Here you will find a list of terms which are commonly used by Bank of us.
ABN: Australian Business Number is issued to all registered businesses in Australia. Bank of us is a trading name of B&E Ltd ABN 32 087 652 088.
Australian Credit Licence: Our Australian Credit Licence is 236870
Additional Payments: The facility to make extra repayments on your home loan account.
AFSL: Australian Financial Services Licence. Our AFSL is 236870.
Application Fee: A fee paid to cover the costs of setting up a home loan (sometimes referred to as an Establishment Fee).
ATM: Automatic Teller Machine. Bank of us customers can use RediATMs Australia wide free of charge.
ASIC: Australian Securities and Investment Commission. Australian governments regulatory body for banks and other financial institutions.
ATO: Australian Taxation Office.
BSB: This is a unique banking number which you need to transfer money into Bank of us. Our BSB is 632 001.
BPAY: Use BPAY to pay accounts where a BPAY number and Reference number is provided on the invoice or bill.
Customer Number: Every Bank of us customer has their own Customer number which is a unique identifier for the individual. Your customer number can be found on your statement as a 6 digit number following your account number. If you cannot locate your client number, please call our Customer Services Team on 1300 306 716.
Comparison Rate: The full cost of an interest rate taking into account any upfront and ongoing fees that must be paid in relation to the loan.
Consumer Credit Code: Regulates lending transactions between Bank of us and the consumer.
Contract of Sale: A written agreement outlining the terms and conditions for the purchase or sale of property. Contracts are usually exchanged when the deposit is paid.
Conveyancing: The process where the title of a property is transferred from the seller’s name to the buyer’s name.
Default: Failure to abide by the terms of the loan agreement.
Deposit: Amount of money paid to secure the purchase of a property. A deposit is usually paid by the buyer at the time of exchanging contracts. Normally a deposit is a minimum of 5% of the property purchase price.
Discharge Authority: An authority from the customer to discharge their mortgage from Bank of us. To obtain a copy of our Discharge Authority, please call 1300 306 716.
Discharge Fee: An administration fee to cover the costs incurred in finalising a loan account.
EFTPOS: Electronic Funds Transfer at Point Of Sale (available at retail or wholesale merchants).
Everyday Account: An Everyday account is a great account for using everyday. These accounts can be linked to debit cards, internet banking as well as telephone and cheque. See our Everyday options HERE.
Exchange of Contracts: When the buyer and seller swap signed contracts, indicating the legal agreement to exchange a property.
Fixed Interest: An interest rate which is set for an agreed term.
Fixed Interest Rate Loan: A loan with an interest rate that remains the same for a set term. Both the interest rate and loan repayments are fixed for the agreed term, regardless of any interest rate variations in the home loan market.
Identification: Under the Anti-Money Laundering and Counter Terrorism Financing Act 2006, we require specific forms of identification in order to open your account. Bank of us is required to verify your full name, residential address and/or date of birth.
Lenders Mortgage Insurance (LMI): Payable if the home loan is more than 80% of the loan to valuation ratio (LVR). This is an insurance policy that insures the lender against the borrower defaulting on a loan. There is no protection for the borrower under LMI.
Loan Protection Insurance: This is an insurance policy taken out by a borrower to cover their loan repayments in the event that they are not able to meet them through specified events, for example through serious illness, death or unemployment.
Loan to Valuation Ratio (LVR): This is the ratio between the amount borrowed to purchase a property and the valuation of the property. For example, if you are purchasing a property valued at $300,000 and have a $60,000 deposit, the amount you would need to borrow is $240,000, equating to an LVR of 80%.
Merchant: A supplier of goods or services.
Mortgage: A legal document that pledges a property to the lender as security for payment of a loan (including interest).
Mortgagee: The lender of the funds.
Mortgagor: The person who has pledged their property as security for the loan.
Offset Account: A Bank of us transaction account in which the full account balance is offset against the balance of your home loan. Offset accounts are available with our Topline and FlexiChoice home loans.
Politically Exposed Persons: A Politically Exposed Person (PEP) means an individual who holds a prominent public position or function in a government body or an international organisation in Australia or overseas, such as a Head of State or head of a country or government, or a government minister or equivalent senior politician. A PEP can also be an immediate family member of a person referred to above, including a spouse, de facto partner, child and a child's spouse or a parent. A close associate of a PEP, i.e. any individual who is known to have joint beneficial ownership of a legal arrangement or entity is also considered to be a PEP.
POS: Point of Sale.
Redraw Facility: A loan account feature of a variable interest rate home loan that allows you to make payments above the minimum repayment required and later draw on these funds if you need to.
Savings Account: For money you don't need to access very often a savings account usually offers a better interest rate. See our savings accounts and apply online HERE.
Settlement: The time at which final payments are made on a property and legal documents are exchanged.
Split Loan: A combination of a fixed and variable rate loan to form one loan.
Stamp Duty: A tax on the transfer of property or other assets such as shares.
SWIFT Code: You may need to know our SWIFT Code to receive a payment from another country. The Bank of us SWIFT Code is ASLLAU2C.
Valuation: A report by a qualified valuer detailing the estimated value of the property.
Variable Interest Rate Loan: A loan where the interest rate increases or decreases in accordance with interest rates in the market.