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<calculator>
  <styles>
    <CalcTitle show-header="false" />
  </styles>
  <vos>
    <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-qualifications 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 amounts payable under two alternative loans and then provides the comparative amount saved by using the lower cost loan. The two loans allow for the entry of different expense amounts, both initial and monthly ongoing. In addition, the two loans allow for the entry of different introductory interest rates and terms, with different ongoing interest rates for the balance of the loan term. The calculation is done based on the repayment frequency selected by the user, in respect of the common loan parameters entered, namely amount and total term in years.</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>Number of Weeks &amp; 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>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><b>Amount of 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 savings derived are based on the values entered for the interest rate, upfront fee and monthly fee.</p>]]></AssumptionText>
    </common>
    <loanComparison>
      <LoanAmount default="300000" min="30000" max="2000000" />
      <Loan1Label type="string" value="Loan 1" />
      <Loan2Label type="string" value="Loan 2" />
      <Loan1TableHeading type="string" value="Loan 1" />
      <Loan2TableHeading type="string" value="Loan 2" />
      <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="Upfront Fee" />
      <UpfrontFees2Form label="Upfront Fee" />
      <MonthlyFeesForm label="Monthly Fee" />
      <MonthlyFees2Form label="Monthly Fee" />
      <LoanAmountForm label="Loan Amount" />
      <LoanTermForm label="Loan Term" />
      <RepaymentsForm label="Repayment Frequency" />
    </loanComparison>
  </vos>
</calculator>

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