Product Reference Data - revert rates for fixed rate mortgages are absent

[aj-mozo]

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]

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

[nils-work]

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

[af-stayorgo]

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]

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]

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

[nils-work]

Hi @aj-mozo, @af-stayorgo

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

In Get Product Detail ... lendingRates >

• revertRate
• revertProductId

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

In Get Account Detail ... loan > lendingRateDetail >

• rateStartDate
• rateEndDate
• revertProductId

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.