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<calculator>
  <vos>
    <common>
      <AssumptionText type="cdata"><![CDATA[<p><b><font size="+1">Calculator Information</font></b></p><p>The Loan Repayments Calculator calculates the type of repayment required, at the frequency requested, in respect of the loan parameters entered, namely amount, term and interest rate.</p><p>Calculations do not take into account any possible fees or government grants.</p><p>Using the calculator does not guarantee you will be eligible for a loan. You will need to satisfy a lender’s loan criteria.</p><p>Interest rate does not change over the term of the loan except at the conclusion of the fixed or introductory rate period if either of these applies to the loan.</p><p>Interest is calculated by compounding on the same repayment frequency selected, i.e. weekly, fortnightly, monthly, In practice, the interest compounding frequency may not be the same as repayment frequency.</p><p><b><font size="+1">Calculator Assumptions</font></b></p><p><b>Length of Month</b></p><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><p><b>Number of Weeks &amp; Fortnights in a Year</b></p><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><p><b>Rounding of Amount of Each Repayment</b></p><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>]]></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.  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 2023.]]></Footer>
    </common>
    
    <loanRepayments>
      <InterestRate type="num" default="6.14" max="20" />
      <FixedRate type="num" default="6.14" max="20" />
    </loanRepayments>
  </vos>
</calculator>

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