Operational Costs: We take into account the expenses which are related to the running of our business including but not limited to staff, administration, regulatory and infrastructure costs.The IPFIL variable interest rate is set at a level that will ensure all aspects of funding costs are covered by interest income. The cost of getting this money into the Lender together with any other aspect of funding arrangements, represents the Lender’s own cost of borrowing. Funding Costs: In order to lend to customers, the Lender needs to source funding (money) from the financial markets.Credit Risk: We estimate potential losses from our mortgage loans due to non-payment by our borrowers.
There are a number of factors we consider when we set or change variable interest rates and these include:
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