug 21
I highly recommend Llewellyn from Endeavor Finance for all of your mortgage broker needs. He has provided me with endless support and his attention to detail and proficiency has made my first home purchase one to remember.
00:21 25 Aug 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.
03:22 20 Aug 21
We have used Endeavor Finance to help us with a home loan recently and the whole process ran smoothly, Llewe was great to deal with,he was very helpful and always quick to respond to any queries that I had.I would definitely recommend using these guys and will be again next time we need finance.
04:58 18 Aug 21
Excellent service and was a big part in helping me buy my first home!
04:22 18 Aug 21
Llewe was a pleasure to deal with, making the whole lending experience very easy. Everything was done online and as a busy person that was fantastic. I would definitely recommend this business.
00:27 10 Aug 21
Llewe from Endeavour Finance has been AMAZING to deal with. Would highly recommend!!
00:27 09 Aug 21
I’d highly recommend Llewy and the team at Endeavor for any of your finance needs. They explain everything in terms that are easy to understand and help you work through your options. Llewy is friendly, knowledgeable, relatable and easy to talk to.