FNSFMB512 - Client Project #3 (Sally McCallan) - Case Study Questions

Q1:

What you need to do: Answer the questions below by writing in the space provided. You are required to answer all questions correctly. If correct, you will see 'Satisfactory' or if incorrect you will see "Not Satisfactory' in your grades section of your learner portal next to the assessment name. The assessor will provide feedback and a Record of Results in the assessment task once graded. You will be required to resubmit your work for any 'Not Satisfactory' assessment tasks. What you will need: Use the learner material provided in your online student portal as well as research materials such as books, internet, magazines, workplace documentation etc. to assist you in gaining the knowledge required to answer the questions. Remember that the assessment task Is self-paced and open book. You can use whichever resources you have to answer the questions. What you need to submit: Your answers to these questions. How to Submit your Assessment: Upload your completed document into your learner portal following the instructions provided within the assessment task. You can drag and drop the file into the window or use the add file icon in the top left of the submission window and select the file your wish to upload by using the browse/choose file option. Click on *finish attempt\" to submit it for grading. FNSFMES12 Identify and develop credit oplions for clients with special financial circumstances (Release 1 Client Project (Sally McCallan Scenario 3 Sally McCallan Sally just turned 20 and has saved $10.000 as a deposit for a property. She is a First Home Buyer but does not qualify for the First Home Owner Grant as the property is not new. The property costs $450,000 and to save the price of the LMI, Ally's parents offered to help their only child getting into the property market. They initially wanted to gift her some money, but they heard from a TV ad that they could use some equity in their own house instead. They are open to this alternative and asked Ally to keep in touch with a mortgage broker to learn more about this option. Based on the supporting documentation and the information you hold, complete the activities below. This activity will assess your ability to determine special financial needs and risk profile for clients. Question 1 Identify from the information you have what are Sally's goals & objectives, requirements, and situation. Sally McCallan 1- Click or tap here to enter text. 2- Click or tap here to enter text. Goals and Objectives 3- Click or tap here to enter text. 1- Click or tap here to enter text. 2- Click or tap here to enter text. Requirements 3- Click or tap here to enter text. 1- Click or tap here to enter text. 2- Click or tap here to enter text. Situations 3- Click or tap here to enter text.Question 2 Describe the type of loan you would recommend to Sally according to her situation and explain why this type of finance would be appropriate according to her circumstances. Click or tap here to enter text. Question 3 ldentify and describe the risks and constraints associated with this type of finance. Click or tap here to enter text. Question 4 You received the following enquiry from Sally's parents: E & D McCallan You Sally's loan application = Some Concemn Hella, Today. Sally walked us through the different options we have to help her getting into her first home and we have a guestion about the Family Pledge option, please. Could you confirm that if we put our own home as a collateral for Sally's loan application, we would be ifable for the full loan amount she is applying for? If that's the case, we would not be in a position to repay this mortgage without selling our home, which we do not want fo do, and this is a concern fo us. Kind regards, E & D MeCallan You are to respond to Sally's parents query and develop recommendations on the risk management strategy they could apply in this specific situation. Write an email response in the field below. Page | S of & Real E=fate Academy Australia Verszion 1.0 May 2022 RTO 32426 Click or tap here to enter text. Loan Structure This task follows on from the previous section. Analyse special financial needs of Sally McCallan and complete a detailed loan structure according to the Connor's needs and the credit opportunity you have identified for them. The loan structure can be developed as a diagram, tables, or your own choice of explanatory materials that can be used for the client. Use a program of your choice e.g. MS Word or similar to create this task. Your work will need to be uploaded in PDF format. You should use an interest rate of 4.5% for the purpose of this activity and fees and charges of $2,000 as an approximate figure. You can use the following link to calculate stamp duty: Stamp Duty Calculator - Calculate Your Stamp Duty - realestate.com.au You are required to complete this task correctly. If correct, you will see 'Satisfactory' or if incorrect you will see 'Not Satisfactory' in your grades section of your learner portal next to the assessment name. The assessor will provide feedback and a Record of Results in the assessment task once graded. You will be required to resubmit your work if you receive a 'Not Satisfactory' grade. Loan Product Comparison Product Summary $ Loan Amount $....... % Interest Rate (s) Repayments Application Fee Real Estate Academy Australia Pty Lid Version 1.2 - July 2004 E Features Monthly Fee Annual Fee Discharge Fees Total Interest Page 1 / 2 +