Glossary E

A right to use a part of land that is owned by someone else.

An outstanding charge on a property.

Is the percentage, or the amount, of your home that you actually own. Equity increases as the mortgage decreases and equity is affected by market values and also home improvements.

Establishment fees
This is a fee that is paid to the bank/lender at the point of setting up the loan. Also known as Application Fee.

Exchange of Contract
This occurs when the vendor and buyer give each other the necessary legal documents (usually occurs via solicitor or conveyancer) and commence the settlement process.

Exit fees
These fees are incurred when a loan is paid off earlier than the agreed upon term and this fee usually applies to fixed interest rate loans.

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