Real Estate Glossary Terms

FirstHome

FirstHome is home ownership initiative which helps eligible buyers to afford to buy selected properties Housing New Zealand is selling across the country.

Fixed Rate Mortgage

A mortgage in which the interest rate does not change during the term of the loan.

Fixtures (or Fittings)

Fixed items that cannot be removed without damaging either the property or the fixture itself, eg: cupboards.

Freehold

An estate in real property which continues for an indefinite period of time. Freehold estates may be inheritable or non-inheritable. Inheritable estates include the fee simple absolute, the qualified fee, and the fee tail. Non-inheritable estates include various life estates which are created by acts of parties, such as an ordinary life estate, or by operation of law.

Gazumping

If someone has agreed to sell you a property and then sells it to someone else for a higher price, you have been gazumped!

Goods and Services Tax (GST)

A tax of 15 per cent levied on the final price of some goods or services.

Inclusions

Lights, curtains, blinds, ceiling fans, airconditioning units, flyscreens, TV antenna, dishwasher, rangehood, stove, fixed cupboards, clothes hoist or any other removable item that the vendor has agreed will be included in the sale.

Interest

The fee charged for borrowing money.

Interest-only Loans

A loan where only the interest is repaid throughout the course of the loan. The original amount is repaid at the end of the term of the loan, rolled over by the same bank or the owner re-mortgages.

Inventory

List of items included with a property for sale; usually furniture, furnishings and other removable items.
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