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How to Property
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  • National Credit CodeSchedule 1 of the National Consumer Credit Protection Act 2009. It sets the rules for consumer lending in Australia, including the requirement for lenders to display comparison rates alongside advertised interest rates and the standardised method for calculating those rates.
  • Negative EquityWhen you owe more on your mortgage than your home is worth. This typically happens when property prices fall after you bought with a small deposit. Negative equity only becomes a financial problem if you need to sell or cannot keep up repayments.
  • Negative gearingWhen the costs of owning an investment property (mortgage interest, maintenance, rates) exceed the rental income it generates. The loss can be deducted from your taxable income, but you are still losing money in cash flow terms.
  • New HomeA dwelling that has not previously been sold or occupied as a place of residence. This includes newly constructed houses, townhouses, apartments, off-the-plan purchases, and homes built on vacant land. A substantially renovated home may also qualify if it has not been lived in since the renovation.
  • Non-Invasive InspectionAn inspection method where the inspector visually examines accessible areas without opening walls, removing linings, lifting carpet, moving furniture, or carrying out any destructive testing. Standard pre-purchase inspections under AS 4349.1 are non-invasive.
  • Non-negotiable criteriaProperty requirements a buyer commits to not compromising on, regardless of market pressure. Typically limited to three core criteria such as budget ceiling, minimum size, and location.
  • Notice to CompleteA formal notice issued by one party (usually the seller) to the other when settlement has not occurred by the agreed date. It sets a final deadline (typically 14 days in NSW) for the defaulting party to settle, after which the contract can be terminated.
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