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Assignment: Certificate IV in Finance and Mortgage Broking

   

Added on  2020-04-21

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Assignment
Certificate IV in Finance and Mortgage
Broking (CIVMB_AS_v3A3)
Student identification
(student to complete)
Please complete the fields shaded grey.
Student number 10550523
Assignment result
(assessor to complete)
Result — first submission (Details for each activity are shown in the table below)
Not Yet Competent
Parts that must be resubmitted:
Tasks 1.1a, 1.1b, 2, 3.1, 3.2a, 6.1, 8.1, 14.5, 15.1, 16
Result — resubmission (if applicable)
CIVMB_AS_v3A3

Result summary(assessor to complete)
First submission Resubmission (if
required)
Section 1: Case study 1 —
Clinton and Jennifer Andrews
Task 1— Initial disclosures
Task 2 — Gathering and documenting client
information
Task 3 — Assessing the clients’ situation
Task 4 — Using equity
Task 5 — Reasonable enquiries
Task 6 — Recommendations
Task 7 — Clinton and Jennifer’s professional
network
Task 8 — Interest rates
Task 9— Settlement
Section 2: Case study 2 —
Tony and Lorraine Denton
Task 10 — Establishing level of financial
knowledge
Task 11 — Responsible lending obligations
Task 12 — Self Employed special
considerations
Task 13 — Advising on strategies
Task 14 — Impact of credit history
Task 15 — External dispute resolution
Task 16 — Effective access to files
Feedback
(assessor to complete)
A reasonable first attempt at this assignment. There are a few questions that
require further work. Please be guided by the feedback provided for each of the
Tasks1.1a, 1.1b, 2, 3.1, 3.2a, 6.1, 8.1, 14.5, 15.1, 16 and refer to the self-study
material for reference.(Please keep your original answers and complete
your re-submission answers in a different colour.)
Page 2 of 62

Before you begin
Read everything in this document before you start your assignment forCertificate IV in
Finance and Mortgage Broking (CIVMB_AS_v3A3).
About this document
This document includes the following parts:
Part 1: Instructions for completing and submitting this assignment
Section 1: Case study 1 — Clinton and JenniferAndrews
Task 1 — Initial disclosures
Task 2 — Gathering and documenting client information
Task 3 — Assessing the clients’ situation
Task 4 — Using equity
Task 5 — Reasonable enquiries
Task 6 — Recommendations
Task 7 — Clinton and Jennifer’s professional network
Task 8 — Interest rates
Task 9 — Settlement
Section 2: Case study 2 — Tony and Lorraine Denton
Task 10 — Establishing level of financial knowledge
Task 11 — Responsible lending obligations
Task 12 — Self Employed special considerations
Task 13 — Advising on strategies
Task 14 — Impact of credit history
Task 15 — External dispute resolution
Task 16 — Effective access to files
Appendix 1:Client information collection tool/Fact Finder.
Appendix 2:Serviceability calculator.
How to use the study plan
We recommend that you use the study plan for this subject; it will help you manage
your time effectively and complete the assignment within your enrolment period. Your
study plan is in the KapLearn Certificate IV in Finance and Mortgage Broking
(CIVMBv3) subject room.
Page 3 of 62

Part 1: Instructions for completing and
submitting this assignment
Completing the assignment
Saving your work
Download this document to your desktop, type your answers in the spaces provided
and save your work regularly.
Use the template provided, as other formats will not be accepted for these
assignments.
Name your file as follows: Studentnumber_SubjectCode_Submissionnumber
(e.g. 12345678_CIVMBv3A3_Submission1).
Include your student ID on the first page of the assignment.
Before you submit your work, please do a spell check and proofread your work to
ensure that everything is clear and unambiguous.
The assignment
This assignment is split into 16 Tasks, over 3 Sections. To finish this assignment, you
must complete
all 16 tasks.
The information and data needed to complete Sections 1 and 2 is presented in case
studies at the beginning of those sections.
Word count
The word count shown with each question is indicative only. You will not be penalised
for exceeding the suggested word count. Please do not include additional information
which is outside the scope of the question.
Additional research
When completing the Client Information Collection Tool in Appendix 1, assumptions
are permitted, although they must not be in conflict with the information provided in
the Case Study.
You may also be required to source additional information from other organisations in
the finance industry to find the right products or services to meet your client’s
requirements or to calculate any service fees that may be applicable.
Page 4 of 62

Submitting the assignment
You must submit the completed assignment in acompatibleMicrosoft Word document.
You need to save and submit this entire document.
Do not delete/remove any sections of the document template.
Do not save your completed assignment as a PDF.
The assignment must be
completed before submitting it to Kaplan Professional
Education. Incomplete assignments will be returned to you unmarked.
The maximum file size is 5MB. Once you submit your assignment for marking you will
be unable to make any further changes to it.
You are able to submit your assignment earlier than the deadline if you are confident
you have completed all parts and have prepared a quality submission.
The assignment marking process
You have 26 weeks from the date of your enrolment in this subject to submit your
completed assignment.
Should your assignment be deemed ‘not yet competent’ you will be given an
additional four (4) weeks to resubmit your assignment.
Your assessor will mark your assignment and return it to you in the Certificate IV in
Finance and Mortgage Broking (CIVMBv3)subject room in KapLearnunder the
‘Assessment’ tab.
Make a reasonable attempt
You must demonstrate that you have made a reasonable attempt to answer all of the
questions in your assignment. Failure to do so will mean that your assignment will not
be accepted for marking; therefore you will not receive the benefit of feedback on
your submission.
If you do not meet these requirements, you will be notified. You will then have until
your submission deadline to submit your
completed assignment.
How your assignment is graded
Assignment tasks are used to determine your ‘competence’ in demonstrating the
required knowledge and/or skills for each subject. As a result, you will be graded as
either competent or not yet competent.
Your assessor will follow the below process when marking your assignment:
Assessing your responses to each question (and sub-parts if applicable)then
determining whether you have demonstrated competence in each question.
Determining if, on a holistic basis, your responses to the questions have
demonstrated overall competence.
Page 5 of 62

‘Not yet competent’ and resubmissions
Should sections of your assignment be marked as ‘not yet competent’ you will be
given an additional opportunity to amend your responses so that you can demonstrate
your competency to the required level.
You must address the assessor’s feedback in your amended responses. You only need
to amend those sections where the assessor has determined you are ‘not yet
competent’.
When making changes to your original submission, use a different text colour for
your resubmission.This way, your assessor will be in a better position to gauge the
quality and nature of your changes. Ensure you leave your first assessor’s comments
in your assignment, so your second assessor can see the instructions that were
originally provided for you. Do not change any comments made by a
Kaplan assessor.
We are here to help
If you have any questions about this assignment you can post your query at the ‘Ask
your Tutor’ forum in your subject room.
Before you submit your assignment
If you have any queries about the assignment questions, please use the ‘Ask your
Tutor’ forum in your subject room. You can expect an answer from your Tutor within
24 hours of posting your question.
Remember, your online tutor cannot preview or check your assignment answers, or
provide specific answer guidance. Please ensure that your questions are about
clarification of the intent of an assignment question.
After your assignment has been assessed
If you have questions about your assessor’s feedback, please
email:<studentadviser@kaplan.edu.au>and include a copy of your assessed
assignment. Never post your assignment answers or assessor comments in the ‘Ask
Your Tutor’ forum.
Page 6 of 62

Section 1: Case study 1 Clinton and
Jennifer Andrews
Background
Clinton and Jennifer Andrews live in Sydney with their two school-age children.
Theybought their home 15 years ago. With the rise in its value over time they have
generated substantial equity and have decided to purchase an investment property.
Recently they went to a real estate seminar where the presenter explained that it is
possible with correct leverage to purchase more than one investment
property.Consequently, they have decided to borrow 90% LVR on the investment
property plus the LMI. The deposit, stamp duties and other costs will come from their
‘offset account’ attached to their home loan.They have requested not to use their
current lender.
After conducting research over the last six months they have decided to purchase a
new four-bedroom home in outer Brisbane for $450,000 with a rental income of
$450.00 per week.
The real estate agent has recommended they contact you to arrange their
finance.Their accountant has been providing some advice in relation to negative
gearing benefits.
The following tables are a summary of the details obtained from the couple during the
fact find interview. The details provided include a description of the property they
wish to purchase, their financial and employment details and the loan features that
they require.
The investment property
Address: 29PacificDrive, Ipswich, Queensland
4305
Purchase price: $450,000
Description: 4-bedroombrick veneer home
Rent: $450.00 per week
Agent details: Rain and Hall
Phone: 07 9322 1113
Mobile: 0412 880 088
The borrower’s home address
Current address: 17 Moss Ave, East Hills, NSW 2213
Description: 5-bedroom full brick home
Value: $850,000
Mortgage: $190,000
Monthly repayment: $1,020.00 per month
Home phone: 02 6051 2121
Page 7 of 62

Clients’ view of funding requirements
Purchase price: $450,000
Estimated costs: $20,000
Total required: $470,000
Loan: $405,000 + LMI
Own contribution: $65,000
Assets
Big Bank offset savings account
(joint)
$180,000
Little Bank fixed term account
(joint)
$10,000
FordFalconG6, 8 years old (Clinton) $15,000
Holden Barina, 10 years old
(Jennifer)
$5,000
Superannuation — MPAInsurance
(Clinton)
$82,000
Superannuation — CLMInsurance
(Jennifer)
$54,000
Household effects (insured value) $80,000
Liabilities
Big Bank standard home loan (Joint)
(P&I repayment, variable, no fees)
5.0% $190,000(repayments $1,020 p.m.)
Big Bank Visa card (Clinton) 18.5% $800(limit $5,000) (clears monthly)
Little Bank Visa card (Jennifer) 12.9% $1,200(limit $3,000) (pays $500 per
month)
All debts have been repaid according to arrangements. In relation to the credit card
debt, the minimum monthly commitment for servicing purposes should be calculated
at 3% of the credit limit.
Income/employment
Clinton (date of birth 24/5/84)
Position: Project Manager (full time)
Employer: ACM Construction
10 Wide Rd, Ryde, NSW
Phone: 02 7061 2111
Income (gross): $85,000 p.a., gross monthly income of $7,083, net monthly
income of $5,476
Employer contact: KellyWilliams, HR Manager
Length of service: 16 years
Driver’s licence: 8869KL
Email: clinta@acm.com.au
Page 8 of 62

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