uat Calculator Admin

Edit Calculator

Name

FileName

Width

Height

Custom

<calculator>
  <vos>
    <common>
      <BorrowingPowerAssumptionsText type="cdata"><![CDATA[  <span class="ic-h3-blue">Calculator Information</span>
		<p>
			The Borrowing Power Calculator calculates the maximum amount of loan available based
			on the income and expenses entered. Default values provided assist in giving an
			estimate of the expenses and other factors which may determine the amount available
			for a loan.</p>
		<div class="ic-hrline">
		</div>
		<span class="ic-h3-blue">Calculator Assumptions</span><br />
		<strong>Expense Details and Default Values</strong><br />
		<br />
		<ul>
			<li>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:
				<div class="ic-alignC">
					<table width="250" border="0" cellspacing="0" cellpadding="0">
						<tr>
							<th scope="col" width="110">
								No. dependants
							</th>
							<th scope="col" width="70">
								Single:
							</th>
							<th scope="col" width="70">
								Joint:
							</th>
						</tr>
						<tr>
							<td>
								0
							</td>
							<td class="ic-units">
								$17,640.00
							</td>
							<td class="ic-units">
								$25,656.00
							</td>
						</tr>
						<tr>
							<td>
								1
							</td>
							<td class="ic-units">
								$23,868.00
							</td>
							<td class="ic-units">
								$31,884.00
							</td>
						</tr>
						<tr>
							<td>
								2
							</td>
							<td class="ic-units">
								$30,096.00
							</td>
							<td class="ic-units">
								$38,112.00
							</td>
						</tr>
						<tr>
							<td>
								3
							</td>
							<td class="ic-units">
								$36,324.00
							</td>
							<td class="ic-units">
								$44,340.00
							</td>
						</tr>
						<tr>
							<td>
								4
							</td>
							<td class="ic-units">
								$42,552.00
							</td>
							<td class="ic-units">
								$50,568.00
							</td>
						</tr>
					</table>
				</div>
			</li>
			<li>b) The cost of living expenses are sourced from the Melbourne Institute's <i>Poverty
				Lines: Australia</i> publication that is updated on a quarterly basis. This calculator
				takes into account the current cost of living, but does not take into account any
				expected future changes in the cost of living.</li>
			<li>c) Default extra core expenses for more than 4 dependants - currently set at $6,228.</li>
			<li>d) Maximum percentage of income available - percentage of income available for paying
				expenses and servicing proposed borrowing, default currently set at 100%.</li>
			<li>e) Minimum Credit Card Repayment - percentage used to calculate minimum repayment
				on credit card, default currently set at 3%</li>
		</ul>
		<br />
		<strong>Loan Details</strong><br />
		<p>
			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 1.0%.</p>
		<p>
			b) Rounding rules for amount of loan - the calculator has the ability to round the
			maximum loan amount. The default is usually the current setting of the lower $1,000.
			Note that the amount of loan is calculated using the interest rate entered, plus
			any interest rate buffer, and then the resulting loan amount is rounded as required.</p>
		<p>
			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.</p>
		<strong>Length of Month</strong>
		<p>
			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.</p>
		<strong>Number of Weeks &amp; Fortnights in a Year</strong>
		<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>
		<strong>Rounding of Amount of Each Repayment</strong>
		<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.</p>
		<br />]]></BorrowingPowerAssumptionsText>
      <Footer type="cdata"><![CDATA[
          This calculator should be used as an indication only. Figures provided are for illustrative purposes only and are based on the information provided. Results do not represent a quote or pre qualification for a loan. Lending criteria applies to the approval of credit products. Terms and conditions apply and are available on request. Fees and charges are payable.
          ]]></Footer>
    </common>
    <borrowingPower>
      <LoanTerm type="num" default="30" min="1" max="40" />
      <InterestRate type="num" default="5.5" max="15" />
      <Assumption3 type="num" min="1.0" default="1.0" max="8" />
      <AnnualExpensesSingle type="list">17640.00,23868.00,30096.00,36324.00,42552.00</AnnualExpensesSingle>
      <DependantExpense type="num" min="2000" default="6228" max="20000" />
      <AnnualExpensesJoint type="list">25656,31884.00,38112.00,44340.00,50568.00</AnnualExpensesJoint>
    </borrowingPower>
  </vos>
</calculator>

Preview Calculator

uat Calculator Admin

Global Settings > Clients > PoliceAndNurses > Borrowing Power View Merged XML View Loader Script