Terms and Conditions

About Paydown

Paydown is a mortgage tracking and repayment calculator application. It allows you to enter your own mortgage and payment information to view estimates, projections, and progress based on that information. Paydown also offers a free repayment calculator that does not require a subscription.

Eligibility

You must be at least 18 years old to use Paydown. By using the App, you confirm that you meet this requirement.

No Account Required

Paydown does not require you to create an account or provide identifying information such as your name or email address. Your data is stored locally on your device and, if you enable it, synced through your own personal iCloud account. See our Privacy Policy for full detail on how your information is handled.

Subscription — Paydown Pro

Certain features of the App (including mortgage tracking, payment history, and progress projections) are available through Paydown Pro, a paid subscription.

• Payment processing: all payments are processed by Apple through the App Store. We do not receive, store, or process your payment card details
• Cancellation: you can cancel your subscription at any time through your Apple ID account settings. Cancellation takes effect at the end of the current billing period; no partial refunds are provided for the remaining period
• Refunds: refund requests are handled by Apple in accordance with Apple's own refund policies, not by us directly

We may change the price of Paydown Pro for future billing periods. If we do, we will provide notice in accordance with Apple's App Store requirements before the change takes effect for existing subscribers.

How Calculations Work

Paydown calculates balances, projections, and repayment estimates based entirely on the information you enter (such as loan amount, interest rate, term, payment frequency, and any extra payments or offset balances).

The free repayment calculator uses a standard amortisation formula with a simplified periodic interest model — interest is calculated once per payment period (e.g. monthly), not daily.

Paydown Pro uses a daily interest accrual model intended to more closely reflect how Australian lenders typically calculate interest, including day-by-day accrual on your net balance (loan balance less any offset amount you enter).

For more detail on how these calculations work, see the Support & FAQ page.

These calculations are estimates intended to help you understand and plan around your mortgage, and are subject to the following:

• Unless you update them, your interest rate and payment frequency are assumed to remain constant, and payments are assumed to be made in full and on schedule
• Calculations are estimates only and may differ from your lender's actual figures, due to differences in how lenders apply interest (such as exact daily rates, rounding methods, fee structures, or introductory rates)
• The App does not account for lender fees, redraw facilities, future interest rate changes, or break costs
• Results should not be relied upon as financial advice — you should verify any figures with your lender or a licensed financial adviser before making financial decisions
• Where an offset balance is entered, the App assumes it reduces your chargeable principal dollar-for-dollar, which is standard for a 100% offset account but may not apply to all mortgage products

These calculations are not a substitute for a formal loan quote, statement, or advice from your lender, a licensed mortgage broker, or a financial adviser. See Section 6 below.

No Financial Advice, No Warranty of Accuracy

Paydown is an informational and planning tool only. It does not provide financial, legal, tax, or lending advice, and nothing in the App should be treated as a recommendation to take any particular financial action.

All figures, projections, and estimates provided by the App are based solely on the data you enter and the assumptions described in Section 5. We do not verify, audit, or guarantee the accuracy of any data you enter, nor the accuracy of any figure the App calculates or displays. Actual outcomes with your lender may differ from what is shown in the App.

To the maximum extent permitted by law, the App is provided "as is" and "as available", without any warranty of accuracy, completeness, reliability, or fitness for a particular purpose. We do not guarantee that the App will be available, uninterrupted, or error-free at all times, or that any feature — including payment reminder notifications — will be delivered accurately or on time. Notification delivery depends on your device's settings and operating system behaviour, which we do not control.

Limitation of Liability

To the maximum extent permitted by applicable law, we exclude all liability (whether in contract, tort, negligence, or otherwise) for any loss or damage — including financial loss, loss of data, or consequential loss — arising from or connected to your use of, or inability to use, the App, including any reliance on figures, projections, or estimates it provides.

Nothing in these Terms is intended to exclude, restrict, or modify any rights you may have under the Australian Consumer Law or other applicable law that cannot lawfully be excluded. Where liability cannot be excluded but may be limited, our liability is limited, at our option, to re-supplying the service or refunding the amount paid for the subscription in the relevant billing period.

Your Responsibility for Data

Because your data is stored locally on your device and, if enabled, in your own iCloud account, you are responsible for maintaining your own backups (e.g. keeping iCloud sync enabled) and for the accuracy of the information you enter. We have no access to your data and cannot recover it on your behalf.

Indemnification

You agree to indemnify and hold us harmless from any claims, losses, liabilities, damages, costs, or expenses (including reasonable legal fees) arising out of or connected to your misuse of the App or your breach of these Terms.

Intellectual Property

The App, including its design, branding, features, and underlying code, is owned by us or our licensors and is protected by copyright and other intellectual property laws. These Terms do not grant you any rights to use our branding or intellectual property outside of your personal use of the App.

Apple's Standard Terms

If you downloaded Paydown from the Apple App Store, your use of the App is also subject to Apple's Licensed Application End User License Agreement and the applicable App Store Terms of Service. Apple is not a party to these Terms and has no obligation to provide support or maintenance for the App.

Termination

We may suspend or discontinue the App, or your access to it, at any time, including for breach of these Terms. You may stop using the App at any time by deleting it from your device and cancelling your subscription (if applicable) through your Apple ID account settings.

Provisions of these Terms which by their nature should survive termination — including warranty disclaimers, indemnification, and limitation of liability — will survive.

Changes to These Terms

We may update these Terms from time to time. If we make a material change, we will provide at least 15 days' notice before the change takes effect, by updating the "Effective date" above and, where practical, notifying you in the App. Continued use of the App after changes take effect constitutes acceptance of the updated Terms.

General

If any provision of these Terms is found to be invalid or unenforceable, the remaining provisions will remain in full force and effect. Our failure to enforce any right or provision of these Terms will not be considered a waiver of that right or provision. These Terms constitute the entire agreement between you and us regarding the App, and supersede any prior agreements.

Governing Law and Disputes

These Terms are governed by the laws of New South Wales, Australia. Any dispute arising from or relating to these Terms or the App will be subject to the exclusive jurisdiction of the courts of New South Wales, Australia.

Contact Us

If you have any questions about these Terms, please contact:

D.A.C Solutions Australia
Email: dacsolutionsaustralia@gmail.com