13 terms starting with H
A hard asset is a tangible, physical item with intrinsic value, such as a truck or a machine, that lenders can inspect, value and take as security.
Read definitionFinancial hardship is when a change in your circumstances, such as job loss or illness, means you cannot meet your loan, credit or bill repayments on time.
Read definitionA hardship notice is a borrower's request, made verbally or in writing under the National Credit Code, to change a consumer credit contract because they cannot meet the repayments.
Read definitionHECS (Higher Education Contribution Scheme) is the Australian Government student loan, now called HECS-HELP, that covers university fees and is repaid through the tax system once income passes a threshold.
Read definitionHigh net worth (HNW) is an industry label for individuals whose investable assets, net of liabilities, exceed provider thresholds that often overlap with the wholesale client tests.
Read definitionHigh value leasing is the leasing of assets, most often prestige vehicles, priced well above typical fleet or consumer levels, which raises residual risk, tax exposure and credit requirements.
Read definitionHigher deposit requirements for visa holders are lender rules that ask temporary residents for more cash upfront than citizens, capping the loan-to-value ratio.
Read definitionHire is a contract under which an owner or supplier lets a hirer use goods for an agreed period in exchange for payment, while title stays with the owner.
Read definitionHire purchase is a finance agreement where a financier buys an asset and hires it to you for fixed instalments, with ownership passing to you at the final payment.
Read definitionA home loan is a secured loan used to buy property or fund major home projects, with the lender taking a mortgage over the property as security.
Read definitionThe Household Expenditure Measure (HEM) is a benchmark of basic living costs, by household type, location and income, that lenders use as a floor when assessing serviceability.
Read definitionAn HPI check is a vehicle history and finance check that shows whether a used car has outstanding finance registered against it, or a stolen or written-off record.
Read definitionA hull identification number (HIN) is the unique 14-character code on a boat's hull that identifies the vessel for registration, insurance and PPSR finance checks.
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