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Temporary Additional Support : Contents

Revolving credit payment calculation

To calculate the amount of revolving credit payments to include in the assessment of Temporary Additional Support use the formula below.

You will need the following information:

  • purchase price
  • purchase date
    Note     if the purchase date is 29 February, use 28 February.
  • revolving credit balance at time of application for Temporary Additional Support
  • application date for Temporary Additional Support

Step 1

Divide the purchase price by 20 to get the monthly payment.

Step 2

Add 20 months to the purchase date to get expiry date 1. Start counting the months from the first month after the purchase date. For example if 01/04/19 is the purchase date then 01/05/19 is month 1, and 01/06/19 is month 2 etc.

Note if the end date falls on a non-existent date eg 30 February, use the first day of the following month.

Step 3

Divide the revolving credit balance by the monthly payment to get a number of months (round up to the nearest whole number of months).

Important note if the number of months is more than 20, use expiry date 1 as the expiry date. See SWIFTT process below - you do not need to complete this step or step 4.

If the number of months is less than 20, then add the number of months to the application date to get expiry date 2.

Start counting the months from the first month after the purchase date. For example if 10/04/19 is the purchase date then 10/05/19 is month 1, and 10/06/19 is month 2 etc.

Note if the end date falls on a non-existent date eg 30 February, use the first day of the following month.

Step 4

Use the earlier of expiry date 1 and expiry date 2 as the expiry date.

SWIFTT process

Add the following information to the applicable allowable cost in the STAWA screen in SWIFTT:

  • the expiry date from step 3 or 4 (as applicable)
  • the monthly payment from step 1

For help with calculating the months see:

Also see:

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