A-E
4WD: Four-wheel drive for better off-road traction.
AWD: All-wheel drive powers all wheels continuously.
Account balance: The amount of money you have in your account.
Annual fee: Yearly charge by the lender for loan administration.
Appraisal: Estimate of a property’s value.
Asset: Anything valuable owned by an individual.
Bad debt: Uncollectible debt, worthless to the creditor.
Bankrupt: Unable to pay debts, with liabilities exceeding assets.
Borrowing power: Amount a lender may lend you based on your financial situation.
Business loan: Loan for business use.
Budget: Plan of income and expenses over a period.
C-E
Cash advance: Instant loan from a lender.
Collateral: Property pledged as security for a debt.
Comparison rate: Interest rate plus fees and charges for a loan.
Construction loan: Loan for construction costs.
Contract: Binding agreement between parties.
Conveyancing: Legal process of property ownership transfer.
Credit: Agreement where a borrower receives value in exchange for a promise to repay later.
Credit enquiry: Record on your credit report of credit applications.
Credit report: Record of credit history used by lenders.
Credit score: Number indicating your creditworthiness.
CTP: Compulsory Third Party insurance for road injuries.
F-L
Fixed interest rate: Interest rate fixed for the loan term.
Interest rate: Percentage of the loan amount charged as interest.
Loan term: Time to repay the loan.
Lender: Person or company that provides funds.
Liability: Debts or financial obligations.
Liquidate: Ending a company due to inability to pay debts.
M-P
Mortgage: Legal document pledging property as loan security.
Ongoing fees: Regular fees during the loan term.
PPSR: Register of security interests on personal property.
Pre-approval: Initial agreement to lend money, not final.
Redraw: Accessing extra repayments made on a loan.
Refinance: Replacing an existing loan with a new one.
Renovation loan: Loan for property improvements.
S-Z
Secured loan: Loan secured by an asset, like a car.
Stamp Duty: State fee for vehicle registration or transfer.
Unsecured loan: Loan without asset security.
Upfront fee: Initial fee for loan processing.
Variable rate loan: Loan with an interest rate that changes with the market.
VIN: Vehicle Identification Number, a unique vehicle identifier.