Brisbane North

Interested to understand some common property and financial related terms? We continue the series where we provide a Databank Glossary Guide in alphabetical order for your interest each month.

LMI (lenders mortgage insurance) – usually required by lenders when you’re borrowing more than 80 per cent of the property’s value. It provides insurance to the lender in case the borrower defaults on the loan.

LOC (line of credit) – a facility available from financial institutions that gives you a credit limit that you can draw down at any time. It’s similar to a credit card, except you don’t have to make set repayments off the principal.

Low-doc loans – relatively new, these are loans that don’t require as much documentation to set up the loan. They are popular with self-employed people and those who have not yet established a credit rating.

Lower quartile – the price point below which 25 per cent of sales were recorded. If there were 100 sales in a suburb, the 25^th lowest price would be the lower quartile price.

LVR (loan-to-value ratio) – to calculate it, divide the loan amount by the value of the property then multiply it by 100 to get a percentage. Banks and financial institutions use this as a measure of whether you can afford this loan.

Clark Real Estate can answer any further questions you may have in relation to common industry terms and what they mean for you. Call them today on 3256 1600.

Millions have been spent to help protect the community but residents should be diligent too, writes Lord Mayor Graham Quirk

Summer storm season

About this time each year Brisbane City Council reminds people about “battening down the hatches”, with storm season running from September to March. We all need to be diligent about ensuring our homes and businesses are prepared for disasters ahead of time.

The council has been working hard to make sure Brisbane is prepared for any severe weather conditions that may head our way this summer.

The recommendations from the Queensland Flood Commission of Inquiry and council’s own flood reviews have been implemented.

Every year council spends more than $1million reducing the risk of fires by undertaking planned burns. Plus the Brisbane SES unit will benefit from $1.5million this financial year, including more than $1million to build a new SES depot at Anstead. As part of council’s efforts to mitigate the effects of flooding, more than $12million will be dedicated towards major drainage construction.

By the same token, it is important to prepare your home, family and property with a few simple steps, such as: trimming tree branches well clear of your house; clearing gutters and drainpipes; developing an emergency kit with items such as a torch, mobile phone and charger, first aid kit and important documents such as insurance; and clearing your yard of loose objects.

You can sign up to the Early Warning Alert Service at www.brisbane.qld.gov.au/beprepared or council’s mobile phone-compatible site, brisbanecity.mobi. Or, if you are not familiar with this process you can also sign up by phoning the council’s contact centre on 3403 8888.

Be flood wise It’s also a good idea to have a proper understanding of your home’s flood risk, wherever you live in our city, and council’s FloodWise Property Reports can be downloaded for free. This tool is proving extremely popular, reaching one million downloads last month. In fact, figures show an average of 928 FloodWise Property Reports were generated daily between January and July this year.

FloodWise Property Reports show sources of flooding, including river, creek and defined overland flow paths, predicted flood levels, minimum habitable floor levels and whether a property is located within a waterway corridor. It only takes a few minutes to find out your home’s flood risk and you can download a report online at www.brisbane.qld.gov.au/beprepared.

Source: Bmag