Why Mercury Borrowing Capacity Calculator Assessment rates are high comparing to lender serviceability calculator?
Lenders uses a default product and its variable rate for serviceability calculations in Mercury Borrowing Capacity calculator.
Whereas in lender serviceability calculator, you can choose the product and the rate of your choice.
Lender Serviceability Calculator
Assessment rate = [Product Rate of your Choice + Buffer]
Mercury Borrowing Capacity Calculator
Assessment rate = [A default Variable rate + Buffer]
Screenshot below taken from the Westpac Servicing Calculator
Note: Listed rates in the below screenshots may vary to the current rate
Westpac application with the Rocket Repay Home Loan as the loan product, with no package, the Assessment rate calculated by ApplyOnline is the same as what is used in Mercury.
With a product selected other than the lender standard variable or package loans the Assessment Rates will likely be different in ApplyOnline.