WO2005109259A1 - Loan simulation method and system - Google Patents
Loan simulation method and system Download PDFInfo
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- WO2005109259A1 WO2005109259A1 PCT/AU2005/000650 AU2005000650W WO2005109259A1 WO 2005109259 A1 WO2005109259 A1 WO 2005109259A1 AU 2005000650 W AU2005000650 W AU 2005000650W WO 2005109259 A1 WO2005109259 A1 WO 2005109259A1
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- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
- G06Q40/02—Banking, e.g. interest calculation or account maintenance
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- G—PHYSICS
- G06—COMPUTING; CALCULATING OR COUNTING
- G06Q—INFORMATION AND COMMUNICATION TECHNOLOGY [ICT] SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES; SYSTEMS OR METHODS SPECIALLY ADAPTED FOR ADMINISTRATIVE, COMMERCIAL, FINANCIAL, MANAGERIAL OR SUPERVISORY PURPOSES, NOT OTHERWISE PROVIDED FOR
- G06Q40/00—Finance; Insurance; Tax strategies; Processing of corporate or income taxes
- G06Q40/03—Credit; Loans; Processing thereof
Definitions
- the present invention relates to methods for assessing the comparative performance of loans, including lines of credit, redraw loans, term loans with offset accounts that work in conjunction with the term loans, and similar finance products that contain loan portions having different loan parameters.
- the invention relates to methods of simulating the future performance of a loan structure that includes a transactional loan according to a strategy that includes anticipated loan repayments from estimated and/or actual income with interest calculations based on a user's estimated and actual expenditure profiles.
- the invention is also related to a subscriber system for enabling users, such as loan customers ("Customer Members”) and financial services agents ("Loan-Writer
- the present invention provides a method of simulating for a borrower the performance of a loan, which loan contains a plurality of loan portions wherein each loan portion has different loan parameters, the method including the steps of: • inputting income information about income of the borrower; ⁇ inputting expenditure information about expenditure of the borrower; o inputting asset and liability information about assets and liabilities of the borrower; o inputting loan parameter information about the amount, interest rate, repayment mode, and term of each of said plurality of portions of the loan; providing assumptions about future market conditions effecting the loan; » calculating a flow of funds available for repayment of each portion of the loan according to the borrower income, the borrower expenditure, the borrower assets and liabilities, and the loan parameter information; and producing a simulation of loan balance according to the flow of funds and the assumptions about future market conditions.
- the present invention provides a method of managing for a plurality of borrowers the performance of loans to a borrower wherein at least one loan contains a plurality of loan portions, each loan portion having different loan parameters, the method including the steps of: ⁇ inputting income information about income of each borrower; o inputting expenditure information about expenditure of each borrower; ⁇ inputting asset and liability information about assets and liabilities of each borrower; • inputting loan parameter information about the amount, interest rate, repayment mode and term of each of said plurality of portions of said at least one loan; • providing assumptions about future market conditions effecting the loans; • calculating a flow of funds available for repayment of each portion of the respective loans according to the borrower income, the borrower expenditure, the borrower assets and liabilities and the loan parameter information; and • producing for each borrower a simulation of loan balance according to the flow of funds and the assumptions about future market conditions.
- each loan portion may comprise a plurality of loan segments relating to the temporal sequence of the loan portion, which portion is preferably a portion of the amount of said loan.
- the step of inputting income information may include inputting after tax wage or salary income, rental income, dividend income and tax refunds, both fixed and diminishing, together with the frequency of each income category.
- the step of inputting asset and liability information desirably includes information about pre-existing loans and repayments relating to the liabilities of the borrower.
- the step of inputting asset and liability information may further include inputting information about a home, investment properties, other investments (such as shares, bonds, precious metals, gemstones and art works), motor vehicles, personal/other loans, credit cards and cash.
- the step of inputting asset and liability information may further include inputting security information about security provided for the loan.
- the security information may include a valuation of the security over which a mortgage or charge is held to secure the loan.
- the step of inputting expenditure information may include inputting cash expenditure, home expenditure, utility expenditure, food/healthcare expenditure, personal expenditure, clothing/footwear expenditure, and motor vehicle expenditure.
- the step of inputting loan information may include inputting a lender, type of loan product, the interest rate of the loan product, and the maximum loan-to-value
- the type of loan product may include an interest only/fixed credit limit type and/or an amortizing credit limit type of loan.
- the step of inputting loan information may include inputting information about a proposed transactional loan for the purposes of comparison.
- the step of inputting loan information preferably involves the precedent step of setting up portions of the loan and the temporal segments of the loan portions with respective loan parameters.
- the step of setting up said loan portions suitably includes inputting the portion amounts, the debt to be allocated to each portion and the tax-deductibility treatment of each portion.
- the step of setting up the segments of the portions suitably includes inputting the interest rates, whether the interest rates are fixed and/or variable interest rates, and the term of each segment of the portion.
- the method may further include the subsequent step of calculating the maximum available loan amount on the basis of the total value of security to be used multiplied by the maximum loan-to-value ratio, and displaying said maximum available loan amount.
- the step of inputting assumptions about future market conditions affecting the loan may include inputting variations in interest rates applicable to said variable interest rate portions or segments of the loan.
- the future market conditions may further include movements in property valuations, preferably whether values may be assumed to decrease, remain static or increase over the term of the loan.
- the step of calculating the flow of funds includes the steps of: a) nominating a desired loan portion as the primary account; b) nominating the next loan portion in sequence as the primary account if the desired loan portion has a nil redraw capacity; c) crediting income and revenue to the primary account; d) debiting expenses from the primary account; e) redrawing funds from the primary account and crediting other specified loan accounts; f) repeating steps b) to e) for next credit/debit period unless all other specified loan accounts have nil balance.
- the step of producing a simulation of the loan balance according to the flow of funds includes displaying to the borrower: ⁇ a graph depicting the loan balance at intervals throughout the term of the loan; or • a table demonstrating the loan balance of the loan per year or per transaction until a loan balance of nil is attained.
- the step of simulating the loan balance includes calculation of loan credit and available loan credit potential.
- the simulation may include producing available loan credit according to the flow of funds, which further includes the step of producing a table demonstrating the available credit and the potential loan credit available per year for the transactional loan.
- the transactional loan is a home loan account.
- the present invention provides a method of simulating for a borrower or borrowers the performance of a transactional loan in accordance with a predetermined strategy, which transactional loan may contain multiple fixed interest rate portions and variable interest rate portions and each portion may contain multiple temporal loan segments, the method including the steps of: ⁇ inputting income information about income of the borrower; o inputting expenditure information about expenditure of the borrower; 9 inputting asset and liability information about assets and liabilities of the borrower, including existing loans and associated repayments relating to the liabilities of the borrower; ⁇ inputting transactional loan information proposed for refinancing of existing loans, including amount, interest rate, repayment mode and term of each portion and/or segment of the said transactional loan; ⁇ providing assumptions about future market conditions affecting the loans; ⁇ calculating a flow of funds available for repayment of each portion of the transactional loan according to the borrower income, the borrower expenditure
- an on-line subscriber system for enabling users to conduct assessment and ongoing management of loans or similar finance products, said system including: a service centre accessible via a public communications network, the service centre including processor means for executing a service software application, storage means for storing the service software application and client data, and communications interface means; at least one client software application for execution by a remote client device for accessing the service centre via the public communications network; and whereby upon verification of the identity of a Customer Member by the service centre, the client software application and the service centre software application interoperate to implement the method of simulating for the Customer Member the performance of a loan which contains a plurality of portions having different parameters, as set out hereinabove.
- the loan parameters include amount, interest rate, repayment mode and/or term of the loan.
- the loan may contain at least one fixed interest rate portion and/or at least one variable interest rate portion.
- a service software application for a service centre of an on-line subscriber system enabling users to conduct assessment and ongoing management of loans or similar finance products, said software application including: a master control module for administering records of subscribers and for configuration of member interfaces and a customer interface to a customer web site; a loan-writer member control module for controlling a loan-writer interface in a loan-writer/lender web site; a lender member control module for controlling a lender interface in the loan- writer/lender web site and a member information store, the lender interface providing access to information in a loan products information store; and a simulator module for executing a loan simulation method stated above, utilising loan parameters entered via the member or customer interfaces.
- transactional loan account is meant to encompass loan accounts of the type linking a loan facility to a credit card facility wherein a borrower's income is deposited into the account, expenses are debited against the credit card facility which is periodically settled from funds held in the loan account, and interest is periodically calculated (for example daily) on the current balance of the loan account and charged in arrears (for example monthly in arrears).
- arrears for example monthly in arrears.
- FIG. 1 is an overview diagram of an on-line loan simulation and management system of a first embodiment of the invention
- FIG. 2 is a diagram illustrating functional modules of the on-line loan simulation and management system of the first embodiment
- FIG. 3 is a flow-chart illustrating a method for on-line loan simulation as implemented by the system of the first embodiment
- FIG. 4 is a representation of a first user interface screen including a form for inputting borrower details and income information
- FIG. 1 is an overview diagram of an on-line loan simulation and management system of a first embodiment of the invention
- FIG. 2 is a diagram illustrating functional modules of the on-line loan simulation and management system of the first embodiment
- FIG. 3 is a flow-chart illustrating a method for on-line loan simulation as implemented by the system of the first embodiment
- FIG. 4 is a representation of a first user interface screen including a form for inputting borrower details and income information
- FIG. 1 is an overview diagram of an on-line loan simulation and management system of a first embodiment of the
- FIG. 5 is a representation of a third user interface screen including a form summarising information about the borrower's assets and liabilities information about the borrower's assets and liabilities
- FIG 5A is a representation of further form from the third user interface for inputting (or "setting up") the information about the borrower's assets and liabilities
- FIG 5B is a representation of further form from the third user interface for inputting the information about the borrower's assets and liabilities
- FIG. 6 is a representation of a second user interface including a form for inputting expense information
- FIG. 7 is a representation of a fourth user interface including a form for inputting assumptions about the state of the market
- FIG. 7A is a representation of a further form from the fourth user interface including a form for inputting or setting-up information about combination loan products
- FIG. 8 is a representation of a fifth user interface screen including a simulation display window
- FIG. 9 is a representation of a sixth user interface including a form for inputting expense information
- FIG. 9A is a representation of a form from the sixth user interface screen including a spread sheet display for setting up expense details
- FIG 9B is a representation of a form from the sixth user interface screen for editing expense information
- FIG. 10 is a flow chart illustrating functional details of calculating the loan balance simulation of one embodiment of the invention
- FIG. 11 is a flow chart illustrating a surplus/deficit calculation procedure of a further embodiment
- FIGs. 12A and 12B contain a flow chart illustrating transactional loan calculation procedures of the further embodiment
- FIG. 13 is a flow chart illustrating a traditional home loan calculation procedures of the further embodiment.
- Table 1A describes aspects of the customer web site (www. etracka. com) ;
- Table 1B overviews the download procedure for the client management application software, referred to as the etracka "Pro” module;
- Table 2 overviews the ancillary functional module, which includes the loan (or mortgage) simulator software;
- Table 3 describes the operation of the down-loadable etracka "Pro” software, subsequent to down-load by loan-writer or lender members;
- Table 4 describes the operation of the on-line loan simulation and management system, referred to as the etracka "Service” or “Simulator”;
- Table 5 overviews features of the master control which is operable by the system administrator; and Tables 6A and 6B sets out the preferred administrator controls for each of the lender members and loan writer members.
- a first embodiment of the present invention resides in an on-line loan simulation and management system 100 providing a service that is independent from financial institutions, which system allows users to remotely manage their respective transactional home loan accounts.
- the system of the embodiment provides tools (such as the etracka "Service Simulator") enabling users, such as borrower members 101 , 102, 103, (also referred to as customers or clients) to implement a loan reduction strategy.
- the first embodiment also includes a system administrator 130, whose role will be described below.
- Non-member users 104 can also review promotional material about the system which is freely accessible via a web site, also described below (see also Tables 1A and 4).
- loan-writer members 110 such as financial advisors, financial service agents and mortgage brokers who typically provide independent financial advice to borrowers.
- Loan-writer members may use the service as a proxy for their clients and/or may download additional software (such as the etracka "Pro" module - see also Tables 1 B and 3) which enables creation of client files for upload to the loan simulation and management system for direct remote access by clients.
- a further embodiment of the invention may also include Lender members 120, such as banks, credit unions and other financial institutions, who are able to provide a co- branded loan simulation and management service to their own customers.
- the system 100 of the embodiment may be considered with regard to a distributed computing public network environment, such as the Internet, as depicted in FIG. 1.
- computing devices such as personal computers (PCs) 151 , 152, 153, 154, laptop computers 155 and personal digital assistants (PDAs), servers including Internet servers 156, database servers 157 and mainframe gateway servers 158, may communicate with one another utilising the public telecommunications infrastructure and/or private communications links or a combination of these arrangements.
- computing devices provided for enabling the service and the web site include the web server 156 and the database server 157 which are configured and managed by the system administrator 130.
- the system administrator has a role in managing database records and access rights for each category of member via a master control module (see also Table 5), some of which roles are delegated to the Loan-writer and Lender members as desired.
- a master control module 201 which is accessed by the system administrator 130.
- the master control 201 provides functions to administer records of Lender members 120 and of Loan-writer members 110, and to configure the respective Loan-writer member control 202 and Lender member control 203 modules.
- the system administrator 130 utilises a network computer 159 to access the Internet 156 and database server 157 for these purposes, including maintenance of member information records that are stored in a member information store 204 provided by the database server.
- the master control 201 also provides for configuration of a customer interface module 205 and web site 206. Further details about the preferred customer member web site are set out in Table 1A.
- loan-writer interface module 207 and a lender interface module 208 which are operated in accordance with their respective loan-write and lender control modules 202 and 203.
- the interfaces are manifest on a loan-writer/lender web site 212, to which these classes of members are authorised to access.
- These interfaces also provide for download and registration of the etracka "Pro" software, as described in Table 1 B, which facilitates the local creation and management of client files, which client files may be subsequently uploaded to the client database in member information store 204.
- the ancillary functions module 209 provides file maintenance functions, printing functions (including printing of reports and printing currently open screen interface window), client management functions (including client search and recall for loan-writer members and lender members).
- An auxiliary loan calculator allows users to determine loan repayments and/or terms for principal and interest (P&l) and interest only (IO) type loans.
- the closely associated back-end loan simulator module 210 provides for simulation of the balance of the customers overall financial position, on the basis of input of financial information and certain market assumptions, as will be further described below.
- the down-loaded etracka "Pro" software also includes a down-load simulator module 213 which provides for local sub-function simulation of loans on a loan-writer computer 155.
- a transactional home loan refers to any mortgage loan product whereby: o interest is calculated on the daily loan balance and charged monthly in arrears; income and revenue may be credited directly into the loan account at any time (or into an offset account); o redraw from the loan account is available up to an agreed "Credit Limit", which may be the amortization schedule of a term loan (or redraw is available from an offset account); and ⁇ the loan account (or offset account) is a fully transactional facility whereby the account-holder may transact frequently within the credit limit via automatic teller machine and/or cheque and/or Internet banking or bill payment service and/or telephone banking or bill payment service.
- a credit card is assumed to refer to any credit or charge card account whereby an interest free period is provided so that no interest is payable if the closing balance of the account (as at the statement date) is paid in full by the due date.
- an offset account means any transactional deposit account whereby: • the transactional deposit account operates in conjunction with a secured loan product; and • the transactional deposit account has the equivalent interest rate to that of the secured loan product and operates in such a way that the interest payable on the secured loan product is reduced by the amount of the interest that would have been paid on the transactional deposit account.
- Customer Members may be registered with the system of the embodiment in any one of three (3) ways: (i) direct registration by payment of a registration fee by the user 101 via the customer web site 206; (ii) indirect registration by a Loan-Writer member 110 (who may have previously down-loaded the etracka "Pro" software or created it on-line) entering the relevant information and enabling access for users 102, 103; and (iii) indirect registration of a user 104 by a Lender member (such as a financial institution 120) or by the system administrator 130.
- a Lender member such as a financial institution 120
- step 302 the client/borrower or Customer Member identity number is allocated or verified if allocated in an earlier session.
- Table 4 also provides an overview of each of the five main steps, denoted Steps 1 to 5, of the etracka service or loan simulator.
- step 304 client or borrower details are either entered or updated using a first user interface screen input form 400 as illustrated in FIG 4.
- the layout of the user interface screens employs a tabbed paradigm (see top edge of the screen), wherein users may navigate amongst different tabs identifying the main functional steps, including the 'Client/Income' form for 'Step V as depicted in FIG. 4.
- the Customer Member or client details for input include sets of fields for client identity details 401 , client contact details 402 and client address details 403.
- the client or borrower income information is input.
- the client income information includes amount and frequency fields for each of after tax wage or salary 404, rental income 405, dividend income 406, other income 407, tax refund (diminishing) 408 and tax refund (fixed) 409.
- the frequency filed refers to the frequency with which the income is credited to the transactional home loan account.
- the first user interface screen also displays calculated fields for borrower or Customer Member verification purposes.
- Calculated fields are provided for each of 'annual after tax income' 411 and, where a second client is contributing to servicing a loan, such as in a dual income family household (see radio button 410 for "Client 2"), for 'combined after tax income' 412.
- a record creation date entry field 413 is generated for audit purposes, and a country of origin pull-down menu 414 allows selection of country - to facilitate switching the idiom and/or language of the field descriptors to one appropriate to the selection.
- the next step in flow chart 300 is to input the estimated and actual expense information for the borrower in step 308 of FIG 3.
- a third user interface screen input form 600 accessible from the 'Step 2 - Expenses' tab is depicted in FIG. 6.
- Expense items 601 which are listed in the left-most column of form 600, include cash expenditure, home: rates, insurance, maintenance, dues/body corporate, utilities: electricity, gas and telephone, mobile phone, pay TV, internet, food/healthcare: supermarket, pharmacy, health insurance, personal: hair cuts/treatments, clothing/footwear, and motor vehicles.
- the categories of expense items may be listed with menu-headers tailored by country to effect term neutralisation. The client user may create additional categories (and apply an item description) as desired.
- payment frequency may be identified as weekly, twice-weekly, fortnightly, monthly, quarterly, half-yearly or yearly, as appropriate in column 602.
- the estimated (or actual) amount expended on each expense item is entered at the frequency selected in a respective field of column 603.
- FIG. 5 A third user interface screen for the 'Step 3 - Assets/Liabilities' tab is depicted in FIG. 5.
- the screen 500 includes a summary of information about the borrower's assets and liabilities, listing items 501 such as home(s), investment properties, motor vehicles, personal/other loans and credit cards together with respective fields for value 502, amount owing 503, annual repayments 504 and close/link status 505 information for each item.
- the close/link status 505 identifies whether an asset and its associated liabilities are to be included in the simulated balance calculation (described below).
- the display of a "partly" status (not shown) in an asset row indicates that only a part of the assets and liabilities listed in the asset category have been identified to be closed.
- a total amount 506 is also calculated for each of the value, amount owing and annual repayment columns.
- the step of inputting asset and liability information includes the input of factual or projected information about pre-existing loans and repayments which comprise or relate to the liabilities of the borrower. This information is entered via a set-up interface form, which may be accessed via the buttons 506 adjacent each asset/liability item.
- the set-up form as exemplified in FIG 5A, allows an asset description and information about the value of asset, the lender of any liability associated with the asset and close status to be input and/or edited.
- FIG 5A An example of a set-up form 510 for ⁇ ome(s)' is shown in FIG 5A, which form includes three tables and associated operations buttons, namely the 'Assets' table 511 , the 'Splits' table 521 , and the 'Split Segments' table 531.
- the assets table 511 includes columns for input of each of asset description 512, value 513, lender 514 and a close flag 515, together with an 'Add Asset' operating button 516 and a corresponding 'Delete Asset' button 517.
- the splits table 521 includes columns for input of each of a split identifier 522, amount owing 523 and a flag 524 indicating tax deductibility.
- split is here used to identify liability splits in the form of loan portions having different repayment regimes, for example principle & interest, fixed or floating rate; interest only fixed or floating interest rate, frequency of repayment (eg. monthly).
- the information about loan splits may be added and deleted using the respective 'Add Split' operating button 525 and 'Delete Split' button 526.
- the final table in the set-up form 510 is for loan segments, i.e. temporal portions of a loan having a particular payment regime wherein (typically) the interest rate changes, for example from an introductory period of a year, together with the duration of the segment years/months and applicable interest rate.
- the Split Segments table 531 includes columns for pay order 532, segment type(ref), frequency 533 (of repayment), duration 534 (in years and months), interest rate 535, and repayment 536 (amount). Control buttons are also provided for add segment 537, delete segment and change order 539 (of repayment). Finally the auxiliary setup form 510 includes windows displaying calculated values for total loan term 540, total owing 541 and total value 542 (of assets). A further set-up form is illustrated in FIG. 5B, as discussed above such a set- up form is accessed via buttons 506 adjacent each asset/liability item in this case the cash/savings item.
- the form 550 includes columns for input of a description for each asset 551 , value 552, interest rate 553, tax rate 554 and a close flag 555, together with an 'Add Cash' operating button 556 and a corresponding 'Delete Cash' button 557.
- the sum of 'Total Annual after Tax Income (as in Step 1)' is displayed in field 560 less the current "Total Annual Repayments (as in Step 3)' as displayed in field 561 and 'Total Annual Expenses (as above, i.e. Step 2)' at 562 provides a 'Surplus/Deficit' result which is displayed in field 563. Any Surplus result, for example the surplus 563 depicted in FIG.
- FIG. 9 there is depicted an example a form for inputting expense information 900, actual expenditure for each quarter 1 to 4 may be calculated and totalled with respect to frequency. This calculation provides for a comparison between the original expense item estimates and the actual expense for each quarter.
- the form 900 includes columns for each expense item 901 , respective estimates 903 with frequency 902, actual expenditure 906 and annual total expenditure 904 with revised frequency 907, and an indication of the total annual expense displayed at 908.
- the entries in column 906 may be freely entered and/or updated via accessing the quarterly spreadsheets by clicking the respective quarter buttons 910.
- FIG 9A depicts one possible lay out of a quarterly spreadsheet in this instance for the 'First Quarter'.
- the spreadsheet 920 includes a description of each expense item 921 , original estimates 922 including the amount 923 and frequency 924, the actual amount of expenditure on each item 926 and the total amount of expenditure on each item for the selected quarter 927.
- the entries in column 926 for each expense item may be free amended by activating adjacent buttons 928 this brings up form 930 shown in FIG 9B.
- Form 930 includes a description of the selected expense item 931 , information regarding the original expense estimate for the selected item 932 including the frequency and a summary of the expenditure on the item for the quarter including the current level of expenditure 'amount'.
- Thee current actual amount of expenditure- on the selected item may be alter by entering the appropriate value in the expense item fields 934. It should be noted that only a single entry per quarter is permitted for quarterly expense items, two entries per (4) quarters are permitted for half-yearly expenses; and a single entry per four (4) quarters is permitted for yearly expenses - as the grey areas of the sheet are not accessible.
- the spreadsheets are established with self-calculating worksheets enabling actual expense details to be entered and calculated with respect to each expense item on a cumulative basis from Quarter 1 to Quarter 4 of the current financial year. Where no actual expense details are entered into a line that relates to an expense item, the originally estimated expense is assumed and noted as 'Duplicate'.
- the input form 700 allows for input of loan information, providing fields for selection of lender 701 from available lender members or from a generic other category of lender (which may be created by the client user) and the type of loan product 702, for example depending on whether the product is of an interest only/fixed credit limit ('IO Limit') type or to an amortizing credit limit ('Am Limit'), with the redraw capacity being dependent upon the type of loan selected.
- the maximum loan-to-value (LTV) ratio of the product is selected from pull-down menu 705.
- the maximum available lend amount displayed in field 706 is calculated on the basis of the total value of real estate and other assets to be used as security multiplied by the maximum loan-to-value ratio of the loan product selected.
- the current 'Loan to Value' ratio shown in field 710 is calculated as the Total Loan Required' 709 divided by the total value of real estate assets to be used as security in the refinance (described below).
- the available credit following refinancing is indicated in field 711 and calculated as the 'Maximum Lend' 706 less the 'Total Loan Required' 709.
- the market or restructure assumptions affecting the future conduct of the loan may then be input by the user.
- the assumptions are first as to whether interest rates will rise, remain flat or fall is input via pull-down menu 712.
- the second assumptions are as to whether property values will increase or decrease and secondly by what annual rate, is input via pull-down menu 713 and field 714 respectively.
- the next step of the method in flowchart 300 is to set-up the loan partitions or portions in step 316. This is achieved accessing from 'Product Set-up' button 715, a further form from the fourth user interface, as illustrated in FIG 7A.
- the further form entitled 'Product Details' for inputting or setting-up information about combination loan products.
- Three display windows with lender information 723 amounts for maximum loan 721 and total loan required 722 appear near the top of the form.
- Split-Loan Account 1 (the "Primary Account") is assumed to be a transactional loan account (as defined herein).
- the form includes two tables, the first upper table 730 listing the loan splits, with columns for each of loan product 731 , sequence or order 732, credit limit/allocated amount 733, debt allocated 734 (to split loan accounts) and tax deductibility 735.
- the Primary Account When the Primary Account has a loan balance of nil, the Primary Account is redrawn up to a percentage of its redraw capacity as nominated by the user and an amount equal to the amount redrawn from the Primary Account is credited to another loan account as nominated by the user in accordance with the pay order/sequenced in table 730.
- the second table 740 indicates the repayment sequence of any loan segments applicable to respective loan splits, with columns for each of pay sequence 741 , type 742, repayment frequency 743, repayment duration in years 744 and months 745 and the interest rate (%) 746. Control buttons are provided to add segment 747, delete segment 748 and change order 749 (of payment application).
- the loan balance is calculated to simulate repayment on the refinanced basis.
- a graphical display depicting annual balance of the refinancing transactional home loan against a current 'Traditional' home loan account is produced.
- FIG. 8 illustrates a fifth user interface screen including a simulation display window 800 showing the graphical display of the 'Loan Comparison' 801 together with calculated amounts of 'Interest Saved' in field 802 and 'Years Saved' in field 803 over the respective loan terms.
- the Loan Comparison includes a bar graph showing a sequence of the annual loan balances of a traditional home loan 805 compared with corresponding balances for a proposed transactional home loan 806.
- Radio buttons 804 are also provided for selecting graphs demonstrating 'Available Credit' throughout the course of the transactional home loan term, demonstrating 'Available Credit Potential' throughout the course of loan term, factoring property price increases or decreases as nominated by the user in 'Step 4' (see FIG. 7), a table demonstrating the loan balance and term of the current loan in comparison to the transactional home loan per year, and the available credit per year, and a table demonstrating the loan balance of the transactional loan per transaction until a loan balance of nil is attained.
- Window 807 of Fig 8A depicts such a table, the year 808 is displayed in the far left hand column followed by the balance for each scenario 809, the available credit 810, the available credit potential 811 and the cash accrual 812 for each scenario.
- the user can freely toggle between the desired interface form 800 or 807 via radio buttons 804. Details of the steps of the simulation are set out in FIG 10.
- the simulator program module 1000 conducts the following operations, in step 1002 the "Primary Account" is allocated to the transactional home loan as selected or created by the user in "Step 4 - Restructuring" interface auxiliary form 720 as Split Loan Account 1 , i.e. sequence 1 in table 703 of FIG. 7A.
- step 1004 the redraw capacity in Split Loan Account 1 is nil, the next nominated Split Loan Account in the payout sequence becomes the "Primary Account", in step 1006 so forth.
- the loans that are designated in the "Step 3 - Assets/Liabilities" section of the user interface form 510 (see column 515) that are not "closed" by the user may not be the Primary Account.
- step 1008 income and other revenue is credited into the Primary Account at the beginning of each specified period (ie. weekly, fortnightly, monthly etc.) and in step 1010 expenses are debited from the Primary Account at the beginning of each specified period.
- the income amounts entered into "Tax Refund Diminishing” reduce over the duration of the simulation in ratio to the principal balance of tax-deductible loans and at the income frequency selected by the User; whereas income amounts entered into “Tax Refund Fixed” remains constant over the duration of the simulation. For simplicity other tax refunds are not calculated in the embodiment. Except as modified by the user, income (other than "Tax Refund Diminishing)" and expenses remain constant for the duration of the simulation.
- the Primary Account has a loan balance of nil
- the Primary Account is redrawn to a percentage of its redraw capacity as nominated by the user and an amount equal to the amount redrawn from the Primary Account is credited to another loan account as nominated by the user, in step 1012.
- Assets/Liabilities" section of the Simulator are utilised as security for the loans as nominated in the "Step 4 - Restructureing" section of the Simulator on a cross- collateralisation basis.
- Step 4 - Restructure the effect of the selection of "Rising”, “Flat” or “Falling” by the User means, for the purposes of the simulation: Rising - Rising Market a) If a loan has a fixed interest rate, then the interest rate of the loan remains constant for the duration of the simulation; and b) If a loan has a floating interest rate, then the interest rate of the loan increases by 0.25% at the commencement of each 6-month period until the interest rate has increased by 4.0%. The fully increased interest rate then remains constant for the balance of the simulation. Flat - Flat Market The interest rates of all loans remain constant for the duration of the simulation.
- an initial surplus/deficit calculation procedure as set out in FIG. 11 , together with respective transactional loan and traditional loan calculation procedures, shown in FIGs 12A/B and FIG 13 respectively.
- the initial surplus/deficit calculation procedure 1100 which is carried out as part of "Step 3 - Assets/Liabilities" (see FIG.
- step 5 involves totalling the expenses for a period of one (1) financial year in step 1102 from the previously entered expense data or input expense information, totalling for the period the income data or information previously entered in step 1104, and totalling the loan repayments data from the input assets and liabilities data in step 1106.
- the surplus/deficit for the financial year is then calculated in step 1108 by deducting from the total income (i), the sum of the total repayments (r) and the total expenses (e).
- the interim and final results of this procedure are displayed in windows identified as (i) 560, (r) 561 , (e) 562 and "Surplus/Deficit" 663 of the user interface form 500 depicted in FIG. 5.
- step 1202 the total proposed borrowings are calculated from the balance owing on existing loan(s), and the result displayed in window 707 of user interface form 700 (see FIG. 7).
- the loan setup or establishment costs, previously entered via field 708 of input form 700, are added to the proposed borrowings to determine the total amount required for the proposed transactional loan.
- the amount of the total loan required is displayed in window 709 of form 700.
- the procedure then enters a loan amortisation loop at step 1206, which loop calculates from day incrementing step 1208 the daily interest (i) on the transactional loan for periods of a week, a fortnight, twice-monthly and monthly. This calculation is undertaken by testing in steps 1210, 1220, 1230 and 1240 whether the current day is a multiple of 7, 14, 15 and 30.
- weekly expenses are added to the loan balance in step 1211
- weekly income is subtracted from the loan balance in step 1212
- weekly unclosed loan payments are added in step 1213 and weekly repayments for any additional loan splits or portions in step 1214.
- step 1240 there are additional steps including the addition of transactional interest (i) in step 1241 A, making salary adjustments entered by the user for the month in step 1245, the subtraction of deposits and addition of withdrawals in step 1246, and the subtraction of monthly income from the loan balance in step 1247.
- step 1248 further processing continues where the primary account (split portion) does not have a nil balance. If the primary account balance is nil, a test for other split portions with nil balance occurs in step 1249.
- step 1249A a redraw is undertaken to make a bulk payment on other splits in step 1249A.
- step 12B further testing of predetermined days is conducted to identify quarterly, half yearly and annual periods in steps 1250, 1260 and 1270.
- steps 1250, 1260 and 1270 there is an additional step for adjusting floating interest rates on the loans 1265, as per user settings.
- these include adjusting property values (PV) in step 1275 in accordance with the user setting (of falling flat or rising values), calculating the potential available credit as property values (PV) less total owing in step 1276, calculating available credit in step 1277 and updating running totals for use in an annual report in step 1278.
- PV property values
- Redrawing of the primary split has been shown to occur only monthly for clarity, however the reality is that a redraw will potentially occur whenever the primary split balance reaches zero - this may be at any time where the balance is credited via either income, or a fixed deposit.
- Primary Split Interest Interest is calculated on the primary split on a daily basis, however is only added to loan balances monthly Salary Adjustments
- the user of the simulation program of the embodiment may choose to set-up future salary adjustments. For example, if a second income earning borrower (eg. a partner) is to have a year off work to have a child, then salary could be adjusted to zero starting and month n and ending at month n+12. This also allows the user to anticipate salary increases/decreases if desired.
- the program checks for and makes any salary adjustments that have been entered by the user.
- Deposits/Withdrawals The user can also elect to make a deposit or withdrawal from the primary account at any point in the loan. An example where this might be used is: Withdrawal: Customer plans to buy a new car in 2 years Deposit: Investment matures in 5 years Floating Rates Adjustments The user may elect to anticipate the future market interest rates. The user may choose Flat, Falling or Rising interest rates. If the user chooses flat interest rates then no floating rate adjustments to loans are necessary.
- Floating rates are adjusted according to the following schedule: Rising: Rates are increased 0.25% every 6 months until rate is up by 4% on the original rate Falling: Rates are decreased 0.25% every 6 months until rate is down by 4% or 1 % is reached.
- the adjustment of interest rates makes it necessary to recalculate repayment amounts on all loans that have Floating rates, and are currently being processed as standard P+l or I/O loans.
- Step 1280 indicates termination of the amortisation loop involving cases 1210 to 1270, when all loan portions have a nil balance or a period of 35 years has passed in the embodiment. Subsequently, the total interest paid (i tot) on the transactional loan is recorded in step 1282 and the required or total term (t) of the loan is recorded in step 1284.
- the calculation process 1300 for the traditional loan is depicted in FIG 13.
- step 1302 uses a similar daily amortisation loop commencing at step 1302, and terminating at step 1380 under the same conditions described in relation to step 1280 above.
- step 1380 uses a similar daily amortisation loop commencing at step 1302, and terminating at step 1380 under the same conditions described in relation to step 1280 above.
- case testing steps for each of weekly 1310, fortnightly 1320, twice-monthly 1330, monthly 1340, quarterly 1350, half-yearly 1360 and yearly 1370 periods.
- a week of interest is added to the loan balance in step 1312, any weekly repayment is subtracted from the loan balance in step 1314.
- floating interest rates and adjusted as per user settings and repayments are re-calculated in step
- FIG 8B depicts a summary display window 810 showing the calculation 813 of the Potential Interest Saved 814.
- the Potential Interest Saved 814 is a function of the Total Interest Paid on Loans in the Traditional scenario 815 minus the Total Interest Paid on Loans in the Transactional scenario 816 minus the Interest credited (less tax) on cash in the Traditional loan scenario 817 minus the Interest credited (less tax) on cash in the Transactional Loan scenario 818. Also shown in FIG 8B is a comparison 823 between the average monthly repayments between the traditional 824 and transactional 825 scenarios. Finally there is shown a comparison of the cash accrual 833 between the traditional 834 and transactional 835 scenarios. The cash accruals are also detailed in "Analysis by Year" window (described above) shown in Fig 8A.
- Table 1B etracka Pro Download etracka Number 1.
- a Loan-Writer User (“User")
- an email with the User's etracka identification Number and an initial Password is sent with to the User.
- Initial logon 2.
- the User changes the Password and agrees to the "Terms & Conditions" etracka Pro Download 3.
- the etracka Pro is downloaded to the hard drive of the User (1 time automatic process) together with a User manual.
- User Training 4 The User completes an online training module (at etracka.com) based on initial file data contained on the etracka Pro and information contained at etracka.com. Validation 5.
- Table 6B etracka Loan-Writer Control
- Loan-Writer Member Details Name Details, Contact Details, Residential/Postal Address Details, Country Details and Website Address Details as created at etracka Master Control.
- etracka Number Loan-Writer Member's unique file number generated automatically upon file creation at etracka Master. Control. Registration / Deregistration Date of loan-Writer Member Registration and Date of loan-Writer Member Deregistration at etracka Master Control.
- the Details of the initial Administrator are created at etracka Master (ie. Authorised to operate Control, after which the initial Administrator may create new Administrators. etracka Loan-Writer Control) New Create an Adminstrator. etracka Number Administrator's unique file number generated automatically upon file creation by at etracka Master Control (Initial Administrator) or by an Administrator (thereafter). Registration / Deregistration Date of Administrator Registration and Date of Administrator Deregistration.
Abstract
Description
Claims
Priority Applications (4)
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US11/568,800 US20070288357A1 (en) | 2004-05-07 | 2005-05-06 | Loan Simulation Method And System |
CA002565481A CA2565481A1 (en) | 2004-05-07 | 2005-05-06 | Loan simulation method and system |
NZ551492A NZ551492A (en) | 2004-05-07 | 2005-05-06 | Loan simulation method and system |
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AU2004902413A AU2004902413A0 (en) | 2004-05-07 | Loan simulation method and system | |
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CN (1) | CN1998020A (en) |
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- 2005-05-06 WO PCT/AU2005/000650 patent/WO2005109259A1/en active Application Filing
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AU2005241122A1 (en) | 2005-11-17 |
US20070288357A1 (en) | 2007-12-13 |
AU2005241122B2 (en) | 2010-02-11 |
CN1998020A (en) | 2007-07-11 |
NZ551492A (en) | 2009-01-31 |
WO2005109259A9 (en) | 2006-12-07 |
CA2565481A1 (en) | 2005-11-17 |
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