Deposit
The money you put towards the home yourself.
Mortgage terms explained
A few words you might hear, explained simply.
Mortgage
A loan to buy a property, secured against that property. You repay it over an agreed period. Use our calculator to estimate monthly repayments.
Equity loan
A separate loan linked to a share of your home’s value. What you repay can depend on that value and the scheme’s rules. Read about the announced Your First Home government loan.
Interest
The charge for borrowing money, usually shown as a yearly percentage.
Affordability check
A lender’s check of your income, spending and debts to assess whether you can manage the repayments.
Repayment period
The number of years you agree to repay your mortgage over. A longer period can lower monthly payments but increase the total interest you pay.