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PART A

Case study: Residential Mortgage

Client’s interview

On the basis of cited case situation, Frederick John and Margaret Anne wishes to purchase their own home. From assessment, it has found that client has $184 plus FHOG available. Purchase price of land and construction cost accounts for $240 K and 350-360K. Along with this, from interview it has assessed that client will further spend $60k on furbishing and garden. Through interview, it has also found that such couple will undertake insurance policies for safeguarding then in against to illness and accidents. In interview, couple presented that there is no such requirement in relation to making changes in the lifestyle.

Proposed loan strategies

  • Diversification: by using capped interest rate
  • Taking loan from banks using safety net
  • Targeting low-cost flexible loans.

From assessment, it has identified that Frederick John and Margaret Anne are eligible to get grants from state commission office (Apply for the First Home Owner Grant, 2018).

NOTES TO LENDER TEMPLATE \

Loan application for XXXXXX & XXXXXXXX

Loan amount $466000

Latest date for approval ………/………/…………

Date: 28th April 2018

Please find loan attached application for the above clients.

Reasons behind taking loan

 The reason behind taking loan by Frederick John and Margaret Anne is that they want to purchase their own house and settle into one area.

Employment

Frederick working with BHP Billiton on their mining projects.

Margaret (qualified nurse): Working in child care centre on a permanent/part time basis

Joshua: Full time employed

Current income level

Frederick (annual income): $115,000

Margaret Anne: Earns $29,000 annually

Joshua: $75.00

Recommendations

Good financial position (couple and their one child is earning, only one child is dependent)

High employment stability

High security in new investment

Sincerely

Borrower

EVIDENCE ENCLOSED

 

Y

N

N/ A

1. A fully completed AAMC Training Assessment Cover Sheet