Handy terms to know while you look for a home
Demystify the house buying and home lending process by learning the language.
- Asking price
- The advertised price for a property - the price you actually pay can be different.
- Market value
- An estimate of the property value right now – that is, what a buyer would be prepared to pay and what a seller would accept for the property at a point in time.
- Rateable value (RV)
- The value placed on a property by the local council for rating purposes (also known as the Government Valuation or GV).