Depending on your loan type, your Payout Figure may be inclusive of various components. A general summary of payout figures by product type is shown below:
|
Consumer (Consumer Loan) |
Commercial (Chattel Mortgage, Finance Lease, Novated Lease, Commercial Hire Purchase) |
Payout figure consists of |
|
The payout figure is calculated as the present value of the sum of the following plus GST where applicable. To calculate the present value, the early termination rate/discount rate (as per the contract) is used.
|
Expiry of payout figure |
Five days from the date quoted. |
The day before your next payment is due. |
Fee |
Includes an early termination fee. |
No applicable early termination fee. |
You may also request a Payout Breakdown Letter or a Payout Explanation Letter, which will outline how your payout figure has been calculated.