Question
Is the Lending Rate Type of "Discount" value the discount amount or the effective rate net of the discount?
Answer
These discount rates are meant to be deducted from the base rate, not from the effective rate. The effective rate is calculated by deducting all eligible or conditional discount rates from the base rate. You can have multiple discount rates that apply only in certain circumstances (for example, first home buyer or vulnerable customer ).
For a BUNDLE_DISCOUNT_FIXED
for instance, the description is "A discount rate off the fixed rate obtained by originating a bundle instead of a standalone product".
Question
Bundle Discount Fixed requires the Additional Value field to contain the name of the bundle. If we do this where do we represent the duration for which the fixed rate applies?
Answer
The BankingProductRateTierV3 can be used to set a value of measurement if the rate applies for only a fixed period (for example, an introductory period of 3 months). Further information can be provided in the additionalInfo
field for the rate.
See Issue 321
Comments
0 comments
Please sign in to leave a comment.