Document ID: chunk:federal_register_of_legislation:F2024C00882:schedule:5:p4
Version: federal_register_of_legislation:F2024C00882
Segment Type: schedule
Provision Reference: sch 5 (pt 4/6)
Character Range: 525246–527772

Key Facts Sheet.
       * the amount required to be paid does not include fees which are dependent on events that may not occur (for example, late payment fees if you do not make repayments on time).
       * the amount of the repayments shown in this Key Facts Sheet will change if interest rates, fees and charges change and if a different loan type, loan term or loan amount is used.

What is the personalised comparison rate?

The personalised comparison rate helps you understand what the total cost of your home loan might be, taking into account known fees and charges that will apply (other than government fees, charges or duties) by building those costs into the interest rate. It also helps you understand the impact of fixed or introductory rates of interest on the total amount of interest you could pay over the life of the loan.

Part 2—Information about preparing a Key Facts Sheet

Notes in model of Key Facts Sheet
2.1  A lender that prepares a Key Facts Sheet for a particular consumer must include the following information at the numbers marked in the model in Part 1:
 1 If the lender is an ACL holder—this is the lender's ACL number. If the lender is not an ACL holder, no ACL number is required. However, the lender must disclose that the credit provider's ACL will be provided in the credit contract. The lender is exempted from the requirement to set out its ACN or ABN in subsection 153(2) of the Corporations Act 2001 on the Key Facts Sheet.
 2 This must be an interest type in the table in regulation 28LA. If a fixed loan is specified, the term of the fixed rate period must also be indicated.
 3 Under regulation 28LA, the repayments under the home loan must repay principal and interest for the full term of the loan.
 4 The repayment frequency must be based on monthly repayments.
 5 This is the current interest rate applicable to the loan on the date on which the Key Facts Sheet is produced.
  If discounts to this interest rate apply, the discount and the period in which it will apply must also be disclosed here.
  Only one of the 4 paragraphs in this box is required. Omit the paragraphs that do not apply to the loan this Key Facts Sheet relates to.
  A licensee may replicate this item if more than 1 discount period applies
 6 This rate must be calculated in accordance with the formula in subregulation 100(3) but using the designated amounts provided by the consumer under sections 133AC and 133AD of the Act. This rate includes each fee or charge (if any) payable by the debtor