Mortgage
The legal charge on title; the home loan is the debt itself.
What is Mortgage?
A mortgage is a loan secured against real estate — the lender holds the property as security until the loan is repaid. Technically, the "mortgage" is the legal charge registered on the title; the "home loan" is the loan itself. In everyday Australian conversation, we use "home loan."
Why it matters for you
When you take out a home loan, a mortgage is registered on the title in favour of your lender. When you discharge or refinance, the mortgage is removed (or replaced). Understanding the difference between the loan and the security instrument helps you navigate paperwork confidently.