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balanced fund

A fund that invests across a mix of asset classes like cash, fixed interest investments, property and shares, to achieve medium- to long-term capital growth and a reasonable level of income.

bankruptcy

A process for individuals to be legally declared as being unable to meet their debt obligations.

beneficiary

Someone who will receive a benefit or asset in the event of the owner’s death. Beneficiaries of a super fund are the members, and their dependants (if the member dies).

binding death benefit nomination

Where the superannuation fund, in the event of your death, must pay your superannuation benefit to your nominated beneficiary, unless it would be unlawful to do so.

bond

A medium- to long-term investment issued by governments and companies which pays a regular and fixed interest amount for the term of the investment. The invested funds (the principal) are repaid at the end of the term (maturity). See also fixed interest investments.

broker

A person who arranges a contract between you and, for example, an insurance or mortgage service provider. Brokers usually receive a commission or fee for arranging a contract.

brokerage

A fee charged by a broker for service.

BSB

A number that identifies a specific branch of a bank or other financial institution within Australia. The BSB number plus an account number identifies a particular account.

building society

Community-based financial institution usually owned by its members that offers traditional banking services like savings accounts and loans, listed on the APRA websiteas a building society.  Also called a mutual building society. See also credit union.

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