ASSESSMENT TASKS GAP TRA]]\\I]NG MODULE ASSIGNM ENT lhge 2 GAP TRAINING MODULE ASSIGNMENT [6 Questions - Total possible Marks = 70] Please answer the questions below by creating and typing your answers into one separate document. You must ensure you answer every question. You will need to draw on your existing knowledge from your Certificate IV in Finance and Mortgage Broking studies, or your work experience, as well as from the Gap Training Module study units accessible through the online portal. When you save your document, your lename should be \"(Your Name) Gap Training Module\". Some of the questions in this module relate to the mortgage broking process. You are not required to consider specic nancial information in the scenario provided below. However, you are required to consider the concepts and the processes. Scenario You are a mortgage broker and your new clients, Mr and Mrs Merimax, aged 44 and 46, have asked you to assist them to obtain a loan for the purchase of a block of vacant land on which they intend to build a home. The land is in a quiet inner residential suburb, is 825m2, including the driveway, has no special zoning, but it is a "battleaxe\" block (see green Lot 2 in diagram below) so the driveway runs beside a friend's established property (Lot 1) which already has a new house built. Your clients are not ' Irst home buyers' as they have purchased and sold a home before, but they are currently renting at $700 per week. They did not use a broker last time. They indicate that they want to buy the land now but will probably return to you for a construction loan within 24 months. They have not considered building costs or design ideas at this stage and are in no rush to build. Both doctors, they have a high combined income and have a 30% deposit saved. The purchase price is $450,000 and they are very comfortable with this. Copyright 2021 The National Finance Institute \"020921 QUESTION 1 A. In respect to your compliance obligations, there are 3 documents a mortgage broker should have in the first client interview, two of which should be provided to the client. [6 Marks] a. List the 3 documents you would bring to meet with your clients b. Briefly outline each of these documents. B. Choose and describe 3 loan products you would suggest to these clients. Include the following: [15 Marks] a. How and why these product choices would suit this client's requirements I). What the short and long-term benefits of the product choices would be c. The risks of the three suggested products {eg. different product features} cl. How you would assist the client with the preferred product option You should use the internet for your research, for example: https:[[www.amp.com.auZhome-loansbuild and you can choose more than one lender to if applicable for your answers C. Identify and define 5 key considerations of this client's land purchase scenario, that a lender would review on receiving this loan application. [5 Marks]