Glossary S

Research that is undertaken by solicitors to confirm information about the property or the purchaser, prior to settlement.

A borrower’s ability to make repayments (service) on the loan when payments are due.

The date where the balance of the contract price is paid and the property officially becomes the buyers.

Split loan
A loan that consists of part fixed rate and part variable rate.

Standard Variable
A variable loan that has extensive features, which is unlike a basic variable.

Stamp Duty
This State Government tax is paid by the purchaser and is calculated as a percentage of the purchase price.

Strata title
Strata title has enabled the subdivision of land and buildings into lots and common property. The “lots” are the units or other areas owned by owners. Apart from the unit there can be areas like laundries, car spaces, garages, marinas which form part of the lot. The common property is everything that does not form part of a lot and is owned by the owners corporation (all the owners collectively).

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