Glossary
Glossary of terms and acronyms related to Australian banking, finance and investments.
Non-recourse loan
A non-recourse loan is a loan that is secured against a property, but does not hold the borrower personally liable for the loan. In a non-recourse loan, your lender can take your home for repayment, but cannot seize any asset besides the collateral. This differentiates them from other creditors, who can go after other your other assets if you fail to repay. If you incur more debt that your home is worth, the lender simply loses the money. Because of the added risk, a non-recourse loan typically costs more overall and is limited to an 80% to 90% loan value ratio.
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