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<calculator>
 <vos>
 <common>
 <BorrowingPowerAssumptionsText type="cdata"><![CDATA[ Calculator Information
 
 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.
 <div class="ic-hrline">
 </div>
 Calculator Assumptions 
 Expense Details and Default Values 
 
 <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">
 $17,160
 </td>
 <td class="ic-units">
 $35,280
 </td>
 </tr>
 <tr>
 <td>
 1
 </td>
 <td class="ic-units">
 $23,760
 </td>
 <td class="ic-units">
 $45,840
 </td>
 </tr>
 <tr>
 <td>
 2
 </td>
 <td class="ic-units">
 $28,560
 </td>
 <td class="ic-units">
 $49,680
 </td>
 </tr>
 <tr>
 <td>
 3
 </td>
 <td class="ic-units">
 $33,360
 </td>
 <td class="ic-units">
 $52,680
 </td>
 </tr>
 <tr>
 <td>
 4
 </td>
 <td class="ic-units">
 $33,360
 </td>
 <td class="ic-units">
 $52,680
 </td>
 </tr>
 </table>
 </div>
 </li>
 <li>b) The cost of living expenses are sourced from the <a href="https://melbourneinstitute.unimelb.edu.au/publications/social-indicator-reports" target="#">Melbourne Institute's Household Expenditure Measure (HEM)</a> publication, 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.
</li>
 <li>c) Default extra core expenses for more than 4 dependants - currently set at $6,507 per additional dependant.</li>
 <li>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.</li>
 <li>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. 
</li>
<li>f) Interest rate does not change over the loan term.</li>
<li>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.
 </li> </ul>
 
 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 &amp; Other Charges
 
 Calculations do not take into account any possible fees or government grants.
 
 ]]></BorrowingPowerAssumptionsText>
 </common>
 <whereCanIBuy>
 <State index="0" />
 
 <FHOGAmount type="num" default="30000" min="1000" max="2000000" step="1000" />
 <Deposit type="num" max="1000000" default="1000" min="1000" step="1000" />
 <PropertyValue type="num" default="30000" min="1000" max="2000000" step="1000" />
 <FHOGEligible value="False" />
 <PropertyType value="House" />
 <FHOGAmountForm label="Loan Amount" />
 <DepositForm label="Deposit Available" />
 <PropertyValueForm label="Property Value" />
 <PropertyTypeForm label="Property Type" />
 <FHOGEligibleForm label="First Home Owners Grant" />
 <StateForm label="State" />
 <RegionForm label="Region" />
 <LoanAmountRanges value="0,1000000,2000000,5000000,2000000" />
 <LoanAmountValues value="10000,50000,200000,500000" />
 <LoanAmountInputMax value="10000000" />
 </whereCanIBuy>
 <borrowingPower>
 <RoundTo type="num" default="1000" min="100" max="1000" />
 <RoundAbove type="num" default="1000" min="100" max="10000" />
 <LoanAmount type="num" default="300000" min="0" max="10000000" step="1000" />
 <LowestLoan type="num" default="1000" min="100" />
 <LoanTerm type="num" default="25" min="3" max="40" step="1" />
 <NoOfDependants type="num" max="10" default="0" min="0" step="10" />
 <Salary1 type="num" default="4000" min="0" max="5000000" step="100" />
 <Salary2 type="num" max="5000000" step="100" default="1000" min="0" />
 <Assumption1 type="num" default="100" max="100" min="0" step="0.25" />
 <DependantExpense type="num" default="6507.00" max="1000000" min="0.0" step="1" />
 <Assumption3 type="num" default="2.5" max="8" min="0.0" step="0.25" />
 <Assumption4 type="num" default="22" min="0.0" max="22" step="0.25" />
 <OtherNetIncome default="1000" min="0" max="5000000" step="100" />
 <OtherLoanRepayment default="0" min="0" max="10000" step="100" />
 <CreditCardLimit default="15000" min="0" max="100000" step="1000" />
 <IsJointApplication value="Yes" />
 <OtherNetIncomeFreq type="list" selectedindex="2">Weekly,Fortnightly,Monthly,Annually</OtherNetIncomeFreq>
 <OtherRepaymentFreq type="list" selectedindex="2">Weekly,Fortnightly,Monthly,Annually</OtherRepaymentFreq>
 <InterestRateForm label="Interest Rate" />
 <LoanTermForm label="Loan Period" />
 <NoOfDependantsForm label="Number of Dependents" />
 <Salary1Form label="Your Net Income" />
 <Salary2Form label="Partner's Net Income" />
 <OtherNetIncomeForm label="Other Net Income" />
 <OtherLoanRepaymentForm label="Loan Repayments" />
 <CreditCardLimitForm label="Credit Card Limit (all cards)" />
 <Assumption1Form label="Max % of Available Income" />
 <Assumption2Form label="Annual Expenses" />
 <DependantExpenseForm label="Extra Dependent Annual Expense" />
 <Assumption3Form label="Interest Rate Buffer" />
 <Assumption4Form label="Credit Card Interest Rate Charged" />
 <IsJointApplicationForm label="Joint Application?" />
 <UserSalaryRangeWeekly min="0" max="10000" />
 <UserSalaryRangeFortnightly min="0" max="20000" />
 <UserSalaryRangeMonthly min="0" max="50000" />
 <UserSalaryRangeAnnually min="0" max="500000" />
 <PartnerSalaryRangeWeekly min="0" max="10000" />
 <PartnerSalaryRangeFortnightly min="0" max="20000" />
 <PartnerSalaryRangeMonthly min="0" max="50000" />
 <PartnerSalaryRangeAnnually min="0" max="500000" />
 <OtherNetIncomeRangeWeekly min="0" max="10000" />
 <OtherNetIncomeRangeFortnightly min="0" max="20000" />
 <OtherNetIncomeRangeMonthly min="0" max="50000" />
 <OtherNetIncomeRangeAnnually min="0" max="500000" />
 <IncomeStepRanges value="0,10000,30000,50000" />
 <IncomeStepValues value="100,1000,5000" />
 <IncomeInputMaxValue value="5000000" />
 <InterestRate type="num" default="4.50" max="20" min="0" step="0.25" />
 <AssumptionAnnualExpenses min="0" max="1000000" step="1000" />
 <Assumption2 type="num" min="0.0" max="1000000" step="1000" />
 <AnnualExpensesSingle type="list" value="17160,23760,28560,33360">17160,23760,28560,33360</AnnualExpensesSingle>
 <AnnualExpensesJoint type="list" value="35280,45840,49680,52680">35280,45840,49680,52680</AnnualExpensesJoint>
 
 
 </borrowingPower>
 
 </vos>
</calculator>

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