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<calculator>
 <vos>
 <common>
 <AssumptionText type="cdata"><![CDATA[Calculator Information
 The Where Can I Buy Calculator is an extension of the Borrowing Power Calculator. The first step determines your borrowing capacity based on your current salary and expenses. 
 Then you can add your deposit to find out what postcodes offer you affordable properties around Australia. Property information used in the calculator is provided by Residex.
 Calculator AssumptionsExpense Details and Default Values 
 a) Default core expense annual allowance - borrower assumed to have core level of annual expense, depending on whether single or joint and the number of dependants, currently as below: 
 No. dependants Single: Joint: 
 0 $18,999.76 $27,621.88 
 1 $26,094.64 $34,335.08 
 2 $32,807.84 $41,048.28 
 3 $39,521.04 $47,761.48 
 4 $46,234.24 $54,400.32 
 
 b) The cost of living expenses are sourced from the Melbourne Institute's Poverty Lines: Australia publication, Quarter 4 2019 that is updated on a quarterly basis. The default expenses take into account the current cost of living but do not take into account any expected future changes in the cost of living. Note also that these default expenses do not include any rental expenses that you may pay. Credit providers may assess your loan application based on actual expenses. 
 c) Default extra core expenses for more than 4 dependants - currently set at $6,507 per additional dependant. 
 d) Maximum percentage of income available - percentage of income available for paying expenses and servicing proposed borrowing, default currently set at 100%.Credit providers may treat various income differently, as such they may exclude some income or reduce the percentage of available income. Users of this calculator may vary the percentage of Available Income available to service the loan. 
 e) Credit card monthly repayments are taken into account and this reduces the maximum loan determined by the calculator. The monthly credit card payments for a 3 year amortising loan with interest charged at 22% per annum with monthly compounding is computed and assumed to be paid by the borrower thus reducing their capacity to service other debt. Credit card fees which may be levied are not included in this calculation. 
 f) Interest rate does not change over the loan term. 
 g) The maximum amount able to be borrowed is the amount that can be borrowed at the time of the loan application (this is the present value) based on the data entered. 
 Loan Details 
 a) Interest rate increase allowance buffer - calculator has capability to assume a higher interest rate than rate entered by user when determining maximum amount that can be borrowed.This allows for affordability of possible rate increases under the loan. Current version of the calculator uses an interest rate buffer of 2.5%. This can be changed by the user. 
 b) Rounding rules for amount of money that can be borrowed - for loan amounts above $10,000 or below $1,000,the calculator rounds the amount that can be borrowed to the lower $1,000. For other loan amounts,the calculator returns the dollar amount that can be borrowed rounded down to the dollar below. 
 c) Interest rate for loan repayment - monthly repayment is calculated in respect of the rounded loan amount and using interest rate entered, not including any interest rate buffer. Repayments are always calculated as monthly. The interest rate charged is calculated assuming monthly compounding of the annual interest rate entered. In practice the compounding frequency of the interest rate charged and the repayment frequencies may not be monthly and may be different from each other. 
 Length of Month 
 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. 
 Number of Weeks &amp; Fortnights in a Year 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.
 Rounding of Amount of Each Repayment 
 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.
 
 Fees & Other Charges 
Calculations do not take into account any possible fees or government grants.
 ]]></AssumptionText>
 </common>
 <variables>
 </variables>
 <borrowingPower>
 <CreditCardLimit default="15000" min="0" max="100000" step="1000" />
 <Assumption4 type="num" default="22" min="0" max="22" step="0.25" />
 <Assumption3 type="num" default="2.50" max="8" min="0" />
 <DependantExpense type="num" min="0" default="6507.00" max="1000000" />
 <AssumptionAnnualExpenses min="0" max="1000000" step="1000" />
 <InterestRate type="num" default="4.50" />
 <OtherNetIncomeFreq type="list" selectedindex="2">Weekly,Fortnightly,Monthly,Annually</OtherNetIncomeFreq>
 <OtherRepaymentFreq type="list" selectedindex="2">Weekly,Fortnightly,Monthly,Annually</OtherRepaymentFreq>
 
 <borrowingPower>
 <Assumption4Form label="Credit Card Interest Rate Charged" />
 </borrowingPower>
 </borrowingPower>
 </vos>
 <components>
 <ClientName value="ausbuild" />
 </components>
</calculator>

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