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> Extra Repayment Global Settings
<calculator> <vos> <common> <!--<AssumptionText type="cdata"><![CDATA[<p><b><font size="+1">Calculator Information</font></b></p><p>The Extra Repayments Calculator calculates the time saved to pay off the loan and the amount of interest saved if repayments are increased by the entered amount of extra contribution per repayment period after the loan has been in force for the entered number of years. The calculation is done at the repayment frequency entered, in respect of the original loan parameters entered, namely amount, annual interest rate and term in years.</p><p>Calculations are based on interest rates for owner occupiers for some products, and results will vary if loan is for investment purposes.<br /></p><p><b><font size="+1">Calculator Assumptions</font></b></p><p><b>Length of Month</b></p><p><br />All months are assumed to be of equal length. In reality, many loans accrue on a daily basis leading to a varying number of days' interest dependent on the number of days in the particular month.<br /></p><p><b>Number of Weeks & Fortnights in a Year</b></p><br /><p>One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.</p><br /><p><b>Rounding of Amount of Each Repayment</b></p><p><br />In practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts. Note that the final repayment after the increase in repayment amount will be a partial repayment as required to reduce the loan balance to zero.</p><br /><p><b>Rounding of Time Saved</b></p><p><br />The time saved is presented as a number of years and months, for all available repayment frequency options, namely monthly, fortnightly & weekly. This is rounded down to the next lower month and hence is slightly conservative.</p><br /><p><b>Amount of Interest Saved</b></p><p><br />In contrast to the calculation of time saved, the calculation of the amount of interest saved is not rounded and is shown to full accuracy including the number of cents. This amount can only be approximated from the amount of time saved.</p>]]></AssumptionText>--> <!--<AssumptionText type="cdata"><![CDATA[<p><b><font size="+1">Calculator Information</font></b></p><p>The Extra Repayments Calculator calculates the time saved to pay off the loan and the amount of interest saved if repayments are increased by the entered amount of extra contribution per repayment period after the loan has been in force for the entered number of years. The calculation is done at the repayment frequency entered, in respect of the original loan parameters entered, namely amount, annual interest rate and term in years.</p><p>Calculations are based on interest rates for owner occupiers for some products, and results will vary if loan is for investment purposes.<br /></p><p>Calculations do not take into account any possible fees or government grants.</p><p>Using the calculator does not guarantee you will be eligible for a loan. You will need to satisfy a lender’s loan criteria.</p><p>Interest rate does not change over the loan term.</p><p>Interest is calculated by compounding on the same repayment frequency selected, i.e. weekly, fortnightly, monthly, In practice, the interest compounding frequency may not be the same as repayment frequency.</p><p>The final repayment, when extra payments are made above what is required to repay the loan in full, will be a reduced (or partial) payment. This is required in order to finalise the repayment of the loan without paying above what is required to fully repay the loan.<br/></p><p><b><font size="+1">Calculator Assumptions</font></b></p><p><b>Length of Month</b></p><p><br />All months are assumed to be of equal length. In reality, many loans accrue on a daily basis leading to a varying number of days' interest dependent on the number of days in the particular month.<br /></p><p><b>Number of Weeks & Fortnights in a Year</b></p><br /><p>One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.</p><br /><p><b>Rounding of Amount of Each Repayment</b></p><p><br />In practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts. Note that the final repayment after the increase in repayment amount will be a partial repayment as required to reduce the loan balance to zero.</p><br /><p><b>Time Saved</b></p><p><br />The time saved is presented using years and the repayment period (either months, fortnights or weeks).</p><br /><p><b>Amount of Interest Saved</b></p><p><br />The calculation of interest saved is shown rounded to the nearest cent.</p>]]></AssumptionText>--> <AssumptionText type="cdata"><![CDATA[<p><b><font size="+1">Calculator Information</font></b></p><p>The Extra Repayments Calculator calculates the time saved to pay off the loan and the amount of interest saved if repayments are increased by the entered amount of extra contribution per repayment period after the loan has been in force for the entered number of years. The calculation is done at the repayment frequency entered, in respect of the original loan parameters entered, namely amount, annual interest rate and term in years.</p><p>Calculations are based on interest rates for owner occupiers for some products, and results will vary if loan is for investment purposes.<br /></p><p>Calculations do not take into account any possible fees or government grants.</p><p>Using the calculator does not guarantee you will be eligible for a loan. You will need to satisfy a lender’s loan criteria.</p><p>Interest rate does not change over the loan term.</p><p>Interest is calculated by compounding on the same repayment frequency selected, i.e. weekly, fortnightly, monthly, In practice, the interest compounding frequency may not be the same as repayment frequency.</p><p>The final repayment, when extra payments are made above what is required to repay the loan in full, will be a reduced (or partial) payment. This is required in order to finalise the repayment of the loan without paying above what is required to fully repay the loan.<br/></p><p><b><font size="+1">Calculator Assumptions</font></b></p><p><b>Length of Month</b></p><p><br />All months are assumed to be of equal length. In reality, many loans accrue on a daily basis leading to a varying number of days' interest dependent on the number of days in the particular month.<br /></p><p><b>Number of Weeks & Fortnights in a Year</b></p><br /><p>One year is assumed to contain exactly 52 weeks or 26 fortnights. This implicitly assumes that a year has 364 days rather than the actual 365 or 366.</p><br /><p><b>Rounding of Amount of Each Repayment</b></p><p>In practice, repayments are rounded to at least the nearer cent. However the calculator uses the unrounded repayment to derive the amount of interest payable at points along the graph and in total over the full term of the loan. This assumption allows for a smooth graph and equal repayment amounts. Note that the final repayment after the increase in repayment amount will be a partial repayment as required to reduce the loan balance to zero.</p><p><b>Time Saved</b></p><p>The time saved is presented using years and the repayment period (either months, fortnights or weeks).</p><p><b>Amount of Interest Saved</b></p><p>The calculation of interest saved is shown rounded to the nearest cent.</p>]]></AssumptionText> <SavePopUpWidth type="num" value="290" /> </common> <extraRepayments> <LoanAmount type="num" default="300000" min="30000" max="10000000" step="1000" /> <LoanTerm type="num" default="25" min="3" max="40" /> <InterestRate type="num" default="6.25" max="20" /> <ExtraAmount type="num" default="100" step="100" /> <ExtraPaidAfter type="num" default="3" max="30" /> <LoanType type="list">Variable,Fixed,Introductory</LoanType> <Repayments type="list">Monthly,Fortnightly,Weekly</Repayments> <SmartPhoneFirstPageHeading label="Your Home Loan" /> </extraRepayments> </vos> <components> <ExtraLoanRepaymentPanel title="Extra Repayment Savings" /> <TitleLabel label="Your Home Loan" /> <TitleLabelSecond label="Your Repayment Details" /> <LoanAmountForm label="Loan Amount" /> <LoanPeriodForm label="Loan Period" /> <LoanTypeForm label="Loan Type" /> <InterestRateForm label="Interest Rate" /> <OngoingRateForm label="Ongoing Rate" /> <FixedRateForm label="Fixed Rate" /> <FixedTermForm label="Fixed Term" /> <IntroRateForm label="Intro Rate" /> <IntroTermForm label="Intro Term " /> <RepaymentFrequencyForm label="Repayment Frequency" /> <ExtraContributionPerPaymentLabel label="Extra Contribution Per Payment" /> <ExtraContributionStartsAfterLabel label="Extra Contribution Starts After" /> </components> </calculator>
