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  • Family Security GuaranteeA type of guarantor arrangement where a family member uses equity in their property as additional security on your home loan. The guarantee is usually limited to the portion above 80% LVR and can be released once you pay the loan down to that level.
  • FHSSS DeterminationA calculation by the ATO that tells you the maximum amount you can withdraw under the First Home Super Saver Scheme. You request it through myGov. You can request multiple determinations as your contributions grow, but you can only request one release.
  • Fiduciary DutyA legal obligation to act in the best interests of another person. In a property transaction, the selling agent owes a fiduciary duty to the seller, while the buyer's conveyancer and buyer's agent owe their fiduciary duty to the buyer. The person with the fiduciary duty must put their client's interests ahead of their own.
  • FinanceA clause in a property contract that makes the sale dependent on the buyer receiving formal loan approval from their lender within a set timeframe, typically 14 to 21 days.
  • Finance ClauseA condition in a property contract that makes the sale subject to the buyer obtaining formal (unconditional) loan approval by a specified date. Also called a subject to finance condition. If unconditional approval is not obtained by the deadline, the buyer can terminate the contract and recover their deposit, provided they have met their obligations under the clause.
  • Finance Clause (Subject to Finance)A condition written into the contract of sale that makes the purchase subject to the buyer obtaining formal loan approval by a specified date. If the buyer cannot secure finance within that period, they can terminate the contract and have their deposit refunded.
  • Finance ConditionA clause in a property contract that makes the sale dependent on the buyer receiving formal loan approval from their lender within a set timeframe, typically 14 to 21 days.
  • First Home BuyerA buyer who has not previously owned residential property in Australia. The definition varies slightly between schemes — most require you to have never owned, while the First Home Guarantee accepts buyers who have not owned in the last 10 years.
  • First Home Guarantee (FHG)A federal scheme that allows first home buyers to purchase with a deposit as low as 5% without paying Lenders Mortgage Insurance. The government guarantees the difference between your deposit and 20% to the lender.
  • First Home Owner Grant (FHOG)A one-off government grant for eligible first home buyers purchasing or building a new home. The amount varies by state, ranging from $10,000 to $50,000. You apply through your lender, conveyancer, or directly with your state revenue office.
  • First Home Super Saver Scheme (FHSSS)A federal scheme that allows you to withdraw eligible voluntary superannuation contributions to use as a home deposit, up to a maximum of $50,000. Contributions are taxed at 15% going in rather than your marginal rate, creating a tax saving.
  • Flexible criteriaProperty preferences a buyer is willing to trade away if a property meets all non-negotiable criteria. Common examples include cosmetic condition, exact suburb, and parking.
  • FOMO (fear of missing out)The anxiety that prices will rise further or opportunities will disappear, driving buyers to act faster and accept worse terms than they otherwise would.
  • Foreign Buyer SurchargeAn additional percentage of stamp duty charged on top of the standard rate when a property is purchased by a non-Australian citizen or non-permanent resident. Ranges from 7% to 9% depending on the state.
  • Form 1A vendor disclosure statement required under South Australian law before a residential property sale can proceed. Contains information about the property title, zoning, council rates, and other details. In SA, the cooling-off period starts when the Form 1 is served on the buyer, not when the contract is signed.
  • Form 1 (SA)A prescribed disclosure document required under South Australian law before a residential property sale. South Australia's cooling-off period begins when the Form 1 is served on the buyer — not when the contract is signed.
  • Formal ApprovalThe final confirmation from your lender that your home loan is approved for a specific property, after they have completed a property valuation and verified your current financial position. Also called unconditional approval. This is different from pre-approval, which is a preliminary estimate.
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