Complex Broking Solution for Mortgage Borrowing
Added on 2020-04-13
30 Pages7551 Words373 Views
MORTGAGE BROKINGTable of Content
sASSIGNMENT 1......................................................................................................................................1ASSIGNMENT 2......................................................................................................................................5PART A THE CLIENT................................................................................................................................51. Prepare needs analysis and fact finding document.......................................................................52. Proposal Documents......................................................................................................................6PART B THE LENDER...............................................................................................................................9ASSIGNMENT 3....................................................................................................................................14QUESTION 1.........................................................................................................................................14Describe gathering of information when establishing the client’s complex lending requirements.14QUESTION 2.........................................................................................................................................14Describe how you record and document your interaction with clients...........................................14QUESTION 3.........................................................................................................................................14Describe how you research and consider complex broking solutions based on client’s needs.......14QUESTION 4.........................................................................................................................................15Describe evidence of how you identify and manage risk when dealing with clients with loan requirements...................................................................................................................................15QUESTION 5.........................................................................................................................................16Give example of presenting loan options to the client....................................................................16QUESTION 6.........................................................................................................................................17Before presentation, identify any concerns that the client may raise and what preparations was completed to respond these concerns............................................................................................17ASSIGNMENT 4....................................................................................................................................18QUESTION 1.........................................................................................................................................18PART A.................................................................................................................................................18PART B.................................................................................................................................................19PART C.................................................................................................................................................19QUESTION 2.........................................................................................................................................20A TRUST...............................................................................................................................................20What is a Unit Trust?.......................................................................................................................20What is a Discretionary Trust?.........................................................................................................20What is a Hybrid Trust?...................................................................................................................20What is a Trustee?...........................................................................................................................20Difference between different kinds of trust....................................................................................20
Provide an example of different types of Trust...............................................................................21B COMPANY.........................................................................................................................................21What are the legal requirements of a company?............................................................................21What are the personal obligations of directors by law?..................................................................21Can anyone be a director of a company?........................................................................................21What is the minimum number of directors required?.....................................................................22QUESTION 3.........................................................................................................................................22What is a Balance sheet?.................................................................................................................22What is a Profit and loss statement?...............................................................................................22What is Depreciation?.....................................................................................................................22What is Liquidity ratio?....................................................................................................................22What is current ratio?......................................................................................................................22What is Debt to equity ratio?..........................................................................................................22What is cash flow statement?.........................................................................................................23What is an asset?.............................................................................................................................23What is Liability?..............................................................................................................................23How is a Net profit determined?.....................................................................................................23How would you define equity?........................................................................................................23Allowable expenses under Australian taxation conditions..............................................................23QUESTION 4.........................................................................................................................................24Define the following........................................................................................................................24Commercial Bank Bill.......................................................................................................................24Invoice or Factoring finance............................................................................................................24Chattel Mortgage.............................................................................................................................24Asset finance product or Equipment Finance..................................................................................24QUESTION 5.........................................................................................................................................24List 6 risk management principles and state brief about the principle............................................24QUESTION 6.........................................................................................................................................25Explain the importance of categorizing all the risks........................................................................25ASSIGNMENT 5....................................................................................................................................25Define scope of sustainability policy................................................................................................25Gather information from different sources to develop the policy...................................................25Identify and consult stakeholders for the development of policy...................................................263
Craft strategies for decreasing use of reducing toxic material and hazardous chemical use and employing life cycle management approaches................................................................................26Make recommendations for policy options based on likely effectiveness, time and cost...............26Develop policy that reflects the organisation’s commitment to sustainability as an integral aspect.........................................................................................................................................................26Methods of implementation and performance indicators..............................................................27Promote workplace sustainability policy.........................................................................................27Inform those involved in implementing the policy about the expected outcome...........................27Develop and communicate procedures to implement workplace sustainable policy......................27Execute strategies for continuous improvement.............................................................................27Establish and assign responsibility for recording systems...............................................................27Document Outcomes and provide feedback to key personnel and stakeholders...........................27Monitor records to identify trends that may require remedial action and promote continuous improvement of performance.........................................................................................................28Modify policy or procedures as required to ensure improvements are made................................28REFERENCES........................................................................................................................................294
ASSIGNMENT 1Borrower DetailsBorrower 1NameAndrew Mark BissetDOB29/07/1965Driver’s License2945758Address12 Currumbin Close, Carindale QLD 4152 Period:Tel: Mobile:Status: Married Dependants:2EmploymentEmployer: Bisset’s real estate LtdOccupation: Real estate agent Period: 22yearsIncome: $78000AssetsHouse at 12 Currumbin Close CarindaleQLD $560000Share Portfolio $345000Motor vehicles $60000Furniture $85000Cash at Bank $45000Business Goodwill $250000Plant Equipment $35000Debtors $30000Total $1410000LiabilitiesHome loan with ABZ Bank $190000ABZ Bank Credit Card $10000ABZ Bank Overdraft $30000Total $230000Net worth$1180000Borrower 2NameJane Elizabeth BissetDOB15/06/1967Driver’s License2786454Address12 Currumbin CloseCarindale QLD 4152 Period:Tel: Mobile:Status: Married Dependants:2EmploymentEmployer: Bisset’s real estate LtdOccupation: Property managerPeriod: 21 yearsIncome: $43000AssetsHouse at 12 Currumbin Close CarindaleQLD $560000Share Portfolio $345000Motor vehicles $60000Furniture $85000Cash at Bank $45000Business Goodwill $250000Plant Equipment $350001
Debtors $30000Total $1410000LiabilitiesHome loan with ABZ Bank $190000ABZ Bank Credit Card $10000ABZ Bank Overdraft $30000Total Net worth$1180000BackgroundPositive aspects of Andrew Bisset is his long-term experience in real estate business for 22 years that shows the total corpus held by them. He jointly owns 6 shops at 55 park road, Belmont. Under the name of Bisset’s family trust, they also run a shopping center whose earlier value was $1450000 and at present bank mortgage value is $625000.Out of 6 owned shops, 5 are rented out for asum of $96000 and the last one is utilized byBisset’s real estate business which pays theannual rent of $42000 top family trust that itmeans total rental income of the family trustis $118000 as this amount excludes theexcess $138000. The owner has spent thelongest time as a real estate agent and hiswife Jane as real estate manager for 21 yearsbut Bisset’s real estate business has justformed in the last financial year. Higherexperience of these two borrowers ensuresthe timely payment of the loan instalments ontime.Loan PurposeExisting banker of the client Andrew andJane is ABZ bank who handles all thebusiness transactions of the clients. Shiftingfrom ABZ banker to another banker is due tothe higher interest rate on the commercialloan is 7% and 9% for an overdraft. Thesetwo rates are not suitable for an entity as theirquantity of business transactions is higherthan another business.Land located at 423 Belmont road $600000Total purchase price $600000Add: Stamp duty $25000Total funding required $625000Less: Contribution $20000Loan sought $605000Facility DetailsInvestment loan of $605000 taken by theclient for a long-term period of 10 years at3% interest rate. The fixed interest rate is2
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