Property stamp duty is a tax you pay on your home in Ireland. How much and if you pay at all depends on how much your home is worth.
| Property value | Stamp duty |
| Up to €1,000,000 | 1% |
| Over €1,000,000 | 2% |
Correct as at 22/12/2015. Source: www.revenue.ie
Gross
The Gross rate is the effective daily accrued rate that applies over the term of the investment on an account and excludes DIRT where applicable.
Guarantor
A person who guarantees to pay for someone else's debt if he or she should default on repayments.
High value items
Any item, set or collection of jewellery, precious metal, picture, other work of art, furs, stamps, coins, and other such items, sets and collections.
Household
A household is defined within an insurance policy. It is the place where you and others permanently reside (other than paying guests).
Household premium
A household premium is the normal monthly premium you pay for the buildings and contents insurance on the property named under your mortgage agreement.
IBAN (International Bank Account Number)
This is a unique number for your account which along with your Bank Identifier Code (BIC) is required for international transactions.
You can find this number on your statement, by logging into Open24.ie or you can also call us on 0818 50 24 24 (or call into a branch) to get it.
Important facts
Important facts are the circumstances you must reveal on or before your insurance policy start date.
Indemnify
When an insurance company indemnifies any losses, it will pay for the damaged goods or property to be restored to the condition they were in before an event or as close as is possible. Most general insurance policies provide indemnity cover.
Insurance benefits
Insurance benefits are what the insurer must pay you when an insured event occurs. In Property and Accident insurance, the maximum is the insured amount. In Fixed-Sum insurance it is the agreed-upon fixed amount including services.
Insured term is the period when cover under your policy is in force, that is the period from the start to the end date when you paid your premium.
Interest rate
Interest refers to both the charge made by lenders on money you borrow from them and the amount earned by your savings. Interest can be variable (goes up or down) or be fixed. It's expressed as a percentage rate.
Irish Credit Bureau
The Irish Credit Bureau is a credit-reporting agency that checks credit information and keeps files on people who apply for and use credit. The Irish Credit Bureau produces a credit report, which is a record of a consumer’s level of indebtedness and bill paying behaviour.
Joint borrowers
Joint borrowers are two people who have taken out a loan together.
Lien
A Lien is where an amount of savings are held by the Bank as security against the loan. It means that while the loan is still outstanding, no withdrawals can be made.
Loan to Value (LTV)
This is a percentage figure which represents the difference between your mortgage loan and the value of your property. For example, if your mortgage is for €150,000 on a property valued at €200,000 it would be a 75% LTV ratio.
Merchant / Retailer
A merchant or retailer is a supplier of good and services.
Minimum payment
A minimum payment is the minimum amount that you must pay each month to prevent your credit card account from going into arrears. The amount is based on the percentage of your outstanding balance or a minimum fixed amount.
Monthly benefits
Monthly benefits are the total amount of monthly cover you have under your insurance policy. This is also the most we will pay you each month if you make a claim.
Monthly interest account
A monthly interest account pays interest on a monthly basis rather than on maturity or annually. You can use this account if you want a monthly income from your savings.
Monthly premium
the premium you pay each month for this insurance.
Mortgage Protection Insurance
Mortgage Protection Insurance covers your repayments in the event of your death. By law, you must have a mortgage protection insurance policy that will pay the amount outstanding on your loan (but not arrears) in the event of your death.
Normal income
Normal income is defined by the average monthly income you have received before deductions (or if you are paid every week, the monthly equivalent) during the past 12 months. If you are self employed, normal income is the monthly average of your self-assessment return for the previous tax year.
Outstanding balance
The outstanding balance is the amount you need to pay off the money you owe under your agreement. This does not include any arrears, which you must pay, unless your bank agrees otherwise.
Overdraft
An overdraft allows you to withdraw more money than you have available in your account. You pay interest on your overdraft. The bank must approve your overdraft in advance.
Payment due date
A payment due date is when your payment must reach your bank in order to avoid a late payment fee. Payment due dates may apply, for example, to Visa cards and personal loans.
Period of insurance
The period of insurance, shown on your insurance policy schedule, tells you the dates that you are covered under your policy, and any subsequent period for which you can renew your insurance.
Personal effects
Personal effects are articles you normally wear or carry. They are defined for insurance policy purposes.
PIN
Your PIN number is your personal identification number for your ATM, Debit or Credit card. You need it to withdraw money or sometimes to make a purchase. You get your PIN number when your bank issues you your card.
Policy
An insurance policy is a written contract between the insurer and the insured which contains the details of what your insurance covers, what it doesn't, and what it costs.
Policy benefit
A policy benefit is also known as the sum assured. This is normally the amount which could be paid out on an insurance policy if a claim is made.
Policy fee
A policy fee is a regular amount which is paid by the holder of an insurance policy.
Policy start date
The policy start date is the date from which the insurance cover begins.
Pre-existing condition
A pre-existing condition is any condition, injury, disease or symptoms which you know about at the start date of your insurance policy.
Premium
A premium is the amount you pay for an insurance policy. It can be a once-off lump sum or monthly or yearly payment.
Principal / Primary cardholder
A principal or primary cardholder is the person in whose name a credit card is maintained.
Proposal
A proposal is your application for insurance under the policy.
Purchases
Purchases are credit card charges that are made at merchants.
Restart date
The restart date is when you have to pay a new monthly insurance premium because you have changed your monthly benefit.
Schedule
The schedule is a document you receive with your insurance policy, which sets out the details of your cover.
SEPA (Single Euro Payment Area)
SEPA (Single Euro Payment Area) allows payments to be made between banks with the EU in the same manner as payments between banks within Ireland. The use of BIC (Bank Identifier Code) and IBAN (International Bank Account Number) is required.
Single premium
The single premium is the premium you pay as a single one-off payment for your insurance.
Skimming
Skimming is a type of fraud. Your card is taken out of your sight to a card terminal elsewhere (for example, in a restaurant) and someone copies your personal details.
Standing order
A standing order is an instruction you give to your bank to make regular payments out of your account to another account. Unlike a direct debit, you instruct your bank directly about how much is to be paid and the amount is fixed and can only be changed by you.
Sum insured
The sum insured is the amount that is paid out by the insurer when an insured event occurs.
Surcharge
An insurance company applies a surcharge to your premium when you make an adjustment to your policy without declaring it.
Tax Relief at Source (TRS)
Tax Relief at Source (TRS) was a relief offered by Irish Revenue to customers paying interest on a qualifying loan. A qualifying loan, for the purpose of TRS, means a loan which was used by the individual solely to purchase, repair, develop or improve your sole or main residence, situated in the State, UK or Northern Ireland. TRS will cease with effect from 1 January 2021. As a result, your mortgage repayments from January 2021 onwards will no longer include TRS credit.
Term
A term is the length of time you take out a loan or mortgage for, or the length of time an investment is made.
Terminal
A terminal is a machine capable of accepting a payment on behalf of the cardholder or other card transactions with the use of the card.
Tracker mortgage
A Tracker mortgage is a mortgage which has an interest rate that is set at an agreed percentage above the European Central Bank (ECB) rate. For example, the loan rate could be set at the ECB rate plus two percentage points. If the ECB rate increases or decreases, the Tracker mortgage rate will go up or down by the same margin i.e. it ‘tracks’ the ECB rate.
Underinsurance
Underinsurance is when the policy limit is lower than the replacement value of an item. In the case of property insurance this can have serious consequences for the policyholder, as he/she is not fully compensated for the damage. In the case of partial damage, the insurance benefits are also reduced in proportion to the underinsurance.
Valuation
This is an inspection of a property to determine its market value.
Variable interest rate
Variable Interest rates are rates offered by banks and financial institutions on loans or deposits which are liable to change, i.e. they can go up or down.
