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<calculator>
  <styles>
    <CalcTitle show-header="Show" />
  </styles>
  <vos>
    <tableView label="End of Year Breakdown" />
    <SmartPhonetableView label="End of Year Breakdown" />
    <common>
      <Footer type="cdata"><![CDATA[Note: The results from this calculator should be used as an indication only. Results do not represent either quotes or pre-approvals for the product. Individual institutions apply different formulas. Information such as interest rates quoted and default figures used in the assumptions are subject to change. This calculator is not intended to be relied on for the purposes of making a decision in relation to a financial product. You should consider obtaining advice from a financial services licensee before making any financial decisions. Calculator © InfoChoice 2019.]]></Footer>
      
      <AssumptionText type="cdata"><![CDATA[<p><b><font size="+1">Calculator Information</font></b></p><p>The Loan Comparison Calculator calculates the total Principal and Interest amounts payable under two alternative loans and then provides the comparative interest amount saved by using the lower cost loan. The two loans allow for the entry of different interest rates and terms. The calculation is done based on a monthly repayment frequency, in respect of the common loan parameters entered, namely amount and total term in years. Weekly / fortnightly repayments are available but only if you’re paying by Direct Debit (set up with CommBank). For all other payment methods, you'll need to pay the monthly amount.</p><br /><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>Rounding of Amount of Each Repayment</b></p><p><br />Actual amounts may involve dollars and cents. 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.</p><br /><p><b>Amounts of Totals Payable under each Loan</b></p><p><br />The website calculator quotes Total Amounts Payable under each loan that are rounded to the nearer dollar, after basing the calculations on unrounded repayment amounts.</p><br /><p>The amount of the repayments at the start of the loan is determined based on the original loan term entered by the user. Similarly, the amount of the repayments to apply after the expiry of the fixed rate period is determined based on the remainder of the original loan term after deduction of the length of the fixed rate period. For example, if the entered values are original loan term 25 years and fixed rate period 3 years, then the remainder of the original loan term at the expiry of the fixed rate period is 22 years. This assumption may result in different amounts of total interest under the scenario of a combination of fixed and variable rates compared to the scenario of a variable rate only, even if the fixed rate entered is set equal to the variable rate.</p><br/><p><b>Amount of Interest Saving under Lower Cost Loan</b></p><p><br />The calculation of the amount of repayments saved under the lower cost loan is based on unrounded payment amounts. The amount saved is quoted in dollars and cents, not rounded to the nearer dollar. <br/> <br/> The interest savings derived are based on the values entered for the interest rate. The calculations assume the interest rate entered is a Principal and Interest rate. The calculations also assume the interest rate does not change over the life of the loan and are calculated on the rate that applies for the initial period of the loan (e.g. a fixed interest rate period).</p><p>Fees and charges are payable but not included in the calculations. When working out if refinancing may be right for you, consider the costs of a refinance with the benefits you could receive from your new home loan. The possible fees and charges that may be involved can be split into three main categories: fees to exit your current lender, fees to establish your new home loan and ongoing fees during the life of your new home loan. Lenders' Mortgage Insurance or a Low Deposit Premium may apply to your loan depending on the size of your deposit; security, applicant and loan attributes. This is a one-off cost and will be added to the loan amount. Any of these additional amounts will increase repayments under the loan and potentially increase the cost of refinancing compared to the benefit.</p>]]></AssumptionText>
      <ShowSave type="boolean" value="false" />
    </common>
    <loanComparison>
      <LoanAmount default="0" min="0" max="20000000" steps="2000" />
      <Loan1Label type="string" value="Your Existing Loan" />
      <Loan2Label type="string" value="Your New Loan" />
      <Loan1TableHeading type="string" value="Your Existing Loan" />
      <Loan2TableHeading type="string" value="Your New Loan" />
      <LoanComparisonResultHeadingPostfix type="string" value="" />
      <LoanTypeForm label="Loan Type" />
      <LoanType2Form label="Loan Type" />
      <InterestRateForm label="Interest Rate" />
      <InterestRate2Form label="Interest Rate" />
      <FixedPeriodForm label="Fixed Term" />
      <FixedPeriod2Form label="Fixed Term" />
      <FixedRateForm label="Fixed Rate" />
      <FixedRate2Form label="Fixed Rate" />
      <IntroPeriodForm label="Intro Term" />
      <IntroPeriod2Form label="Intro Term" />
      <IntroRateForm label="Intro Rate" />
      <IntroRate2Form label="Intro Rate" />
      <OngoingRateForm label="Ongoing Rate" />
      <OngoingRate2Form label="Ongoing Rate" />
      <UpfrontFeesForm label="Exit Fee" />
      <UpfrontFees2Form label="Upfront Fee" />
      <MonthlyFeesForm label="Loan Service Fee" />
      <MonthlyFees2Form label="Loan Service Fee" />
      <LoanAmountForm label="Loan Amount" />
      <LoanTermForm label="Loan Term" />
      <RepaymentsForm label="Repayment Frequency" />
      <InterestRate type="num" default="0.00" max="20" />
      <InterestRate2 type="num" default="0.00" max="20" />
      <UpfrontFees type="num" max="10000" default="0.00" />
      <UpfrontFees2 type="num" max="10000" default="0.00" />
      <MonthlyFees type="num" max="100" default="0" min="0" step="5" />
      <MonthlyFees2 type="num" max="100" default="0" min="0" step="5" />
      <LoanTerm type="num" default="0" min="0" max="30" />
      <FixedPeriod type="num" default="0" max="5" min="0" />
      <FixedPeriod2 type="num" default="0" max="5" min="0" />
      <IntroRate type="num" default="0" max="20" />
      <IntroRate2 type="num" default="0" max="20" />
      <FixedRate type="num" default="0" max="20" />
      <FixedRate2 type="num" default="0" max="20" />
      <OngoingRate type="num" default="0" max="20" min="0" step="0.25" />
      <OngoingRate2 type="num" default="0" max="20" min="0" step="0.25" />
      <ClientName value="CBA" />
      <LoanAmountInputMax value="20000000" />
    </loanComparison>
  </vos>
</calculator>

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