Prod Calculator Admin

<calculator>

  <vos>

    <common>

      <!-- <AssumptionText type="cdata"><![CDATA[<p><b><font size="+1">Calculator Information</font></b></p>

 <p>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.</p>

 <br /><p><b><font size="+1">Calculator Assumptions</font></b></p><p><b>Expense Details and Default Values</b></p><p>    <br />

 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:<br />        

 No. dependants     Single:          Joint:  <br />          

 0                             $18,415.80       $26,773.24<br />

 1                             $25,292.80       $33,280.00<br />  

 2                             $31,800.08       $39,787.28<br />

 3                             $38,306.84       $46,294.04<br />

 4                             $44,813.60       $52,729.04<br />

 <br />

 b) The cost of living expenses are sourced from the Melbourne Institute's Poverty Lines: Australia publication, Quarter 4 2018 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.<br />

 c) Default extra core expenses for more than 4 dependants - currently set at $6,507 per additional dependant.<br />

 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.<br />

 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.<br />

 f) Interest rate does not change over the loan term.<br />

 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.<br />

  <br /><b>Loan Details</b></p><p>    <br />

 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.<br />

 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.<br />

 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. <br /> <br />

 <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 /><br />

 <b>Number of Weeks &amp; Fortnights in a Year</b></p><p><br />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>

 <p>    <b><br />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.

  </p>

  <p> <b><br /> Fees & Other Charges</b></p>   <p><br />

Calculations do not take into account any possible fees or government grants.

 </p>]]></AssumptionText>

      <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">

                                                $18,415.80

                                            </td>

                                            <td class="ic-units">

                                                $26,773.24

                                            </td>

                                        </tr>

                                        <tr>

                                            <td>

                                                1

                                            </td>

                                            <td class="ic-units">

                                                $25,292.80

                                            </td>

                                            <td class="ic-units">

                                                $33,280.00

                                            </td>

                                        </tr>

                                        <tr>

                                            <td>

                                                2

                                            </td>

                                            <td class="ic-units">

                                                $31,800.08

                                            </td>

                                            <td class="ic-units">

                                                $39,787.28

                                            </td>

                                        </tr>

                                        <tr>

                                            <td>

                                                3

                                            </td>

                                            <td class="ic-units">

                                                $38,306.84

                                            </td>

                                            <td class="ic-units">

                                                $46,294.04

                                            </td>

                                        </tr>

                                        <tr>

                                            <td>

                                                4

                                            </td>

                                            <td class="ic-units">

                                                $44,813.60

                                            </td>

                                            <td class="ic-units">

                                                $52,729.04

                                            </td>

                                        </tr>

                                    </table>

                                </div>

                            </li>

                            <li>b) The cost of living expenses are sourced from the <a href="https://melbourneinstitute.unimelb.edu.au/__data/assets/pdf_file/0004/3065215/Poverty-lines-Australia-December-2018-Final.pdf" target="#">Melbourne Institute's Poverty

                                Lines: Australia</a> publication, Quarter 4 2018 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>

                        <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 2.5%. This can be changed by the user.

                        </p>

                        <p>

                            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.</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.

                                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.

                        </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>

                         <strong>Fees &amp; Other Charges</strong>

                          <p>

                              Calculations do not take into account any possible fees or government grants.

                           </p>

                        <br />]]></BorrowingPowerAssumptionsText>-->

      <!--<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. Using the calculator does not guarantee you will be eligible for a loan. You will need to satisfy a lender's loan criteria. Individual lenders may take different approaches to determining loan repayments to those used in this calculator. For example, lenders may add additional serviceability buffers over and above those used by the calculator. Information such as interest rates quoted and default figures used in the assumptions are subject to change. Assumptions may be updated from time to time to reflect changed circumstances. Results are based on information you have provided and do not take your personal circumstances into account. 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 2022.

]]></Footer>-->

    </common>

    <whereCanIBuy>

      <State index="0" />

      <!--State values are not required as they are coming from residex service-->

      <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" 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="18415.80,25292.80,31800.08,38306.84,44813.60">18415.80,25292.80,31800.08,38306.84,44813.60</AnnualExpensesSingle>

      <AnnualExpensesJoint type="list" value="26773.24,33280.00,39787.28,46294.04,52729.04">26773.24,33280.00,39787.28,46294.04,52729.04</AnnualExpensesJoint>-->

    </borrowingPower>

    <!--conditionalMessaging enabled="true">      <ad1 bannerUrl="http://www.infochoice.com.au/distributions/flash2010/UAT/assets/TestClient/Online-Home-Loan.gif" linkUrl="http://www.bankwest.com.au/onlinehomeloan?promocode=CALC">        <LoanAmount cmp="ge" value="400000" />      </ad1>      <ad2 bannerUrl="http://www.infochoice.com.au/distributions/flash2010/uat/assets/testclient/superstart.gif" linkUrl="http://www.bankwest.com.au/superstart?promocode=CALC">        <LoanAmount cmp="lt" value="400000" />      </ad2>    </conditionalMessaging-->

    <components>

      <IsLogoVisible value="false" />

      <UseSliderHandleImage value="false" />

      <ClientName value="InfochoiceHomeLoans" />

    </components>

  </vos>

</calculator>