ABA

The option to make higher repayments to pay off the loan faster.

To agree to the terms of an offer or contract.

Account keeping fees are charged to cover or partially cover the lender's internal costs of administering the loan.

Interest accounted for but not yet due for payment.

An asset that guarantees the lender their loan until the loan is repaid in full. Usually the property is offered to secure the loan.

The process of allocating expenses (Council, electricity, phone, water rates) on settlement day that the seller has paid for but not used, and which the buyer has not used but will be billed for.

Adjustment items typically include council rates, water rates and strata levies – but may include other charges. Adjustments are calculated by applying a daily rate to each of the relevant items, with the balance of the purchase price adjusted depending on whether the items are paid in advance or are unpaid at the date of settlement.

If you’re buying a home and would like to know more about adjustments, contact your legal representative. Your solicitor or conveyancer is responsible for identifying and making adjustments prior to settlement.

A person or body authorised to act on behalf of a client in the sale, purchase or management of property.