|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.|
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.
11:01 02 Aug 21
We have just had the pleasure of dealing with Adam from Endeavor Finance. From our first meeting with Adam we felt comfortable with our choice of mortgage brokers. Adam is super easy to deal with and talks in away that makes sure you know what’s going on and what needs to be done. I don’t know how he keeps his cool when dealing with a the dramas of buying a new home and refinancing an existing loan. Adam was always accessible via phone, email or text and he always replied in a timely manner and nothing was an issue when we needed to make contact.If you are looking for a broker give Adam / Endeavor Finance a call, you definitely will not be disappointed.
06:18 29 Jul 21
Llewellyn at endeavour finance was absolutely fantastic. Responses in a very timely and professional manner and takes the time to explain in simple terms the processes. I have recommended him to my friends and will continue to do so.
23:24 28 Jul 21
All of the above.Llewe made this whole process simple even in these "difficult times".
00:18 22 Jul 21
I first heard about Endevor Finance from a mate of mine that went through Llewe at Endevor Finance. So I contacted him and for me to trust someone that was going to help me through the process of getting finance was so easy and rewarding. He has kept it simple so that I could understand it all. So all in all it has been an easy and will continue to be easy process when dealing with Endevor Finance. Thanks for everything you have done and will continue to do for me. 👍🏼😃
23:02 20 Jul 21
I can highly recommend Llewelyn at Endeavor finance. I am very happy with the prompt and professional service and a great outcome on refinancing.
05:17 20 Jul 21
Llewe and his team were amazing during our loan applications for land and building. They helped us understand everything, were happy to answer any questions, and were just really great to work with in general. We couldn’t have done this without Llewe, highly recommend using his services!
02:57 19 Jul 21
Very positive experience with Endeavor. Llewe was very responsive and provided a detailed analysis of my positioning as a potential first home buyer and was committed to ensuring I had sufficient information to make informed choices going forward.
12:54 16 Jul 21
Highly recommended, down to earth, quality advice
03:50 15 Jul 21
05:03 08 Jul 21
Llewellyn and the Team have been the most patient and persistent Finance Agency that I have had. Llew kept on persuing different avenues until finally obtaining the positive outcome. I am so happy to have been recommended to this firm by so many happy people with his services.. Definitely invited to the house warming party.
04:47 07 Jul 21
13:03 06 Jul 21
Llewe and the team at Endeavor Finance have been a pleasure to deal with. They have been very responsive and have made the whole process stress free. I would highly recommend them.
09:10 06 Jul 21
Llewe was amazing to deal with, always fast to reply and always went that extra mile to explain things in depth that were more complex. He even took the time to zoom call so we could go through things, absolutely amazing
01:55 06 Jul 21
Llewellyn and Jonel were super helpful and helped us achieve our difficult loan. There were lots of paperwork involved however Jonel was super patient with us and responded in an efficient manner. Thanks to the Team at Endevaour Finance that made it happen for us! We are thankful for everything :D
00:23 30 Jun 21
My experience with Endeavor Finance was phenomenal!My partner and I were purchasing our first house (so came at the experience with next to 0 knowledge). Llewellyn and team were amazing at simplifying complicated issues for us to understand. They supported us along the way, taking the time to explain each step and providing recommendations.Llewellyn was a trusted advisor, I would recommend Endeavour to anyone looking at for friendly guidance and a trusted advisor.
07:14 22 Jun 21
Adam helped me refinance my existing home loan to a great interest rate and also arranged finance for my intestate investment property. Adam was very professional from the start and offered great advice and options to suit my needs, Adam always reply’s to emails and messages in a timely manner.I will be recommending endeavour finance to anyone I know looking to get finance and definitely use them myself in the future.Couldn’t be happier with the service I received!
06:11 22 Jun 21
We were referred to Endeavor Finance through a friend. Adam first met with us to see what our requirements were and then worked tirelessly to find us a great deal which will save us thousands per year on our home loans. I would highly recommended everyone to contact Endeavor Finance and see what they can do for you!
06:05 22 Jun 21
Adam has helped us several times now, always very responsive and follows through in achieving the best finance outcomes for us. Highly recommend Endeavor Finance!
Curtis De Haan
11:47 03 Jun 21
Llewellyn took out all the potential stress out of refinancing our home. We found it so helpful to be able to express all the things we wanted in a bank/homeloan and have him source the best fit for us and support us through the whole process. Would highly reccomend the support of Endeavour Finance.
07:05 02 Jun 21
Excellent detail and explanation provided by Llewellyn. Very grateful for the support in helping to achieve my end goal.
04:15 24 May 21
Llewellyn has been fantastic with helping my partner and I in achieving our first home loan. Anyone who deals with Endeavor Finance will not be disappointed.
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.
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!