Glossary - Mortgages

Non-Status Mortgage
People with no proof of a credit history or those with a poor credit history may benefit from a non-status mortgage.

Security Address
our financial institution recorded this particular address for your secured loan.

Second Mortgage
This is when you take out another mortgage on a property with an existing mortgage and use the money to pay for repairs to your property, a holiday or someone’s tertiary education.

Bridging Loan
A bridging loan is a temporary loan that can help you to buy a new house while you are waiting to sell the old one.

Capped Rate Mortgage
No matter how much the base rate changes, the interest rate on your mortgage will not rise above a certain level, or cap.

Changes to the base rate will not affect a capped rate mortgage; you and your financial institution.

Flexible Rate
A flexible rate is normally associated with a loan or a mortgage and you could decide how much you pay each month. Some months you could underpay and you could compensate for that the following month by overpaying.

Homeowner Loan
This loan is secured against your property and you could lose the property if you fail to keep up on repayments.

Mortgage Code Register of Intermediaries (MCRI)
This register contains all the names of mortgage brokers who adhere to the Mortgage Code.

Mortgage Guarantee Insurance (MGI)
This type of insurance helps with any shortfall you may experience on a mortgaged property.

Term
The period over which you pay off your loan or mortgage.

Fixed Rate
This usually applies to a mortgage and it means you will pay a fixed amount of interest for a set number of years.

Mortgage
A mortgage is a long-term loan used exclusively to buy a property.

Equity
Equity is the difference between the amount left on your mortgage and the property’s true value and you can use this amount with a remortgage.

Joint Loan Agreement
More than one person shares a single loan agreement.

Joint Liability
Both parties are liable for a portion of the relevant loan/mortgage.

Loan to Value (LTV)
This is the size of your loan or mortgage as a percentage of the property’s price.

Negative Equity
Your property’s value is less than that of the mortgage.

 

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