Land TaxA State government tax payable by owners of property based on the unimproved capital value of the property.
LeaseA lease is a document granting possession of a property for a given period, subject to the payment of rent, without conferring ownership. The lease document specifies the terms and conditions of occupancy and rent payable.
Lender’s Mortgage Insurance (applicable to home loans)There are a number of variables that influence whether or not lender's mortgage insurance is required. Generally, it is required if you are borrowing more than 80% of the value of the property (60% for Low Doc Home Loans), however this condition varies depending on property type, location of the property, loan type, etc. Lender's mortgage insurance protects the lender, not the borrower(s), against loss in the event that you default on the loan. This should not be confused with mortgage protection insurance for borrowers. In the case of foreclosure, if the property is subsequently sold by the lender at a price that does not cover the outstanding amount of the loan in full, lender's mortgage insurance will cover the difference in the debt still owed to the Bank after the sale of the property.
LesseeA person who obtains possession of a property under a lease.
LessorA person who owns a property and allows another to occupy it under a lease.
Line of creditA line of credit is an amount of money that can be borrowed, but on which interest is only paid when some or all of the credit is assessed.
Linked accountLinked account means any account, other than your card account, that is linked to your card.
Loan to value ratioLoan to value ratio (LVR) is the amount of your loan compared to the value of your property or asset purchased with the loan funds, expressed as a percentage. For example, a loan of $400,000 to buy a property worth $500,000 results in a loan to value ratio of 80%. Banks place a limit on the loan to value ratio depending on things such as the type of property, the location and the financial position of the borrower.
Low DocLow Doc is a loan application method you can use if you are self employed. It means you do not need the standard income verification to apply for a home or investment loan.