9 terms starting with O
The OAIC is the Office of the Australian Information Commissioner, Australia's independent privacy regulator, which enforces the Privacy Act, the Australian Privacy Principles and the Notifiable Data Breaches scheme.
Read definitionOff-balance-sheet (OBS) describes assets, liabilities or obligations a business is exposed to but does not record on its balance sheet, such as guarantees and some leases.
Read definitionOff-lease equipment is an asset, from laptops to utes and excavators, returned to the lessor at the end of its lease and resold on the secondary market, often refurbished.
Read definitionOpen banking is the regulated framework under Australia's Consumer Data Right (CDR) that lets you authorise accredited third parties to access specific financial data held by your bank.
Read definitionAn open-ended lease is a lease where the lessee carries the residual value risk, paying any shortfall if the asset sells for less than its residual at the end.
Read definitionAn operating lease is a lease where you pay to use an asset for a set term and hand it back, with the financier keeping ownership and the resale risk.
Read definitionAn option to purchase is a contractual right, not an obligation, to buy an asset such as land or a leased vehicle at an agreed price.
Read definitionOrigination is the whole front end of a financed transaction, from finding and qualifying the borrower through application, underwriting and approval to documentation and settlement.
Read definitionAn overdraft is a short-term credit facility attached to a transaction account that lets you spend past your available balance up to an agreed limit.
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