FNSFMB412 - Client Project 1 (Jack Palmer) V1.2

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Jun 23, 2024

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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 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 the “FNSFMB412 – Client Project 1” in your learner portal. 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. 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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FNSFMB412 - Identify client needs and present broking options (Release 1) Client Project 1 (Jack Palmer) Question 6 You will need to identify the documentation that Jack is required to provide to you according to the Westpac Home Loan Application Checklist . Provide your answer in the text box below. 1) Current payslips,most recent 2) Tax assessment paper 3) Bank statement current 4) ID document: driver license, Medicare, passport 5) Other personal loan statement 6) Credit card statement( if any) 7) Proof of Address( utility bills, driving license) 8) Letter of employment. 9) Expenses: general expenses 10) Liabilities 11) Rental income 12) Commitments 13) Investment income: statement 14) Insurance 15) Valuation of assets 16) Assisted income. Question 7 In this task, you are required to research , identify and match two current lending products according to Jack’s needs and expectations. (Briefly explain why have you chosen these two options for Jack.) To assist you with this task you will need to look for a loan key fact sheet on lender websites. Macquarie Offset Home Loan – Owner Occupied (P&I) $241,21513 years 2.39% $415.48/weekly repayments St George Standard Variable Rate Home Loan – Owner Occupied (P&I) $241,21513 years 3.39% $441.71/weekly repayments Even though the repayments have gone up, this rise is contingent upon the desire to release equity for improvements to the mortgaged property as it stands. Even if the interest rate has decreased, the loan period is still the same, but the total interest paid will be less throughout the remaining loan term. Question 8 Now that Jack’s loan has been finalised, you must file client information securely and in the required format and location. Provide details of the process taken to fulfil this requirement. To securely file Jack's loan information, follow these steps: Page 4 © 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) Encryption: Before storing or sending any sensitive customer data, encrypt it. To safeguard the secrecy of your data, use robust encryption algorithms. File Format: Verify the file type of the customer information to make sure it is safe and standard, like encrypted Excel files or PDF files. Authorized personnel can readily access certain formats, which offer a certain amount of security. Secure Storage: Put the encrypted files in a safe place, like a cloud storage account with encryption-at-rest turned on or a password-protected folder on a secure server. Restrict access to only authorized individuals. Access Control: To control who has access to customer information, put in place stringent access control procedures. For accounts with access privileges, create strong, one-of-a-kind passwords, and for an extra security measure, think about introducing multi-factor authentication. Backup: To avoid losing data in the event of a system failure or other emergency, make regular backups of encrypted client information. Ensure the safe storage of the backup copies. We can safely file Jack's loan information while maintaining data confidentiality and regulatory compliance by doing the actions listed above. Page 5 © Real Estate Academy Australia Version 1.2 – May 2024 RTO 32426

FNSFMB412 - Client Project 1 (Jack Palmer) V1.2

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