Differents II - Housing

The housing market works differently, both rental and for home owners.

Rent by the week.* Rentals are advertised by the week, rather than by the month. For example, rent here is $750 per week (about US$700). But rents are typically paid monthly. So we pay $3,250 per month (US$3025).

Variable interest rate mortgages. In Australia, mortgage terms are typically variable rate. Where most U.S. mortgages have a fixed interest rate for the entire term, which is typically 30 years, Australian mortgages generally have a variable component to them. There is often an initial length of time (1 year, 2, 3, or 5 years) that has a fixed rate, after which the mortgage goes to a variable rate.

Auction. Many home sales are conducted by auction.

Some of the words are different as well ...

Deposit. Down payment.

Strata. Condominium.

Valuation. Appraisal.