Beginner's guide to home loans

Undo-ing the jargon used in home loans

Hot topics

Hot topic #
01

What is LMI?

LMI, also known as Lender’s Mortgage Insurance, protects lenders in the event that aborrower can’t repay their mortgage.
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Hot topic #
02

What is a redraw facility?

A redraw facility gives you access to additional repayments that you’ve made, over and above the minimum monthly repayments.
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Hot topic #
03

What is a variable rate home loan?

It contains an interest rate that changes throughout the term of the loan, depending on a number of different factors.
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What is stamp duty?
Stamp duty is a general tax imposed by the state government on the purchase or transfer of almost any real estate.
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What is conveyancing?
Entering the home buying process can be complex, but understanding the role of conveyancing can make it smoother.
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What is a cooling off period?
A cooling off period allows you to change your mind about the purchase of your home, within the time stated.
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What is a settlement date?
It’s the day your new lender takes possession of your home's title deeds from your old lender.
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What is a break fee?
If the fixed rate period isn’t up yet, exiting a home loan early may incur a break fee,
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What are basis points?
Basis points are the unit of measurement for interest rates, where one basis point equals 0.01% per annum.
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^ Unloan offers a 0.01% per annum discount on the Unloan Live-In rate or Unloan Invest rate upon settlement. On each anniversary of your loan’s settlement date (or the day prior to the anniversary of your loan’s settlement date if your loan settled on 29th February and it is a leap year) the margin discount will increase by a further 0.01% per annum up to a maximum discount of 0.30% per annum. This discount is applied to each loan that you have with Unloan. If you have multiple loans (e.g. one investor and one live-in loan), they will each have a discount calculated based on when you settled each loan. Unloan may withdraw this discount at any time.

*Comparison rate is calculated on a $150,000 secured loan over a 25 year term. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.