Banks.com.au - Australian Banking, Finance and Investments

Glossary of terms and acronyms related to Australian banking, finance and investments.

Passed In

'Passed in' is a term used when the highest bid on a property does not meet the reserve price set by the vendor. In this situation, the vendor usually sets an asking price immediately after his prope... view full definition of "Passed In"

Portability

Portability is a feature of a mortgage that lets you transfer the loan to another property without incurring any penalties. This eliminates the need to refinance or take out a new mortgage, as the ne... view full definition of "Portability"

Portable Loans/Portability

Portable loans allow you to transfer your mortgage balance to a new home and use it as collateral for your existing loan. Portability is useful for borrowers who wish to sell their home and move into... view full definition of "Portable Loans/Portability"

Principal

Principal is the actual amount borrowed on a loan without the interest, ongoing fees, and other expenses that make up the loan's total cost. In some cases it also refers to the amount that is left un... view full definition of "Principal"

Principal and Interest

Principal and interest is a payment scheme wherein both the principal and the interest are paid out in regular installments every month. This ensures that both fees will be fully paid at the end of t... view full definition of "Principal and Interest"