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<calculator>
 <vos>
 <common>
 <AssumptionText type="cdata"><![CDATA[ Calculator Information
 
 The Loan Repayments Calculator gives an indication of the type of repayment 
 required and the total interest payable, at the frequency requested, in respect of the 
 loan parameters entered, namely amount, term and interest rate.
 <div class="ic-hrline">
 </div>
 Calculator Assumptions
 Length of Month 
 
 AC Property term home loans have 12 equal monthly repayments in one year.
		Fortnightly and Weekly Payments
 
 AC Property allows you to pay half your monthly repayment every fortnight, 
			or one quarter of your monthly repayment every week. If you elect to make 
			fortnightly or weekly loan repayments, this means that over a year you 
			would make one extra monthly repayment and your Loan Term would shorten.
 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. 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.
 Rounding of Time Saved
 
 The time saved is presented as a number of years and months, for all available repayment frequency options, 
			namely monthly, fortnightly & weekly. This is rounded down to the next lower month and hence is slightly conservative.
 Amount of Interest Saved
 
 In contrast to the calculation of time saved, the calculation of the amount of interest 
			saved is not rounded and is shown to full accuracy including the number of cents. 
			This amount can only be approximated from the amount of time saved.
 ]]></AssumptionText>
 <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. Calculator © InfoChoice 2013
		Interest-based repayments
 
 AC Property Bank’s interest based repayment are calculated as follows:
			
			<ul style="padding-left: 12px;">
				<li>Taking the interest rate specified in your repayment notice 
					<ul style="padding-left: 10px;">
						<li>Calculating one year’s interest charges at that rate on the balance owing on your loan account on the later of:</li>
 <li>the start of the period during which the interest based repayments are payable;</li>
						<li>the date we last changed your interest rate;</li>
						<li>the date we last agreed with you to vary your repayment amount;</li>
					</ul>
				</li>
 <li>we divide that amount by 12; and</li>
 <li>we add any monthly administration fee.</li>
			</ul>
 The interest based repayment amount does not vary according to the number of days in the relevant month. 
 In the shorter months, the repayment amount may be greater than the actual interest accrued 
 (which is calculated on a daily basis, so the excess reduces the balance owing on your loan account by a small amount). 
 In the longer months, the repayment amount may be slightly less than the actual interest accrued 
 (the small amount of accrued but unpaid interest is therefore added to the balance owing on your loan account and is 
 capitalised). This means that the balance owing on your loan account fluctuates by small amounts each month.
 ]]></Footer>
 </common>
 <loanRepayments>
 <LoanTerm type="num" default="25" min="1" max="30" />
 </loanRepayments>
 </vos>
 <components>
 <RepaymentType value="Principal &amp; Interest,Interest Based" selectedvalue="principalinterest" />
 <LoanType type="list" value="Variable,Fixed" selectedvalue="variable" />
 <CustomCalculationEnabled value="true" />
 </components>
</calculator>

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