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This is the cost incurred when you make an additional payment (either a partial payment, or a payment that pays out your loan in full; including refinance) that exceeds the lender’s allowable amount (e.g. $10,000 per year) during the fixed rate period. Depending on your fixed interest rate and how long you have to go until your fixed term ends, it could come to a significant amount.

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Key Fact Sheet (KFS)

A document authored and published by a lender in a set format to inform borrowers about a the features of a loan. The product KFS is usually available via the lender website.

Guarantor

The guarantor is legally responsible for paying back the entire loan if the borrower cannot or will not make the repayments. The guarantor will also have to pay any fees, charges and interest.

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