1. Additional commission applicable as $51k ≥ $50k
From 1 December 2018 New settled home loan with funds in offset account
Original facility limit
$500k
Date
Loan account balance
Offset balance
Net balance
Comments
3/12/2018
$    500,000
 $                   -
 $  500,000
Loan settles for $500k
12/12/2018
 $  100,000
 $  400,000
$100k placed in offset at day 10
25/12/2018
 $  160,000
 $  340,000
$60k placed in offset before EOM
31/12/2018
Upfront paid in January based on net balance at EOM ($340k)
1/07/2019
$    492,000
 $    90,000
 $  402,000
$70k withdrawn from offset
31/12/2019
$    481,000
 $  391,000
Upfront calculated on
$340k
Additional commission calculated on
$51k*
*$391k – $340k = $51k
Additional commission applicable as $51k ≥ $50k

2. Additional commission not applicable as $-200k < $50k
From 1 December 2018 New settled home loan with no initial funds in offset account
Original facility limit
$500k
Date
Loan account balance
Offset balance
Net balance
Comments
28/12/2018
$    500,000
 $                   -
 $  500,000
Loan settles for $500k
31/12/2018
Upfront paid in January based on net balance at EOM ($500k)
7/12/2018
 $  100,000.00
 $  400,000
Funds placed in offset after month end. Not taken into account in upfront commission calculation
31/12/2019
 $  200,000.00
 $  300,000
$100k placed in offset
Upfront calculated on
$500k
Additional commission calculated on
N/A*
*$300k – $500k = $-200k
Additional commission not applicable as $-200k < $50k

3. Additional commission
From 1 December 2018 New settled home loan with funds in offset account and principal increase within first 12 months
Original facility limit
$500k
PI limit
$100k
Date
Loan account balance
Offset balance
Net balance
Comments
5/12/2018
$    500,000
 $                   -
 $  500,000
Loan settles for $500k
12/12/2018
 $  100,000
 $  400,000
$100k placed in offset at day 8
31/12/2018
Upfront paid in January based on net balance at EOM ($400k)
22/07/2019
$    497,000
 $  497,000
$100k withdrawn from offset
23/12/2019
$    594,000
 $    40,000
 $  554,000
Principal increase of $100k fully drawn of which $40k is placed into offset. PI commission paid on $100k
31/12/2019
Upfront calculated on
$400k
PI calculated on
$100k
Additional commission calculated on
$54k*
*$554k – ($400k + $100k) = $54k
Additional commission
applicable as $54k ≥ $50k
For principal increases of $40k or below, there is a fixed commission payment of $200 ex GST

4. Future state New settled home loan with funds in offset account
Original facility limit
$500k
Date
Loan account balance
Offset balance
Net balance
Comments
5/03/2019
$    500,000
 $                   -
 $  500,000
Loan settles for $500k
14/03/2019
 $  200,000
 $  300,000
$200k placed in offset at day 10. Upfront paid based on net balance at day 10 ($300k)
20/09/2019
$    492,000
 $  100,000
 $  392,000
$100k withdrawn from offset
31/03/2020
$    475,000
 $  375,000
Upfront calculated on
$300k
Additional commission calculated on
$75k*
*$375k – $300k = $75k
Additional commission applicable as $75k ≥ $50k

5. Future state New settled home loan with funds in offset account
Original facility limit
$500k
Date
Loan account balance
Offset balance
Net balance
Comments
5/03/2019
$    500,000
 $                   -
 $  500,000
Loan settles for $500k
14/03/2019
 $  -
Upfront paid based on net balance at day 10 ($500k)
15/03/2019
$ ,000
$ 104,000
$ 396,000
$104k placed in offset at day 11
20/09/2019
$    496,000
 $  52,000
 $  444,000
$52k withdrawn from offset
31/03/2020
$    490,000
 $  438,000
Upfront calculated on
$500k
Additional commission calculated on
N/A*
*$438k – $500k = $-62k
Additional commission not applicable as $-62k < $50k

6. Additional commission not applicable as $34k < $50k
Future state New settled home loan with funds in offset account and principal increase within first 12 months
Original facility limit
$500k
PI limit
$100k
Date
Loan account balance
Offset balance
Net balance
Comments
5/03/2019
$    500,000
 $                   -
 $  500,000
Loan settles for $500k
7/03/2019
 $  100,000
 $  400,000
$100K placed in offset at day 3
14/03/2019
Upfront paid based on net balance at day 10 ($400k)
22/03/2020
$    487,000
 $  487,000
$100k withdrawn from offset
23/03/2020
$    587,000
 $    50,000
 $  537,000
Principal increase of $100k fully drawn of which $50k is placed into offset. PI commission paid on $100k
31/03/2020
$    584,000
 $  534,000
Upfront calculated on
$400k
PI calculated on
$100k
Additional commission calculated on
N/A*
*$534k – ($400k + $100k) = $34k
Additional commission not applicable as $34k < $50k
For principal increases of $40k or below, there is a fixed commission payment of $200 ex GST

7. Additional commission not applicable as $49k < $50k
Future state New settled home loan with funds in offset account and principal increase after 12 months
Original facility limit
$500k
PI limit
$80k
Date
Loan account balance
Offset balance
Net balance
Comments
5/03/2019
$    500,000
 $                   -
 $  500,000
Loan settles for $500k
14/03/2019
 $  100,000
 $  400,000
$100k placed in offset at day 10. Upfront paid based on net balance at day 10 ($400k)
31/03/2020
$    489,000
 $    40,000
 $  449,000
$60k withdrawn from offset
4/04/2020
$    569,000
 $  569,000
Principal increase of $80k fully drawn. $40k withdrawn from offset. PI commission calculated on $80k
Upfront calculated on
$400k
Additional commission calculated on
N/A*
PI calculated on
$80k
*$449k – $400k = $49k
Additional commission not applicable as $49k < $50k
For principal increases of $40k or below, there is a fixed commission payment of $200 ex GST