Question: I got wrong for two numbers in this table, please fix and explain. So in this task, you are required to balance the funding position
I got wrong for two numbers in this table, please fix and explain. So in this task, you are required to balance the funding position below to meet the needs and requirements of Natasha. You must consider requirements specific to Natasha's email to work out the correct amounts in the table below.
** Note: Genuine savings are calculated by deducting all available funds from the total of the funds needed.
Funds Needed Funds Available Purchase Price $ 200000 $ 185000 X Loan amount Registration $ 197.00 $ 2468 X ** Genuine Savings Transfer $ 271.00 $0.00 Gift from parents Stamp duty $ 0 $0.00 Proceeds from assets sold Legal fees $2,000.00 $15,000.00 First Home Owner Grant Lender set up cost $ 0 $ 0.00 Other (specify) & LMI Total $ 202468 $ 202468 Total' To: REAA Finance ' Subject: New Home Loan Enquiry From: Natasha Palau Hello, | hope you can assist me with my enquiry for a new home loan. | am interested in buying myself a townhouse located in South Mackay Queensland. First thing is | am wanting to know if this is something | could afford? The townhouse is valued at $200,000. | am a 32-year-old Australian citizen. | am single mum of a 6-year-old and have full custody of my child. | am a First Home Buyer. | have been a cleaner for 4 years as a permanent part time employee earning a base $39,000 per annum for KeepBright Pty Ltd. My estimated Living Expenses are $18,000 per annum and | don't have any liabilities. My car is valued at $5,000 (Nissan Micra 2011) and | have some home contents valued $5,000. There is $22,190 in my superannuation fund. | have never had a loan, debt or credit card and pay everything in cash. | would also like to know more information about the following: - What financial benefit would | receive from government, - how much do | need to save for the deposit, and - how much would the average repayment be. | would really prefer to keep the fees and costs to the minimum possible (no stamp duty, no LMI, no package fee, no set up cost). | am currently paying $250/week rent and | would not be able to face higher repayment. | am also very cautious about Variable interest rate as | cannot budget. | am very busy with my child and work, so | would prefer you to contact me back via email. Kind regards, Natasha Palau
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