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Glossary

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Certificate Of Title
A document identifying the ownership of land. It shows the owner and any mortgages or other encumbrances. The lender holds this as security for a loan.

Combination Loan
Also known as a "split loan", a Combination Loan allows the borrower to split loans between fixed and floating interest rate facilities. This gives the borrower some ability to tailor repayments and have some interest rate stability.

Consumer Credit Code
An Act of Parliament governing the relationship between borrowers and lenders.

Credit Reference Association of Australia (CRAA)
The organisation that gathers, records, updates and stores financial and public information about individuals being considered for credit. A lender will usually check the borrower's details with the CRAA before offering a loan.

Credit Report
A report prepared by the CRAA outlining certain details relating to an individual's credit history and used by a lender in determining a loan applicant's creditworthiness.

Daily Interest
Interest that is calculated daily on the outstanding loan balance.

Disposable Income
Income left over after all known expenses and commitments have been paid (such as mortgage repayments, personal loans and bills).

Drawdown
The disbursement of loan funds provided by the lender.

Early Termination Costs/Fees
Costs associated with paying out a loan in full before maturity of the term.

Equity
A borrower's financial interest in a property. Equity is the difference between the fair market value of the property and the amount still owed on any debts secured by a mortgage over the property.

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