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    Financial Dictionary

    Dictionary Home The Language of Money - Edna Carew
    A B C D E F G H I J K L M N O P Q R S T U V W X Y Z



    Mortgage

    A form of security, most common in property purchases. In the case of a mortgage under Australia's Old System of land titles, the borrower in effect transfers ('conveys') title to the lender subject to the borrower's right to redeem, ie, to have title transferred back to the borrower once the debt is paid. The Real Property Act defines a mortgage as 'any charge on land created merely for securing the payment of a debt'.

    See also: charge, Old System title, security, Torrens title.

    Important notice