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ConsumerDataStandardsAustralia / standards-maintenance

This repository houses the interactions, consultations and work management to support the maintenance of baselined components of the Consumer Data Right API Standards and Information Security profile.
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Product Reference Data - revert rates for fixed rate mortgages are absent #284

Open aj-mozo opened 4 years ago

aj-mozo commented 4 years ago

A feature of all fixed rate home loans is the disclosure of the (current level of the) variable rate that the loan reverts to after the fixed term ends. Comparison rates rely on this value. It is absent from the Standard and from all the data we examined from the major banks. We believe it should be included in all cases.

nils-work commented 1 year ago

The more recent issue #569 appears to have expanded on this topic.

nils-work commented 1 year ago

Hi @aj-mozo The DSB is proposing this issue be addressed as part of Decision Proposal 306. Any feedback would be welcome.

af-stayorgo commented 1 year ago

In addition to including revertRate in the lendingRate array, the 'revert product' should also be including (i.e. the productId). The revert product is typically different to the current product - e.g. a Fixed Rate home loan will revert to a Variable Rate home loan product.

nils-work commented 1 year ago

Hi @af-stayorgo revertProductId was proposed for inclusion in the lendingDetail structure of Get Account Detail, but if you're suggesting it should be considered in PRD as well, that's good feedback. Thanks

af-stayorgo commented 11 months ago

@nils-work - a quick not to confirm that I am proposing that revertProductId be included Get Account Details. Thanks

nils-work commented 8 months ago

Hi @aj-mozo, @af-stayorgo

The following fields are now specified in the Candidate Standards for Banking.

In Get Product Detail ... lendingRates >

A revert rate for a product may be specified against any rate option in the lendingRates array.

In Get Account Detail ... loan > lendingRateDetail >

A revert rate for an account may be specified as an additional fully defined rate object inside the lendingRateDetail array with a future rateStartDate. If the product will change at a specified rateEndDate, a revertProductId providing the future rate detail may be specified instead.

Consultation on making the Candidate Standards binding is now open through Decision Proposal 338.