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Finance Dictionary
At BEAT Home Loans, we hate jargon as much as you do, and try to put everything into simple terms whenever we can. From time to time you may come across a term that you might not have heard before, or understand the meaning of. Below is a list of definitions for commonly used finance terms. Still not sure? Please call our customer service team on 13 BEAT, that's 13 23 28 or contact a BEAT Associate.
Appreciation
When the market value or price of a property increases over time.
Arrears
An unpaid, overdue debt or payment.
Assets
All the assets, including land, home, car, shares, furniture etc owned by a person.
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We promise that our BEAT Basic Variable Home Loan will beat your home loan interest rate.*
*Based on comparison rates for existing or approved loans for new customers. Excludes fixed rates and limited time offers. Lending criteria apply.
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Certificate of Title
An official legal document detailing who owns the land and any restrictions that may be placed on dealings with the land.
Comparison interest rate
The adjusted interest rate for a home loan adjusted to include all definitive non-statutory upfront fees and ongoing fees for the home loan product.
Contract
A legally binding agreement between two or more parties.
Conditional approval
An initial approval given on a home loan application, subject to further information and documentation being supplied by the applicant.
Credit history
A record of how an individual has borrowed money and has repaid debt. This helps to determine whether a potential borrower is likely to be able to repay their loan in a timely manner.
Debt servicing ratio
A calculation used to determine if you can afford the amount that you want to borrow. It is based on your debt expenses shown as a percentage of your monthly income.