Product Schema

Product Schema

The product schema represents a lender’s mortgage product with detailed configuration including rates, fees, LVR tiers, and product features.

Overview

Products are used in servicing calculations to determine:

• Interest rates based on loan characteristics
• Applicable fees (setup and ongoing)
• Product eligibility criteria
• Rate discounts and premiums

Schema Structure

interface LenderProduct {
  _id: string;
  lender: LenderName;
  productType: ProductType;
  productName: string;
  setupFee: number;
  ongoingFee: number;
  loanAmountThresholds: number[];
  lvrThresholds: number[];
  rateTableFields: RateTableConfig;
  productFeatures: ProductFeatures;
  isForServicing: boolean;
  lastUpdated: string;
}

Core Fields

Field	Type	Description
_id	string	Unique MongoDB ObjectId
lender	string	Lender identifier (e.g., 'cba', 'westpac')
productType	enum	'variable_package', 'variable_basic', 'fixed', 'line_of_credit', 'construction'
productName	string	Display name of the product
setupFee	number	One-time setup/application fee (AUD)
ongoingFee	number	Annual ongoing/package fee (AUD)
loanAmountThresholds	number[]	Loan amount breakpoints for rate tiers
lvrThresholds	number[]	LVR breakpoints for rate adjustments
rateTableFields	object	Configuration for rate table calculations
productFeatures	object	Product features and eligibility criteria
isForServicing	boolean	Whether product is used in servicing calculations

Product Types

Variable Package

Premium product with offset accounts, redraw, and rate discounts.

Features:

• Package/annual fee (typically $350-$400)
• Better interest rates
• Offset accounts
• Unlimited redraws
• Free extra repayments

Example:

{
  "productType": "variable_package",
  "productName": "Home Loan Package",
  "setupFee": 600,
  "ongoingFee": 395
}

Variable Basic

No-frills product with higher rates but no ongoing fees.

Features:

• No annual fee
• Higher interest rates
• Basic redraw (may have limits)
• Limited offset features

Example:

{
  "productType": "variable_basic",
  "productName": "Basic Variable Home Loan",
  "setupFee": 600,
  "ongoingFee": 0
}

Fixed

Fixed rate for a set period (1-5 years).

Features:

• Rate locked for fixed period
• May have break fees
• Limited extra repayments
• Converts to variable after fixed period

Line of Credit

Revolving credit facility.

Features:

• Interest-only repayments
• Flexibility to redraw
• Higher rates
• Annual reviews

Construction

Loan for building a new home.

Features:

• Progressive drawdowns
• Interest-only during construction
• Converts to standard loan after completion

Rate Table Fields

The rateTableFields object defines how rates are calculated:

interface RateTableConfig {
  baseRate: number;
  lvrDiscounts: { [lvr: string]: number };
  loanAmountDiscounts: { [amount: string]: number };
  ownerOccupiedDiscount: number;
  investmentPremium: number;
  principalAndInterestDiscount: number;
  interestOnlyPremium: number;
}

Example:

{
  "rateTableFields": {
    "baseRate": 6.54,
    "lvrDiscounts": {
      "60": -0.20,
      "70": -0.10,
      "80": 0.00,
      "90": 0.50
    },
    "loanAmountDiscounts": {
      "150000": -0.10,
      "250000": -0.20,
      "500000": -0.30
    },
    "ownerOccupiedDiscount": 0.00,
    "investmentPremium": 0.25,
    "principalAndInterestDiscount": 0.00,
    "interestOnlyPremium": 0.30
  }
}

Product Features

The productFeatures object defines eligibility and restrictions:

interface ProductFeatures {
  maxLVR: number;
  minLoanAmount: number;
  maxLoanAmount: number;
  allowedPropertyTypes: PropertyType[];
  allowedSecurityTypes: SecurityType[];
  offsetAccount: boolean;
  redrawFacility: boolean;
  extraRepayments: boolean;
}

Example Response

{
  "data": [
    {
      "_id": "507f1f77bcf86cd799439011",
      "lender": "cba",
      "productType": "variable_package",
      "productName": "Wealth Package",
      "setupFee": 600,
      "ongoingFee": 395,
      "loanAmountThresholds": [150000, 250000, 500000, 1000000],
      "lvrThresholds": [60, 70, 80, 90, 95],
      "rateTableFields": {
        "baseRate": 6.54,
        "lvrDiscounts": {
          "60": -0.20,
          "70": -0.10,
          "80": 0.00,
          "90": 0.50
        },
        "loanAmountDiscounts": {
          "250000": -0.10,
          "500000": -0.20
        },
        "ownerOccupiedDiscount": 0.00,
        "investmentPremium": 0.25,
        "principalAndInterestDiscount": 0.00,
        "interestOnlyPremium": 0.30
      },
      "productFeatures": {
        "maxLVR": 95,
        "minLoanAmount": 50000,
        "maxLoanAmount": 5000000,
        "offsetAccount": true,
        "redrawFacility": true,
        "extraRepayments": true
      },
      "isForServicing": true,
      "lastUpdated": "2025-10-15T00:00:00.000Z"
    }
  ],
  "meta": {
    "timestamp": "2025-11-03T10:30:00.000Z",
    "count": 1
  }
}

Using Products

Calculate Effective Rate

function calculateRate(product: LenderProduct, loan: HomeLoan): number {
  let rate = product.rateTableFields.baseRate;

  // Apply LVR discount/premium
  const lvrTier = findApplicableTier(loan.lvr, product.lvrThresholds);
  rate += product.rateTableFields.lvrDiscounts[lvrTier] || 0;

  // Apply loan amount discount
  const amountTier = findApplicableTier(loan.loan_amount, product.loanAmountThresholds);
  rate += product.rateTableFields.loanAmountDiscounts[amountTier] || 0;

  // Apply loan type adjustment
  if (loan.loan_type === 'investment') {
    rate += product.rateTableFields.investmentPremium;
  } else {
    rate += product.rateTableFields.ownerOccupiedDiscount;
  }

  // Apply repayment type adjustment
  if (loan.interest_only_period > 0) {
    rate += product.rateTableFields.interestOnlyPremium;
  } else {
    rate += product.rateTableFields.principalAndInterestDiscount;
  }

  return rate;
}

Check Product Eligibility

function isEligible(product: LenderProduct, loan: HomeLoan, property: Security): boolean {
  // Check LVR
  if (loan.lvr > product.productFeatures.maxLVR) {
    return false;
  }

  // Check loan amount
  if (loan.loan_amount < product.productFeatures.minLoanAmount ||
      loan.loan_amount > product.productFeatures.maxLoanAmount) {
    return false;
  }

  // Check property type
  if (!product.productFeatures.allowedPropertyTypes.includes(property.property_type)) {
    return false;
  }

  return true;
}

Compare Products

function compareProducts(products: LenderProduct[], loan: HomeLoan) {
  return products.map(product => ({
    lender: product.lender,
    productName: product.productName,
    rate: calculateRate(product, loan),
    setupFee: product.setupFee,
    ongoingFee: product.ongoingFee,
    totalFirstYearCost: product.setupFee + product.ongoingFee,
    hasOffset: product.productFeatures.offsetAccount
  })).sort((a, b) => a.rate - b.rate);
}

Filtering Products

When calling GET /api/v1/products, products are filtered by:

1. Lender access: Only products from lenders you have permission for
2. Product type: Hardcoded to variable_basic and variable_package (servicing products)
3. Servicing flag: Only products where isForServicing: true

Product Updates

Products are updated regularly to reflect:

• Rate changes (typically monthly)
• Policy changes
• New product launches
• Product discontinuations

Check the lastUpdated field to see when product data was last refreshed.

Common Use Cases

Finding Best Rate

# Get all products for multiple lenders
curl -X GET 'https://api.quickli.com/api/v1/products?lenders=cba,westpac,anz' \
  -H "Authorization: Bearer {credentials}"

# Compare rates for your scenario
# Calculate effective rate for each product
# Sort by lowest rate

Checking Package Savings

const basicProduct = products.find(p => p.productType === 'variable_basic');
const packageProduct = products.find(p => p.productType === 'variable_package');

const basicRate = calculateRate(basicProduct, loan);
const packageRate = calculateRate(packageProduct, loan);

const rateSaving = basicRate - packageRate;
const monthlySaving = (loan.loan_amount * rateSaving / 100) / 12;
const annualSaving = monthlySaving * 12;

// Compare annual saving vs package fee
if (annualSaving > packageProduct.ongoingFee) {
  console.log('Package saves money!');
} else {
  console.log('Basic product is cheaper overall');
}

Next Steps

• Get products endpoint - Fetch product data
• Compute servicing endpoint - See how products affect calculations
• Servicing result schema - Understand rate breakdowns

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Last updated: 2025-11-03