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Finance Dictionary
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Finance Dictionary

This Finance Dictionary is to help you understand many of the common terms used by banks, lawyers, valuers and real estate agents when you are buying or selling a house.

MOST OF US FALL INTO ONE OF THESE CATEGORIES AT SOME TIME IN OUR LIVES:

  • First home buyer
  • Upgrading or upsizing our home
  • Buying our first investment property
  • Downsizing our home

    Therefore, for many people, unless you are working in the Real Estate or Property related industries, you will probably not use many of these terms everyday.

    HOW IT CAN HELP:

    This Finance Dictionary will give you a quick reference for when you are back in the realm of buying or selling property - and you want to make sure you know what all the relevant terms mean.

    You should find it helps you keep up with what the Industry Professionals are talking about, as well as arming you with knowledge to ask further questions if a term comes up that concerns you.

    Terms & Meanings

    Please bear with us as we develop the information for this page.

  • CAVEAT

  • CONDITIONAL

  • CONVEYANCING

  • DEPOSIT

  • ESCROW

  • GUARANTEE

  • GUARANTOR

  • HOME LOAN

  • INTEREST - Fixed or Floating

  • INTEREST ONLY LOAN - This is generally used on investment properties where only the interest portion of your loan is paid as this is the tax deductible part.

  • MORTGAGE PROTECTION INSURANCE - Insurance that is sometimes required by the Mortgagee which insures you in the event of permanent disability or death.

  • MORTGAGEE - The person (or bank or lending institution) who is lending the money.

  • MORTGAGOR - The person borrowing the money.

  • NEGATIVE GEARING - When you borrow on an investment property, and the borrowing is high so that the interest payments on the mortgage exceed the rental income. This is sometimes done to allow the loss to be offset against your other income for tax purposes.

  • PRINCIPAL - The amount that was borrowed or is still outstanding.

  • POSSESSION

  • REPAYMENTS

  • TERM LOAN

  • TITLE

  • VACANT POSSESSION - Requires that the property is not tenanted at the time you take possession. You may choose to negotiate with, and keep, existing tenants but asking for Vacant Possession ensures you have the choice.

  • UNCONDITIONAL

    Go from Finance Dictionary to learn about Home Loans


    ABACUS FINANCE OF NZ :SPECIALISTS IN HOME LOANS & SMALL LOANS
    PO Box 168, Cambridge 3450, Waipa, Waikato, New Zealand
    Free Call 0508 ABACUS (0508 222 287)
    Information in this website is specific to NZ, and may not be applicable elsewhere.
    Copyright ABACUS FINANCE LTD 2007
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