FAQ: Acronyms, Abbreviations, TLAs, & Glossary

Acronym, glossary, abbreviation & TLA FAQ

Introduction
Every community has its own language. To people new to that group, words are thrown around that have no meaning. Without understanding these words, whole concepts fly past without making any impression.

Confusing matters further, this community is threefold. We use a lot of Internet specific words. We also use a lot of property specific words. Finally, there are a lot of specialists in our group. This means specific computer/airline/economic/finance words are used as well.

Adding to this mix, lastly we abbreviate them. It’s a wonder that we understand one another at all!


Organisations/People
QS: Quantity Surveyor
PM: Property Manager
REA: Real Estate Agent
BA: Buyers Agent

ASIC: Australian Securities and Investment Commission
ATO: Australian Tax Office
DFT: Department of Fair Trading
DHA: Defence Housing Authority
FIRB: Federal Investment Review Board
OSR: Office of State Revenue
REINSW: Real Estate Institute of New South Wales



Renovating/Building
VJ: v-joint (If you imagine a plain toungue and groove ( T&G) floorboard with a bevel on each side......when the two boards are laid together they form a "V". by having a V. the joins are less visible as they fall into shade or in designer speak create a visual distraction. A "V" is used to "disguise" a gap. Also known as TG&V.....(just to confuse the whole issue)!!)
STCA: Subject To Council Approval
Reno/Rehab: Renovation


Investing
B&H: Buy & Hold (you buy a property and don’t sell it, thus ‘hold’ it)
CF101: Cashflow 101 (the game)
Comps: Comparables (properties of a simialir size, condition, and area to yours. A way of valuing your property)
FHOG: First Home Owner’s Grant (A monetary grant available to First Home Owners)
Flip: (where you find a property at well below market value and either pass it on to an investor for a finder's fee or higher price)
FMV: Fair Market Value (what the market thinks the property is worth)
IP: Investment Property
LO: Lease Option (You offer someone the option of buying a property. They place a deposit and then rent from you. At or before the option term, they can choose to buy at the preset price. If they choose not to buy, you keep the deposit)
OPM: Other People's Money (this could be the banks, a partner’s, or anyone’s. A way for you to get ahead faster)
OPT: Other People’s Time (this could be the banks, a partner’s, or anyone’s. A way for you to get ahead faster)
OTP: Off The Plan (You buy a place before it has been built. You settle once the property is fully constructed)
PIA: Property Invest Analysis Software from Somersoft
PIF: Property Investment Forum (here)
PPPPPPP: Prior preparation and planning prevents piss poor performance
PPR/PPOR: Principal Place of Residence (Tax term for when you own, not rent, the place you live in)
RK: Robert Kiyosaki (Investment Author)
SANF: Sleep At Night Factor (Conscience and risk profile)
UCV: Unimproved Capital Value (The value of the property before you increase the CG)
Wrap: Wraparound Mortgage (You own a place and sell it on a hire/purchase scheme)

Computer/Internet
BTW: By The Way
FAQ: Frequently Asked Questions
FWIW: For What It’s Worth
FYI: For Your Information
IMHO: In My Humble Opinion
LMAO: Laugh My A*** Off
LOL: Laugh Out Loud
ROFL: Rolling On Floor Laughing
ROFLMAO: Rolling On Floor Laughing My Arse Off
TLA: Three Letter Acronym

Finance
CF: Cashflow (The income stream from a property, ie cashflow +ve is cash in your hand. Cashflow –ve is a negatively geared property)
CG: Capital Growth/ Captial Gain (This is the increase/decrease in price. Like cashflow, this can be negative or postitve)
CGT: Capital Gains Tax (The tax you pay when selling a property)
DSR: Debt To Service Ratio (How much your loans are over your income)
Equity: (The amount money the property is worth, minus any outstanding loans)
GST: Goods and Services Tax (Australians pay 10% tax on just about everything. You can’t claim it back for property expenses, but you can for other things)
IRR: Internal Rate of Return (A method of calculating how much money you’ll make on a deal)
IO or I/O: Interest Only (On a loan, you only pay the interest portion every month. At the end of the loan term, you still owe the full amount)
LMI: Lenders Mortgage Insurance (Something the bank takes out on your loan to insure itself. At high LVRs, you pay the premium. Happily, you only have to pay once)
LOC: Line Of Credit (A loan that looks like a credit card. Secured against a property, you have a limit, and only pay interest on the current outstanding balance)
LVR: Loan To Value Ratio (The size of the loan over the value of the property. $50,000 loan secured against $100,000 property equals a LVR of 50%
NPV: Net Present Value (How much the property is worth now)
P&I: Princple & Interest (On a loan, each month you pay both an interest and repay some of loan. At the end of the loan term, you owe 0)
PA or p.a.: per Annum (Each Year)
ROI: Return On Investment (A method of calculating how much money you’ll make on a deal)
xcoll/xcollat/xcolled: cross-collateralise, cross-collateralisation, cross-collateralised etc (A situation in which the bank uses multiple properties as security for one loan)

Locations
ADL: Adelaide
BNE: Brisbane
MEL: Melbourne
SYD: Sydney
CBR: Canberra
ACT: Australian Capital Territory
NSW: New South Wales
NT: Northern Territory
QLD: Queensland
SA: South Australia
TAS: Tasmania
VIC: Victoria
WA: Western Australia
NZ: New Zealand



Related Links
http://www.somersoft.com/forums/showthread.php?s=&threadid=2923
http://creativefinance.com.au/pages/duediligence.asp
http://www.investorwords.com/
http://www.reiaustralia.com.au/buyi...ssary/index.htm
http://www.swaab.com.au/publications/prop_faq.doc
 
Last edited:
Jas,

A great list.

Just one I'm surprisedyou missed- "CBR" for Canberra.

The airport codes are a topic in themselves.

My own home town of Shepparton is "SHT".

Sim, maybe a FAQ of this type might be able to provide search links to other posts when searches of TLAs are required?
 
Re: Acronym, glossary, abbreviation & TLA FAQ

Originally posted by Jas
=VJ: v-joint (If you imagine a plain toungue and groove ( T&G) floorboard with a bevel on each side......when the two boards are laid together they form a "V". by having a V. the joins are less visible as they fall into shade or in designer speak create a visual distraction. A "V" is used to "disguise" a gap. Also known as TG&V.....(just to confuse the whole issue)!!)

Being a mexican by trade :) one of the first things I asked when I moved to BNE, was: "What is VJ?"

The answer was: Vertical Joint.

I think it is coincidence that it also forms a 'v'.

*By the way, the person I asked was a builder of some 50 years tenure, and former council inspector. :)

What do you think, Jas?

asy :D

T&GV is Tongue and Groove Vertical Joints.
 
Originally posted by Queen Bee
What about NZ - has it fallen off the map again! We do exist you know.:)

QB
No you don't exsist. You are a figment of Australian's imagiantion. We made you up so we can feel serperoor to _someone_

;)

Jas
 
Hi Jas,

we are right! .......and the "mexican banana bender" ........is wrong...........

Asy, What do you call TG+V when it's installed horizontally or at 45 degrees? :rolleyes:


don't even think about tg+h......

rossv :D
 
Originally posted by rossv
Hi Jas,

we are right! .......and the "mexican banana bender" ........is wrong...........

Asy, What do you call TG+V when it's installed horizontally or at 45 degrees? :rolleyes:


don't even think about tg+h......

rossv :D

is it Tongue in a Groove when you're Drunk?

asy :D
 
Originally posted by Jas
QB
No you don't exsist. You are a figment of Australian's imagiantion. We made you up so we can feel serperoor to _someone_

;)

Jas

Spose that's cos the Yanks think you are part of 'us" and we're joined by the Auckland Harbour Bridge. haha
 
Originally posted by Jas
QB
No you don't exsist. You are a figment of Australian's imagiantion. We made you up so we can feel serperoor to _someone_

;)

Jas
Superior - really ? NZ the country of no CGT, unlimited depreciation, no sales tax, 10% + gross yields still possible even in cities, coastal property still available for <100k, top tax rate of 39%, strong rental demand, no termites, no white ants....... but the list is too long really :D
 
FIRB = Foreign Investment Review Board ...where they dictate if foreigners can purchase some overpriced brand new or OTP property.

DA = Development Approval
 
Sim,

the admin says I can only edit the message for 2880 minutes afterwards. I was going to add in all the extra TLAs and include

BA: Building Approval - differenet from DA, you'll need both

but I can't....

Can you throw these in, so we have one list?

Thanks

Jas
 
Why not delete the thread & repost the new FAQ - version 1.1

Or, Sim, make Jas a moderator of this area so she can make these changes :)

Cheers,

Aceyducey
 
Hi all,

REINSW: Real Estate Institute of New South Wales

Is it a coincidence you forgot REIWA, REISA, REIV, REIT. (Who cares about Queensland?:p)

And also the PER airport code. Then again, no one flies over here anyway. And PQQ for Port Macquarie, although I can't remember where I got that from, probably mirc.

And for authors, some ppl have been referring to Margaret Lomas as ML.

-Regards

Dave
 
Well Jas,
Forget what the Kiwi's thought of your post, I reckon you did a mighty job. And before any kiwi's reply to this thinking they will get a bite from me for having a fun dig at them, think again. Mrs. Jimmyjamjars is from the Land of the Long White Cloud, so I am more than used to incurring the wrath from those fair people of the most eastern state of Australia.
Jim
 
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