Definitions of property terms and how you should interpret them
In Australia, council rates for a property are fees levied by local government councils to fund the provision of essential services such as roads, footpaths, parks and gardens, waste management, and community facilities. The amount of council rates a property…
A property inspection report details the condition of a property. The report includes information on the physical condition of the property, such as the structure, roof, electrical and plumbing systems, and any potential safety hazards. The report is usually performed…
Stamp Duty (sometimes known as a transfer duty) is a tax imposed by the government on the transfer of ownership of a property. It is paid by the property purchaser and the amount is dependent on the value of the…
Strata is a type of property ownership and management in which a building or complex is divided into individual units, such as apartments or townhouses, that are owned by owners and sometimes companies (Typically a property developer). What are the…
Embedded networks are private electricity / gas / water networks, usually installed at the time of constructing your apartment building. Embedded networks tend to be partnerships between a property developer and a energy utility company allowing an energy provider to…
Hairline cracks can be defined as cracks in the surfaces of concrete, drywalls and plaster with widths so small as to be barely visible. Some hairline cracks can be known as ‘cosmetic cracks’ due to the it being more a visual…
The owner occupier is someone who intends to live in the property they purchase. Do mortgage lenders check your owner-occupancy status? Each lender may have their own different criteria on determining your status as an owner-occupier at your property. For…
The cooling off period is the final chance the property buyer can withdraw from the sale without major legal or financial consequences. It’s important to know how it works and when it does or does not apply. Table of Contents…
A mortgage is a type of loan used to purchase a home, land, or type of real estate. In Australia, the standard and most popular home loan lasts for 30 years. The borrower agrees to pay the lender over this period of…
Dead space in property is the unusable space or space that serves no real purpose. It is important to consider dead space as the total square metres of the property is sometimes used as a sales technique to make the…
The Sunset date is an important legislative item in off the plan apartments and house constructions. It sets out the day the developer fulfils the final obligation prior to settlement and registers the plan of subdivision. In Australia, sellers have…
Property aspect is the orientation of the main living space and balcony in relation to the sun. It is important in many home buyer’s criteria because it determines whether your internal living space will have plenty of natural light. This…
Lender-assessed value can be different to the purchase price of the property. Lender-assessed value is subjective to each lender and is used to determine your Loan to Value Ratio (LVR). Table of Contents How is lender-assessed value calculated? Factors that…
Lenders’ Mortgage Insurance, or LMI, is insurance that protects the lender, not you. It’s usually a one-off, non-refundable, non-transferrable payment made by the borrower at the time of loan settlement. Here are important facts about LMI: When is LMI required?…
