FNS40815
Microsoft Word - A2a_FNS40815 CERT IV - APPENDIX A - Assignment 1_Att1_Questions FNS40815 CERTIFICATE IV IN FINANCE AND MORTGAGE BROKING – ASSESSMENT TASKS Page 1 © 2017 The National Finance Institute V.010517 ASSIGNMENT 1 To be completed by the Trainee You must include this page with your Assignment 1 submission Alternatively you can retype the details as a front page to your Assignment Trainee name _________________________________________________________________________ Trainee Postal Address ______________________________________________________________ ______________________________________________________________ Trainee Daytime Phone numbers _________________________________________________________ Trainee Email address ________________________________________________________________ I state that this Assignment contains no material which has been written by another person. I make this statement with the understanding that my assessment may be compromised if found to be otherwise. Signed _____________________________________________ Date __________________________ Submissions can be mailed to NFI, P.O. Box 1354, Capalaba B.C. Qld 4157 OR Email to
[email protected] (if emailing you must adhere to the emailing size rules) OFFICE USE ONLY BELOW HERE Date received by NFI ____________________ Date received by Assessor ______________________ Name of Assessor _____________________________________________________________________ Date assessed ___________________________ Mark ____________________ Competent Not Yet Competent Assessor’s Comments: ................................................................................................. ................................................................................................................................... ................................................................................................................................... ................................................................................................................................... Further action required (if applicable) ______________________________________________________ FNS40815 CERTIFICATE IV IN FINANCE AND MORTGAGE BROKING – ASSESSMENT TASKS Page 2 © 2017 The National Finance Institute V.010517 ASSIGNMENT 1 Task Using the information contained in the Scenario below, please complete the following 6 tasks. You must complete each task for your submission to be assessed. Omission of any of these 6 tasks will be regarded as ‘Working Towards Competency’ and you will then be required to resubmit in full. 1. Complete the Fact Find document on these clients – using the form in Appendix 14. We have not included all supplementary information on these clients so you will need to create your own “improvised” answers for inclusion in the Fact Find document. Trainees who already have access to their own version of a Fact Find template may use their own form as an alternative to that provided in Appendix 14. 2. Recommend a product for the clients and explain your reasons for recommendation 3. List the supporting documents that would be needed to support the loan 4. Complete loan costing sheet * 5. Complete a loan servicing calculation (NSR) * 6. Complete a loan application form (an ANZ loan application form has been provided for you, which you must use) and complete all of the accompanying documents as provided for you. Your answer to this Activity should be prepared as if you were submitting a real full loan application to the lender. Please note: If there is information required on the ANZ application form that is not supplied, please improvise. The application should be completed as neatly as possible to ensure ease of review. It is to be submitted to NFI as if NFI is the lender and you were an accredited broker (but you do not need to make up “dummy” supporting documents eg. rates notice, etc.). If you do not submit in a professional manner, your assessment will not be marked. * The fees and charges required in order to complete this assignment correctly (ie. Estimate of Costs worksheet) can be found in Unit 7 (use your own state-specific section at the back of Unit 7) and the instructions for how to complete the NSR form are in Unit 8. A Lenders Mortgage Insurance Chart (for your LMI calculation if applicable) is found in Unit 7. Trainees should ensure they source their fees and charges from these units. There are also sample documents to follow in Units 7 and 8. Scenario Clients: Mary Jane Dowell DL No.: 4167384 DOB: 06/06/65 Australian Passport No.: L93214773 John James Dowell DL No.: 4378691 DOB: 03/05/67 Australian Passport No.: L8078972 Current Address: 46 Collins Street, North Ryde NSW 2113 Time there, 2.6 years Phone 0411 123 456 Previous Address: 37 Maple Street, Gladesville NSW 2111 Time there, 4 years. Children: 2 children aged 7 and 9 Scenario Continued overleaf …. FNS40815 CERTIFICATE IV IN FINANCE AND MORTGAGE BROKING – ASSESSMENT TASKS Page 3 © 2017 The National Finance Institute V.010517 ASSIGNMENT 1 Continued Existing Property: Own Home valued at $995,000 Current outstanding loan balance $180,000 (with CBA) Loan Repayments $1,080 per month Cash: The clients have $12,000 cash in the bank. Credit Cards: CBA Visa - $5,000 limit (balance $2,000) Westpac MasterCard - $5,000 limit (balance $1,500) Mr Dowell works at the Parramatta Council as the tourism manager and earns $115,000 p.a. He has worked there for 8 years. Mrs Dowell is a primary school teacher at Ryde Primary School and earns $64,000 p.a. She has worked there for the past 3 years after having several years of home duties. The Dowells own two cars – a 2014 Ford Falcon worth $18,000 unencumbered and a 2015 Land Cruiser worth $30,000 subject to finance of $20,000 ($450 per month). The Dowells have a 36 month Interest Free loan from GE for a sound/movie system for $3,000. The minimum monthly payment is 5%. You interviewed Mr and Mrs Dowell at your office after some initial telephone conversations previously. They both spoke good English as they are permanent Australians for 20 years and they expressed their excitement at buying their second property. They are aware they will need to visit the new lender branch to complete a Customer Identification Procedure prior to finance approval from the lender. They have not yet enquired into an exact payout figure from CBA. The clients wish to refinance their current loan and purchase an investment property. The investment property is an established 2 bedroom unit in a residential block of 4 at 45 (Lot 4) Jones Rd, North Ryde and is valued at $685,000. Rental Income of $650 per week is expected and the body corporate expense will be just $35 per week. They have made an offer on the unit at the asking price, have put down a $1000 cash deposit, and the offer has been accepted with settlement in 60 days. Title particulars: Lot 4, Folio 3871, Vol. 1821. The solicitors they will be using are Henderson & Partners, ph 1234 567 890 Scenario Continued overleaf …. FNS40815 CERTIFICATE IV IN FINANCE AND MORTGAGE BROKING – ASSESSMENT TASKS Page 4 © 2017 The National Finance Institute V.010517 ASSIGNMENT 1 Continued Assumptions: o Assume this is a cross collateralised loan o Due to the client’s request below, assume this structure will be a Split facility o Your clients have told you: that they want to keep the repayments on their