define explain s

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S

Salary packaging – A method, adopted by some employers, of providing employees with benefits in exchange for forgoing a percentage of their wage.

Savings – Money conserved for subsequent use.

Secured loan – Loans in which an asset or assets are provided by the borrower as collateral. Should the borrower subsequently default on their loan repayments, the lender assumes possession of the asset, and sells it to recover lost costs. If there still remains a shortfall after the sale, the borrower must fully repay the outstanding amount to the lender.

Security – The assets put up as collateral by a borrower in a secured loan.

Servicing – Meeting loan payments.

Settlement date – The point at which the borrower takes possession of goods or property having made the final payment.

Shareholder – An individual that supplies a company with an amount of capital in exchange for a share of the company's subsequent profits in the form of dividends.

SOA (Statement of Advice) – A formal record of the products and services recommended to a prospective borrower by a finance company.

Stamp Duty – A Government levy on certain transactions, such as vehicle and property purchases.