Allows future Interest Type and Interest Rate changes to be recorded.
If the account already has a pending interest rate change, you will be given the option to process that.

Account

Displays the Account to be updated. This is defaulted when opened from the Account form.

Enter the Effective date, Authorisation and a Reference for the change.

Date

Enter the date the new interest rate will be charged from.

By Whom

Enter the person authorising the changed interest rate. This may be the Account's Manager, a Loans Officer or someone else.

Reference

Enter a Reference to appear in the History form for this Interest Rate change.

Interest Type

Select an Interest Type from the list. Options are:

The list of Interest Types is dependant on the available types for the Account Type.

Type	Description
Interest Free	Interest will be charged at 0.00% on the outstanding balance of the Account.
Fixed Rate	Interest will be charged at the Fixed rate specified on the outstanding balance of the Account.
Floating Rate	Interest will be charged at the Floating rate specified on the outstanding balance of the Account.
Rate Table	Use the selected Rate Table to calculate the Interest Rate.

Interest Rate

Enter the rate Interest is to be charged at.

Applies to the Fixed Rate and Floating Rate interest type's only.

Plus Premium

If the Plus Premium is adjusted, the interest rate will change inline with the Current Base Rate defined. Eg; If the Interest Rate is 6.10%, Plus Premium is 0.25% and the Current Base Rate is 5.85% and you decide to increase the plus premium interest rate from 0.25% to 0.50%. This will result in the interest rate increasing to 6.35%, being 0.50% above Current Base Rate of 5.85%.

Applies to the Floating Rate and Rate Table interest type's only.

Current Base

Is this account's current base rate.

Base Rate

The Base rate displays based upon the interest rate defined on this accounts Account Type.

Reset Base Rate?

If the current Accounts base interest rate is out of sync with the default Base rate for the Account Type both base rates will be shown and you may reset the base rate to that of the Account Type.

Check the checkbox to update the current Base Rate from the base rate defined on the Account Type.

Review Interest Rate change instructions

Rate Decrease and Rate Increase

Select a Interest Rate change instruction from the list to update the ongoing instructions held for this account. Options are:

Type	Description
Adjust Payment	Adjust the regular payment to maintain the current Maturity Date.
Hold Payment	Hold current the regular payment and adjust the Maturity Date.
To Be Advised	Borrower must advise an instruction for each change. Leaving the instructions as 'To Be Advised' will hold the rate change increase/decrease as Pending waiting for the instructions.

Floating Interest Rate Change Wizard, Select Account

Select the Account to update