The dictionary the banks never gave you.

How much you're borrowing compared to what the property is worth. Borrow $450k on a $500k home and your LVR is 90%. The lower your LVR, the more the banks like you — under 80% and you usually skip lenders mortgage insurance altogether.

Your property's value minus what you still owe. If your place is worth $600k and you owe $400k, you've got $200k in equity. You can often borrow against a chunk of it for renovations, investing, or your next purchase — without selling anything.

An everyday account linked to your loan. Every dollar sitting in it 'offsets' your loan balance, so you pay less interest. $20k in offset against a $400k loan means you're only charged interest on $380k. Your money keeps working while staying available.

The advertised rate plus most of the fees, rolled into one number so you can compare loans fairly. A shiny low rate with high fees can have a worse comparison rate than a plain loan. Always look at both numbers.

Your rate can go up or down over time, usually following the Reserve Bank. More flexibility — extra repayments, offset, redraw — but less certainty about what next year's repayment looks like.

Your rate stays put for a set period, usually 1–5 years. Great for certainty and budgeting, but less flexible — big extra repayments can trigger break fees, and when the fixed period ends you 'revert' to a variable rate that deserves a review.

If you've paid extra off your loan, redraw lets you pull that money back out when you need it. Similar effect to an offset, but the money technically lives inside the loan — which can matter for tax on investment properties.

A family member (usually parents) uses some equity in their own home as extra security for your loan. It can get you into a home with little or no deposit and skip lenders mortgage insurance. Done carefully, it's a leg-up — and the guarantee can be released once you've built enough equity.

When a lender secures one loan against two or more of your properties. Convenient for the bank, but it can tie your hands when you want to sell, refinance, or borrow elsewhere. Often avoidable with smarter structuring — ask before you sign.

A lender's conditional thumbs-up on how much they'll lend you, before you've found a property. It's not a guarantee, but it means you can make offers with confidence and move quickly. Usually lasts about 90 days.

A one-off insurance premium you pay when borrowing more than 80% of a property's value. Here's the kicker: it protects the bank, not you. Sometimes paying it is a smart trade to get in sooner; sometimes a guarantor or scheme can help you skip it.

A state tax you pay when buying property. In Queensland, first home buyers often get big concessions — sometimes paying none at all. It's one of the largest upfront costs, so we always factor it in from day one.

The bank's maths on whether you can comfortably repay the loan — income in, expenses out, with a safety buffer on top. Different lenders calculate it differently, which is exactly why one bank's 'no' can be another's 'yes'.

Moving your loan to a new lender (or renegotiating with your current one) for a better rate, structure, or features. Mostly paperwork behind the scenes — and often worth thousands a year.

The day money changes hands, the title transfers, and you get the keys. Your broker, solicitor, and the banks coordinate behind the scenes. Your job: pick up the keys and celebrate.

If you exit a fixed rate loan before the fixed period ends — selling, refinancing, or paying it out — the bank may charge a break fee. Sometimes it's tiny, sometimes it's not. Always check before making a move mid-fixed-term.