FNSFMB412 - Client Project 1 (Jack Palmer) V1
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FNSFMB412 - Identify client needs and present broking options (Release 1)
Client Project 1 (Jack Palmer)
Client Project 1
Jack Palmer
Page 1 © Real Estate Academy Australia
Version 1.2 – May 2024
RTO 32426
FNSFMB412 - Identify client needs and present broking options (Release 1)
Client Project 1 (Jack Palmer)
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
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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
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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 the “FNSFMB412 – Client Project 1” in your learner
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Page 2 © Real Estate Academy Australia
Version 1.2 – May 2024
RTO 32426
FNSFMB412 - Identify client needs and present broking options (Release 1)
Client Project 1 (Jack Palmer)
Question 1
According to the information from Jack’s email, calculate the weekly repayment of his current
mortgage. What Mathematical equation can you use if you do not have a mortgage repayment
calculator available? Jack's email states that the mortgage total is $211,215 with 13 years (156 months) left at a 4.2%
interest rate. This means that he has to pay back $405.92 every week. Based on calculations,
$1,759 would be the monthly repayment. You would make the following calculations to determine
the weekly repayment: $12 / 52 x $1,759 = $405.92 The formula is as follows; nevertheless, if you
don't have access to a mortgage repayment calculator: P * r * (1 + r)n / [(1 + r)n – 1].
Question 2
List the client priorities, goals, and product expectations according to the information provided.
Jack has stated that, although he thinks he could be paying a lower interest rate on his loan (now
4.2% at Westpac), he does not want to extend the term of his loan. Jack is hoping to get a better
deal from a lender for the same 156-month or 13-year loan.
Question 3
What methods and tools will you use to clearly identify Jack’s needs and objectives, and establish his
asset/liability/income/expenditure position while you would meet with him? The method and tools to use are
-Funding Position Table -Calculator for Borrowing Capacity
-Serviceability Calculator for Lenders Presenting -What Jacks Needs Question 4
Jack would like information about obtaining an offset account. Explain what an offset account is and
the benefits of using it as part of Jack’s loan solution.
House loan is connected to an offset account. Home loan sum will be practically offset by the
amount in this account. An offset account's advantages are:
-Lowering the interest rate
-Savings on taxes and personal expenses
-Having access to your finances
Question 5
What mandatory document(s) should you provide Jack with prior to providing him with credit
assistance? What important information is disclosed in this document?
Privacy Disclosure Agreement and Credit Proposal /Guide
Page 3 © Real Estate Academy Australia
Version 1.2 – May 2024
RTO 32426
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