NAV NEGATIVE GEARING NET ANNUAL VALUE (NAV) NEUTRAL GEARING NON-CONFORMING USAGE NAV Net annual value. NEGATIVE GEARING The use of borrowed funds in order to supplement an investor's own money when aquiring an asset where the annual outgo including interest exceeds the annual income. NET ANNUAL VALUE (NAV) The notional rent of a property, covering both the land and the buildings erected on it. NEUTRAL GEARING The situation when an investment such as property or shares is purchased with the assistance of borrowed funds and where the rental or dividend income (after teh deduction of expenses) is exactly equal to the interest commitment in the course of a financial year. NON-CONFORMING USAGE The use of land in a manner not normally allowed by current regulations, but permitted by way of special concession in the case of persons in occupation before the rules were changed.