Glossary
Short explanations of the terms used in our guides and calculators.
- Code compliance certificate (CCC)The council's sign-off that building work matches its building consent. A LIM shows whether each consent on a property has one.
- Loan-to-value ratio (LVR)Your mortgage as a percentage of the property's value. A $480,000 loan on a $600,000 house is an LVR of 80%.
- Pre-approvalA bank's conditional offer of how much it will lend you. Pre-approval usually lasts a few months, so you can look at houses knowing your budget.
- Settlement dayThe day you pay the rest of the price and the house becomes yours. Your lawyer handles the payment, and you get the keys.