Glossary R

This is when you recalculate the minimum repayments and is usually done if the loan amount has changed significantly.

Redraw facility
This feature allows you to make extra payments on your mortgage and then borrow from that money if needed. Redrawing may extend the life of the loan and increase your repayments.

Occurs when you replace or extend an existing mortgage by arranging for a new mortgage, with the same or different lender.

Reserve Bank
Is the body that is responsible for the maintenance Australia’s financial system, and for setting the official short-term interest rates on which many variable-rate home loans are based.

Reserve price
This is the minimum price a seller is willing to accept at an auction.

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