Guidance on BankingProductLendingRateV2 fields

The following guidance supports the Data Quality Guidance prepared under a joint effort among the Consumer Data Right agencies.

Sector applicability: this guidance applies to the Banking sector.

Rate criteria or conditions

The Banking product rate tiers fields provide a structured way to convey that any of the following criteria are applicable to the rates available on a product or account.

The qualifying criteria are to be defined against one or more of the following unitOfMeasure types:

• DOLLAR
  • Where the criteria include a minimum or range of account balance (as applicable to a deposit or loan)
• PERCENT
  • Where the criteria include a minimum or range of LVR (as applicable to a loan)
• MONTH
  • Where the criteria include a minimum or range of months for a term deposit
• DAY
  • Where the criteria include a minimum or range of days for a term deposit

Where a product or account specifies such criteria or conditions, the structured fields must be used to disclose the relevant information, including when the information is also disclosed in other fields, such as the product name or additionalInfo.

loanPurpose

The standards define a residential mortgage product as including:

all lending products that are available for the primary purpose of borrowing for the purpose of purchasing or renovating residential property, where a residential property will be used as security. This group will include both fixed, variable & secured overdraft types of product and may include both owner-occupied and investment purpose borrowing.

The Lending Rates Standard requires the loanPurpose field to be disclosed, with the following definition:

The reason for taking out the loan. If absent, the lending rate is applicable to all loan purposes.

There are two applicable loanPurpose values: INVESTMENT and OWNER_OCCUPIED.

The intention of the loanPurpose field is to enable users of product data and data recipients to select and compare lending rates based on whether the loan is available to owner occupiers, investors, or both. If a lending rate is applicable to both an owner occupier and investor, the field should be left blank.

A blank response shared in the loanPurpose field is taken to mean the relevant lendingRate is applicable to both owner occupier and investor purposes. Therefore, not providing a value in the loanPurpose field where a rate only applies to either owner occupiers or investors, incorrectly indicates that the mortgage rate is available for both an owner occupier and an investment purpose.

For clarity, loanPurpose must be provided, even if there is only one rate included in a disclosure. The loan purpose must also be provided even if some other data field, such as the product name or an additional information field, contains information that is relevant.

See: 

• CDS BankingProductLendingRateV2

lendingRate and lendingRates

The Get Account Detail payload provides for a single lendingRate and a lendingRates array to include components of that rate.

The single lendingRate field is intended to convey the calculated, or effective rate and may be provided by itself when only a single rate applies to the account. Where a rate comprises multiple rate components such as a base and a discount, these should be provided in the lendingRates array where each component can be specified separately.

• CDS BankingProductLendingRateV2

Discounts

The Product Lending Rate Types Standard provides for four rate types that indicate a discount, being:

• BUNDLE_DISCOUNT_FIXED
• BUNDLE_DISCOUNT_VARIABLE
• DISCOUNT
• INTRODUCTORY

Each of these rate types is described as a discount ‘from’ a standard rate. Therefore, each of these rates must be accompanied by a non-discount rate which is higher than the provided discount rate.

See:

• CDS, Banking, Product and Account Components

FIXED lending rate period

When a loan has lendingRateType FIXED for the entire period of the loan, specify the FIXED period as the longest duration offered. The period is specified in ISO 8601 format in the additionalValue field. For example, if the maximum loan period is 30 years, the additionalValue should contain "P30Y".

Example product data structure (subset)

The example below describes a home loan product that is offered with three different rate options, one or more of which may align to the qualifying criteria or choices of the consumer.

It describes three fixed rates with different criteria and conditions:

• Principal and Interest (P&I), Owner-occupied (OO) loan with LVR from 0-80% at 6.1%, fixed for 4 years, from $50K-$25M.
• Principal and Interest (P&I), Owner-occupied (OO) loan with LVR from 80-95% at 6.3%, fixed for 5 years, from $50K-$25M.
• Interest-Only (IO), Investment (Inv) loan with LVR from 80-95% at 6.5%, fixed for 5 years, from $50K-$10M.

{
  "constraints": [{
      "constraintType": "MIN_LIMIT",
      "additionalValue": "50000.00",
      "additionalInfo": "The minimum loan amount for this product is $50,000"
    }, {
      "constraintType": "MAX_LIMIT",
      "additionalValue": "25000000.00",
      "additionalInfo": "The maximum loan amount for this product is $25,000,000"
    }
  ],
  "lendingRates": [{
      "lendingRateType": "FIXED",
      "rate": "0.061",
      "comparisonRate": "0.062",
      "calculationFrequency": "P1D",
      "applicationFrequency": "P1M",
      "interestPaymentDue": "IN_ARREARS",
      "repaymentType": "PRINCIPAL_AND_INTEREST",
      "loanPurpose": "OWNER_OCCUPIED",
      "tiers": [{
          "name": "Loan-to-Value Ratio (LVR)",
          "unitOfMeasure": "PERCENT",
          "minimumValue": 0,
          "maximumValue": 0.8,
          "rateApplicationMethod": "WHOLE_BALANCE",
          "additionalInfo": "This rate is applicable to loans with an LVR up to 80%"
        }, {
          "name": "Loan amount",
          "unitOfMeasure": "DOLLAR",
          "minimumValue": 50000,
          "maximumValue": 25000000,
          "rateApplicationMethod": "WHOLE_BALANCE",
          "additionalInfo": "This rate is applicable to loans from $50,000 to $25,000,000"
        }
      ],
      "additionalValue": "P4Y",
      "additionalInfo": "Call us for more information about our principal-and-interest owner-occupier loan options."
    }, {
      "lendingRateType": "FIXED",
      "rate": "0.063",
      "comparisonRate": "0.064",
      "calculationFrequency": "P1D",
      "applicationFrequency": "P1M",
      "interestPaymentDue": "IN_ARREARS",
      "repaymentType": "PRINCIPAL_AND_INTEREST",
      "loanPurpose": "OWNER_OCCUPIED",
      "tiers": [{
          "name": "Loan-to-Value Ratio (LVR)",
          "unitOfMeasure": "PERCENT",
          "minimumValue": 0.8,
          "maximumValue": 0.95,
          "rateApplicationMethod": "WHOLE_BALANCE",
          "additionalInfo": "This rate is applicable to loans with an LVR from 80% to 95%"
        }, {
          "name": "Loan amount",
          "unitOfMeasure": "DOLLAR",
          "minimumValue": 50000,
          "maximumValue": 25000000,
          "rateApplicationMethod": "WHOLE_BALANCE",
          "additionalInfo": "This rate is applicable to loans from $50,000 to $25,000,000"
        }
      ],
      "additionalValue": "P5Y",
      "additionalInfo": "Call us for more information about our principal-and-interest owner-occupier loan options."
    }, {
      "lendingRateType": "FIXED",
      "rate": "0.065",
      "comparisonRate": "0.066",
      "calculationFrequency": "P1D",
      "applicationFrequency": "P1M",
      "interestPaymentDue": "IN_ARREARS",
      "repaymentType": "INTEREST_ONLY",
      "loanPurpose": "INVESTMENT",
      "tiers": [{
          "name": "Loan-to-Value Ratio (LVR)",
          "unitOfMeasure": "PERCENT",
          "minimumValue": 0.8,
          "maximumValue": 0.95,
          "rateApplicationMethod": "WHOLE_BALANCE",
          "additionalInfo": "This rate is applicable to loans with an LVR from 80% to 95%"
        }, {
          "name": "Loan amount",
          "unitOfMeasure": "DOLLAR",
          "minimumValue": 50000,
          "maximumValue": 10000000,
          "rateApplicationMethod": "WHOLE_BALANCE",
          "additionalInfo": "This rate is applicable to loans from $50,000 to $10,000,000"
        }
      ],
      "additionalValue": "P5Y",
      "additionalInfo": "Call us for more information about our interest-only investment loan options."
    }
  ]
}
 
     
  

Change Log

Updated: 13 January 2025

• FIXED lending rate period: Fixed typos
• Example product data structure (subset): Fixed typos

Updated: 5 December 2024

• Replaced RateTiers section with Rate Criteria or conditions section.
• Added Example product data structure (subset) section.

Updated: 7 November 2023 

• Added RateTiers article.