CommBank Online Calculator??

[radelaide]

Why is it different to everyone elses?

300k @ 7.51% over 25 year, P/I, weekly repayments.

ANZ = $511.64 per week
Westpac = $512.00 per week
Commbank = $555.00 per week
NAB = $511.64 per week
Bendigo = $511.64 per week
Bankwest = $511.64 per week
Arab Bank = $511.77 per week

Works out to be a lot over the life of a loan...

 

[Bigtone]

no one pays that rate with CBA that is rack rate so is irrelevant

 

[Rolf Latham]

comm banks marketers arent as savvy as the others ?

ta
rolf

 

[softmonkey]

Yep, there's certainly something smelly with the Commonwealth Bank calculator.

When you select a 25 year period, the detail on the right indicates 'Loan term 20 years and 3 month(s)'.

Similarly, if you select a 15 year period, the calculated term is 'Loan term 13 years and 0 month(s)'

Their calculator is using the wrong number of repayment periods. The figures for monthly repayments are correct, so I suspect they're converting months to 2 fortnights and 4 weeks.

Oh btw, the calculator includes a field for 'Monthly loan service fee' which is $8 by default, though this wouldn't have as much effect as the above snafu.

 

[shiftyphil]

Yep, there's certainly something smelly with the Commonwealth Bank calculator.

When you select a 25 year period, the detail on the right indicates 'Loan term 20 years and 3 month(s)'.

Similarly, if you select a 15 year period, the calculated term is 'Loan term 13 years and 0 month(s)'

Their calculator is using the wrong number of repayment periods. The figures for monthly repayments are correct, so I suspect they're converting months to 2 fortnights and 4 weeks.

Oh btw, the calculator includes a field for 'Monthly loan service fee' which is $8 by default, though this wouldn't have as much effect as the above snafu.

That is how they do the repayments - weekly payments are exactly 1/4 of monthly payments, even though there is ~4.3 weeks in a month.
If you have a 25 year loan; but select weekly repayments, it will only take ~20 years to pay off.

 

[RumpledElf]

If you have a 25 year loan; but select weekly repayments, it will only take ~20 years to pay off.

And if you look at your loan info in netbanking, that's exactly what it will tell you.

 

[Marty McDonald]

That is how they do the repayments - weekly payments are exactly 1/4 of monthly payments, even though there is ~4.3 weeks in a month.
If you have a 25 year loan; but select weekly repayments, it will only take ~20 years to pay off.

Nice pick up