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titleRepayment Schedule Group - Click here to expand...

Defines the core structure of the repayment schedule including the period and length.

Field

Description

In Advance?

Indicates whether repayments are made in advance or in arrears.

  • Yes: Payment occurs in advance, before a service or asset has been provided.
  • No: Payment is made after a service has been provided.

Period

Period of the repayment schedule. Click the Period popup button to select.

Example: Weekly, Fortnightly, Monthly, Quarterly, Half Yearly, Yearly.

Term

Length of the repayment period. Click the Term button to modify the terms or enter a manual period.

Structure

Repayment structure. Options include: 

  • Single Payment: A fixed payment amount is due for each term of the application. Single payments are only available for weekly, fortnightly or monthly periods.
  • Custom Payment: When custom payments are selected, clicking the Solve button allows you to enter payments of varying amounts to suit the applicant. The Structured Repaymentsdialog is displayed with a grid showing all the payment periods and allowing a combination of manual entry of payments and the calculation of remaining payments. Custom payments are only available for periods that are monthly, quarterly, half yearly or yearly. For most custom calculations you are offered the chance to change the payment structured to Grouped when you save and close the Structured Repayment dialog.

Tip

The most common use for custom payments is for Special Input Payback where the Asset GST (input tax credit) is paid back in a lump sum at the start of the loan. This reduces the overall interest paid.

  • Group Payments: Group payments are much like custom payments except that you enter the amounts in groups. For example, three payments of $1,000, one payment of $2,000, and 44 payments of $1,200. Group payments are only available for periods that are monthly.
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titleSingle Repayment Group - Click here to expand...

This group is enabled if Structure is set to Single Payments.

Typically, enter all details on the calculator and click the Solve button to populate the amounts in this group.

Field

Description

Net

Net value of a single repayment. Click the Solve button to determine the single repayment details, including Net and Total amounts.

GST

GST portion of a single repayment.

This field is automatically updated when a single payment is solved.

Stamp Duty

Stamp Duty portion of the single repayment.

This field is automatically updated when a single payment is solved.

Account Fee (Net)

Account fee portion of the single repayment.

This field is automatically updated when a single payment is solved.

Total

Total amount of a single repayment.

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titleAll Repayments Group - Click here to expand...

Displays the total amounts across the term of the loan.

Field

Description

Net

Total Net portion of all repayments over the term of the loan.

GST

Total GST portion of all repayments over the term of the loan.

Stamp Duty

Total Stamp Duty portion of all repayments over the term of the loan.

Total (exc Residual)

Total of all repayments over the term of the loan, excluding any residual amount.

Total (inc Residual)

Total of all repayments over the term of the loan, including any residual amounts.

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titleTerm Charges Group - Click here to expand...

Field

Description

Term Charges

All costs associated with the finance application, including fees, interest, GST, etc. Term charges are typically determined by the calculation method selected as different financiers calculate term charges differently.

GST on AP T/Charges

Asset purchase type applications can have their GST on AP Term Charges set as financed, unfinanced, or they are not applicable.

  • Unfinanced: GST on asset purchase term charges are paid upfront by the applicant.
  • Financed: GST on asset purchase term charges are included as part of the total amount financed.
  • Not Applicable: There is no GST on asset purchase term charges.

Unfinanced GST Inc.


Tip

This field can only be selected if the GST on AP T/Charges is set to Unfinanced.

Lists the GST to be excluded from the loan.

  • Term Charges and Financed Goods GST: Term charges and asset GST will be unfinanced. This is the current method employed by Macquarie and Westpac institutions.
  • Term Charges Only: Term charges only are unfinanced.

Term Charges GST

GST portion of the term charges.

GST Financed (exc Bkg)

Sum of Cost of Goods GST, GST on Term Charges, and any GST on financed fees that are financed into the loan.