Generally speaking if your loan proceeds to settlement there is no cost for our service. However if your loan does not settle any costs incurred by us or the lender will be passed onto you.

If we lend money through our own wholesale funds then the approval time can be very quick but the time it takes generally can vary greatly from the other lenders we have. We will advise you of the timeframe prior to choosing a lender to ensure that it fits in with what we are trying to achieve. Things that may hold up your approval can be such things as: More Paperwork from the client, Valuation delays, Bank special promotion, Change in Lender Policies, Bank Staff Layoffs. Sometimes the longest part of the approval is simply your application sitting in a pile on a banks desk waiting to be looked at. When we work with you to help get you your result we wil take this into account and also advise you of expected timeframes for the shortlist of lenders.

Term	Description
Amortisation	Paying off the principal and interest, on a loan over a period of time (Loan Term), usually by instalments.
Bridging Finance	Short-term finance, which is used as a 'bridge' before securing long-term finance or selling a property.
Equity	Equity is the difference between the value of an asset, such as a home, and the amount still owing on it. For example, if a property is valued at $350,000 and the owner owes $50,000 on their home loan, the equity is the difference, which in this case is $300,000.
Fixed Interest Rate	A fixed interest rate does not vary for the fixed rate period, so payments remain constant for this period.
Genuine Savings	For our home loans that do require a minimum deposit, you will need to demonstrate genuine savings accumulated in your name/s over a minimum 6 month period. Genuine savings are defined as: Accumulated savings Fixed Term Deposits Sale of Shares (Net of Capital Gains Tax) Proceeds from Real Estate Sale After tax bonus from employer Non preserved superannuation contributions (where the borrower has access to funds in a cash form. Real Estate Equity (must be confirmed by valuation when used as additional security for the loan)
Government or statutory charges	All home loans and purchase/refinance of residential property attract government charges such as stamp duty and mortgage duty. These charges are determined by the relevant State government, and will vary from State to State.
Interest-Only Loan	Under an interest-only loan, usually the borrower makes no principal repayments for the interest only period of the loan. The repayments are calculated to cover the amount of interest and any monthly account keeping fee.
Joint Tenants	Joint tenancy is the holding of property by two or more persons in equal shares. If one person dies, their share is transferred to the remaining joint tenants in equal shares.
Loan to Value Ratio (LVR)	This ratio measures the amount of the loan, compared to the value of the security property. For example, if the property is valued at $250,000 and you borrow $200,000, the LVR would be 80% (200000 / 250000 x 100 = 80)
Lenders Mortgage Insurance	Lenders' mortgage insurance protects your lender in the unfortunate event of you defaulting on your home loan. When lenders agree to lend a customer money, there is a small risk that they won't get the money back if the customer is not able to meet the repayments. Although they have the house as security, if property values decline that security may not be enough to cover the outstanding loan when the lender comes to sell it. This insurance helps lenders broaden the net of who they are able to lend to by taking some of the risk out of lending the money. It means that more people are likely to get a loan and the home they want sooner. Lenders' mortgage insurance should not be confused with mortgage protection insurance, which covers borrowers for the payment of their mortgage instalments in the event of unforseen circumstances including unemployment, illness or death. This insurance is paid annually and can vary depending on the outstanding balance of the loan.
Lump Sum Payment	An extra payment made by the borrower, in addition to the regular loan repayments. These lump sum payments reduce the amount of the loan.
Principal & Interest Loan	This is the most common type of loan. The loan is repaid in regular instalments which repay some of the outstanding loan balance (principal) as well as covering the interest each month.
Progress Payments	If the property you purchase is under construction, progress payments may need to be made to the builder as the building is constructed.
Redraw Facility	If you have made additional repayments on your loan, you may be able to access these through our Cashback service.
Refinancing	Switching your loan from one lender to another.
Settlement (Home Purchase)	Settlement is when the loan is drawn down and the exchange occurs completing of the sale or purchase of the property.
Settlement Date	The date on which settlement takes place.
Stamp Duty	There are two types of Stamp Duty. Stamp duty is a state government tax which is payable when a property is transferred. It is calculated on the purchase price of the property and is paid by the buyer. Stamp Duty varies between states and territories. Mortgage Stamp Duty is payable on your mortgage and is calculated on your loan amount.
Tenants in Common	Two or more people who hold the property in specific shares. If one person dies, their share passes according to the terms of their will, and is NOT automatically transferred to the other property holders.
Variable Interest Rate	A variable interest rate may increase or decrease with changes in financial market conditions. Repayments change to cover the new interest rate.