Your client is named Josep Minez, single, has an income of $100,000 pa and wants to get a better rate and have $20,000 extra funds to put in a new kitchen.  The loan is currently with NAB and owes $235,000.  Their estimated value of their home is $500,000.  Josep is looking for a 30 year loan term.

In the section below, draft an email to your client giving them the options for the loan refinance.  At this stage, give them the details of the 4 lenders and calculate the monthly loan repayments based on the information above.

 

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Interest rate Annual fee Maximum LVR for rate offer Identification requirements Valuation fee Income needs Bank statements Below is reference material to support a loan of $250,000 minimum Bank of Melbourne 2.5% $395 70% Passport Drivers Licence ● Medicare card ● free 2 payslips 6 months of home loan 3 months of bank accounts ING 2.4% $150 80% Passport ● Drivers Licence . Medicare card $300 1 payslip 6 months of home loan . 3 months of bank accounts ME Bank 2.35% $175 60% ● Passport ● Drivers Licence ● Medicare card free 2 payslips • 6 months of home loan . 3 months of bank accounts Bank of Queensland 2.6% $250 75% ● Passport or birth certificate Drivers Licence $250 1 payslip 6 months of home loan 3 months of bank accounts As part of any communication to a client you should ensure you have a waiver when giving out interest rates. An example could be: *these rates, fees and charges are subject to change Interest rate Annual fee Maximum LVR for rate offer Identification requirements Valuation fee Income needs Bank statements Below is reference material to support a loan of $250,000 minimum Bank of Melbourne 2.5% $395 70% Passport Drivers Licence ● Medicare card ● free 2 payslips 6 months of home loan 3 months of bank accounts ING 2.4% $150 80% Passport ● Drivers Licence . Medicare card $300 1 payslip 6 months of home loan . 3 months of bank accounts ME Bank 2.35% $175 60% ● Passport ● Drivers Licence ● Medicare card free 2 payslips • 6 months of home loan . 3 months of bank accounts Bank of Queensland 2.6% $250 75% ● Passport or birth certificate Drivers Licence $250 1 payslip 6 months of home loan 3 months of bank accounts As part of any communication to a client you should ensure you have a waiver when giving out interest rates. An example could be: *these rates, fees and charges are subject to change

Answer rating: 100% (QA)

Subject Refinancing Options to Improve Your Loan Rate and Obtain Additional Funds Dear Mr Minez I hope this email finds you well I have thoroughly rev... View the full answer