define explain p

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

P

PAYG (Pay As You Go) – a method of reporting and witholding money for the purposes of income tax.

PDS (Product Disclosure Statement) – Documents that give details about the financial product in question, including costs and associated risks.

Personal loan – A loan whereby money is lent for a fixed period, at either variable or fixed rate interest, with repayments calculated at the outset.

Pre-approval – A provisional estimate of the maximum loan a borrower can take out, as determined by information provided to the bank or other institution. Also known as Approval in Principle.

Pre-payment – Additional repayments supplementary to the contractual obligations of the loan.

Principal – The amount of capital that is borrowed/lent, upon which interest is then paid in addition.

Principal and interest loan – For the term of the agreement, both interest and principal repayments are made together.

Private sale – Property that is sold by the owners directly, without a licensed dealer acting as an intermediary.