Savings – Money that has been set aside for later use, and which is usually deposited in a savings account.
Security – An asset (usually property such as a car or a house) that has been purchased generally with the funds from the loan, which the lender can sell in case you default on your loan.
Settlement – The transaction that brings the selling process to an end. That is when the buyer may take ownership of the property.
Shareholder – A person that provides part of the company’s capital, and then receives a share of the investment profits in dividends.
Simple interest – An interest that has only been paid alongside a set principal, without being re-invested.
Split loan – The instance where two or more loans are used for funding the same property.
Stamp Duty – A territory or state government tax (depending on the location of the property) that is assessed and paid based on the amount secured by the loan or mortgage. The higher the secured amount, the greater the Stamp duty on the payable mortgage.
Standard variable loan – A loan with variable interest that may include features such as a redraw facility or an offset account.
Statement – A record that provides a summary of every transaction that happened on your account, including the interest that has been paid and the fees that have been charged.
Strata title – Offers ownership or a single unit from a larger building, as well as a body corporate membership.
Stratum title – Similar to Stratum title, only that the owner goes past being just a member of the common area management, becoming a shareholder.
Superannuation – A tax-effective savings form where you set money aside for your retirement. Employers will usually be required to contribute with a small percentage of their salary to the superannuation fund. This money will be invested and will become available for you once you retire.
Switching – The moment when a borrower makes the change from one type of loan to another (for example, moving from a variable loan to a fixed rate one).