QUIZ004 How much do you know about borrowing?

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This quiz tests your readers’ knowledge on borrowing to purchase a home. It clarifies some commonly used but sometimes confusing terms, and includes a calculation to show how interest and offset accounts affect a mortgage.

After months of doing the weekly open-for-inspection rounds, talking-turkey with estate agents and greeting other house-hunters – you’re on first name basis with many of them by now – you’ve finally found your perfect home. That was the hard part, right?

Borrowing money is not as simple as you may think. Besides the strict regulations governing the lending industry, mortgage products are breeding grounds for industry jargon, add-ons, variations and a plethora of can- and can’t-dos.

The implications of signing up for something you don’t fully understand can be far reaching and very costly – we’re talking the years-out-of-your-life-and-thousands-of-dollars kind of costly.

So how much do you know about borrowing? Take our quiz to find out.