No collateral provided to back the loan product.
The extra money received as a result of selling an asset.
A fee charged by some lenders in place of LMI.
Redraw facility is a loan feature that allows consumers to access any extra funds that have been contributed to their home loan. Redraw facilities can give customers flexibility when needed and allow them to make extra repayments to pay off their loan faster.
First home owner grant – this is allocated on a state-by-state basis. For more information on the FHOG, specifically based on your state click here.
Income received from shares, etc.
An early termination fee paid to lender for closing a credit contract prior to the expiry of the loan term.
A savings account.
Funds used to secure the rights of an asset.