[ARCHIVE] Fee representation in Get Account Detail

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:

• Creating a Change Request