Assignment on Loan Application Process
Added on 2020-07-23
11 Pages1407 Words194 Views
Political Science
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Loan Application Process
TABLE OF CONTENTSPART A...........................................................................................................................................3PART B...........................................................................................................................................8PART C...........................................................................................................................................9Completion of a customer file.....................................................................................................9PART D.........................................................................................................................................10A................................................................................................................................................10B.................................................................................................................................................101.................................................................................................................................................102.................................................................................................................................................103.................................................................................................................................................104.................................................................................................................................................105.................................................................................................................................................116.................................................................................................................................................11REFERENCES..............................................................................................................................12
PART ACase study: Residential Mortgage Client’s interview On the basis of cited case situation, Frederick John and Margaret Anne wishes topurchase their own home. From assessment, it has found that client has $184 plus FHOGavailable. 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 furbishingand garden. Through interview, it has also found that such couple will undertake insurancepolicies for safeguarding then in against to illness and accidents. In interview, couple presentedthat 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 getgrants 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 2018Please 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 topurchase their own house and settle into one area.EmploymentFrederick 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 levelFrederick (annual income): $115,000Margaret Anne: Earns $29,000 annuallyJoshua: $75.00Recommendations Good financial position (couple and their one child is earning, only one child is dependent)High employment stabilityHigh security in new investment Sincerely Borrower EVIDENCE ENCLOSED Y N N/ A1. A fully completedAAMC TrainingAssessment CoverSheet 2. A fully completedAAMC TrainingDocument Checklist(this page) Case Study- Loan ApplicationPreparation (Task 1) 3. File notes from firstcontact through tosettlement inchronological order 4. Authorised CreditRepresentative CreditGuide and LicenseeCredit Guide 5. Client NeedsReview or Fact Find
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