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

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

Search

Search is a process by which a home is inspected to ensure that it is legally sellable and carries no encumbrances. It is usually performed by a solicitor or conveyancer during the conveyancing perio... view full definition of "Search"

Semi Detached

Semi detached is used to describe a property that shares a common wall with another property, usually in a way that the two homes are mirror images of each other. In Australia, semi detached homes ar... view full definition of "Semi Detached"

Service Fee

The service fee is imposed on a loan, bank account, or other financial product to cover the costs of keeping the borrower's account active. These costs include staff salaries, software and hardware m... view full definition of "Service Fee"

Settlement Date

The settlement date is the date on which the full payment for a loan, asset or security is actually made. In loans, it is also known as the drawdown date because it is when the loan becomes fully dra... view full definition of "Settlement Date"

Solicitors Mortgages

Solicitors mortgages are a special type of loan usually offered by solicitors to investors. They are usually interest-only schemes wherein the borrower pays only the interest on the principal for par... view full definition of "Solicitors Mortgages"

Split Loan

A split loan is a loan that switches from one type to another, allowing the borrower to enjoy the benefits of both schemes. It is usually designed to reduce initial interest rates and help you prepar... view full definition of "Split Loan"

Standard Variable Rate

The standard variable rate is a base rate determined by the lender and applied to their 'premium' products, or the standard residential mortgage. It is the rate that loans revert to after the introdu... view full definition of "Standard Variable Rate"

Strata Title

A strata title is used to designate ownership of a building unit, rather than a full piece of land. It is usually applied to flats, apartments and condominiums. Holders of a strata title own part of ... view full definition of "Strata Title"

Sub-prime lending

Sub-prime lending refers to loans that do not meet the standard banking criteria for lending. Also called non-conforming loans, they are usually offered to people who are risky borrowers, such as tho... view full definition of "Sub-prime lending"

Switching Fee

The switching fee, also called the processing fee or handling charge, is charged to borrowers who wish to switch from one type of loan to another. This usually does not cover split loans and some spe... view full definition of "Switching Fee"