Changing Interest Rates on a Variable Loan
Purpose
Because these loans are variable in nature it is possible to change the interest rate on the loan during its life reflecting changing market conditions
Access
- [F2] at Interest Profile Future or Interest Profile Current from the Variable Loan Details dialog
- Accounts | Edit/View Account Interest Profiles |
the Interest Profile to be updated
Process
Option One
Option Two
a different Interest Profile to the loan account that has the correct rate
Related Articles
Extending a Variable Loan
Purpose Allow the continued running of a Variable Loan once the maturity date has passed Access a Variable Loan from the Variable Loan Account Browse Process A Variable Loan may need to have its duration increased. Rather than setting up a new loan, ...Consumer Loan Refinance
Purpose A Fixed Loan may need to be refinanced due to: Debtor hardship so the same outstanding amount needs to be repaid over a longer period Debtor wants to top up their Loan In either circumstance the steps are the same Process Identify the ...Variable Loan Interest Rate Change Notifications
Purpose To automate the process of creating interest rate change advice notices with updated calculated values. The system will: Generate a list of accounts affected by a rate change percentage Create communications advising the change of rate Allow ...Variable Loan Planned Rate Changes
Purpose To automate the process of changing interest rates and the resulting instalment amounts due or maturity dates on Variable Loan accounts with instalments. The system will: Generate a list of accounts affected by a rate change Calculate a new ...Variable Loan Account Details
Purpose Variable Loan accounts are used to manage any loan where terms and conditions change over the life of the loan. Common changes may be interest rates, repayment amounts or maturity dates. Timing Variable Loan Accounts may be viewed at any ...