NAB - Differences in calculations
- Matthew Garrett
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We were working with a TFS client recently who had obtained a quote from NAB and could not get it to reconcile with TFS. We have investigated this and found a difference in the way that NAB is calculating the customer's effective rate. There appears to be an additional fee included in the given rate. We compared the quote by submitting it to Driveonline.
The quote was;
| We enter the finance information in as follows to match the quote Amt financed excluding brokerage = $200,000. Total brokerage = 1298.07 |
| We then enter the Wholesale rate and term |
| When I solve for repayments we see a 0.0064 variation in the effective rate on the NAB quote. There is a $0.56 variation in the single repayment value. This results in a $33.60 difference in the total amount payable. |
| If the deal was submitted to Westpac we get an exact match with TFS. This against the NAB quote
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We have asked NAB to clarify how they are differing from other lenders in their method of calculation but they have advised us that due to internal restructures they have not been able to allocate anyone to investigate this further.