Archived 2023.10.09. Refer to CDS, BankingProductFee
Question
In the response to Get Account Detail, the BankingProductFee schema has to accommodate a variety of fees. How do we handle the following types of fee, where this is no associated amount, accrued rate, balance rate or transaction rate?
- Valuation fee, payable up front, for any loan application with a valuation cost in excess of $900.
- Break Cost, or Early Repayment Fee, payable on exit, if at any time before the fixed interest period expires you make additional repayments above the minimum required payments exceeding $10,000 for each 12 month period; or we agree to change your annual percentage rate during your fixed rate period (this includes a change to your annual percentage rate due to a change to your repayment type (principle and interest or interest only) or a change to your loan purpose (owner occupied or investment) or you repay all of the money owing under the facility during any fixed interest period before it is due.
- Fixed Rate Lock Fee, payable up front, at 0.15% of the fixed rate loan amount. Payable to secure the fixed interest rate on a fixed rate loan for 90 days from the date this fee is received.
Answer
You can use the additionalValue
and additionalInfo
fields.
{ "name": "Valuation fee", "feeType": "Upfront", "additionalValue": "900", "additionalInfo: "Any valuation cost in excess of $900. Payable when valuation costs associated with a loan application or variation exceed $900.\r\n" } { "name": "Break Costs (also known as Early Repayment Fee)", "feeType": "Exit", "additionalInfo": "Payable if at any time before the fixed interest period expires you make additional repayments above the minimum required payments exceeding $10,000 for each 12 month period; or we agree to change your annual percentage rate during your fixed rate period. This includes a change to your annual percentage rate due to a change to your repayment type (principle and interest or interest only) or a change to your loan purpose (owner occupied or investment) or you repay all of the money owing under the facility during any fixed interest period before it is due.\r\n\r\n" } { "name": "Fixed Rate Lock Fee", "feeType": "Upfront", "additionalValue": "0.15% of fixed rate loan amount." "additionalInfo": Payable to secure the fixed interest rate on a fixed rate loan for 90 days from the date this fee is received." },
You can raise a change request to suggest improvements in the BankingProductFee schema to address these issues.
See:
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