Loan Application Requirements for Basil and Daisy | Desklib

Running head: FNS40811 FINANCE MORTGAGE BROKING CERTIFICATE 4
FNS40811 Finance Mortgage Broking Certificate 4
Name of the Student:
Name of the University:
Authors Note:

1
FNS40811 FINANCE MORTGAGE BROKING CERTIFICATE 4
To,
Basil and Daisy
Ref.: Loan application requirements.
Dear Basil and Daisy,
This is in reference to the above subject matter. The suitability of a loan product depends on the
requirements of the loan applicant / applicants. Basil Butler and Daisy Manhattan are a couple
who are expecting their triplets in next six months live in Fitzroy. However, the couple will
return to Melbourne where they have an old warehouse apartment. As the couple’s neighbour is
looking to sell her property, Basil and Daisy are quite interested in acquiring the property. The
property has been priced by their neighbour at $510,000 however, the neighbour has agreed to
sale the property to the couple at $495,500 provided the settlement is made within 30 days.
Basil and Daisy both are self-employed with annual incomes of $200,000 and $130,000
respectively. The financial position of the couple is also quite stable as can be understood from
the following assets and liabilities position at present.
Basil Butler’s financial position:
Applicant 1
Assets Liabilities
Owner occupied property $550,000 $280,000
Bank account $127,000

2
FNS40811 FINANCE MORTGAGE BROKING CERTIFICATE 4
Superannuation $200,000
Motor Vehicle $90,000 $60,000
Household contents $2,000
Total Assets and Liabilities $969,000 $340,000
Net asset position $629,000
Daisy Manhattan’s position:
Applicant
2
Assets Liabilities
Owner occupied
property
$650,000
Bank account $50,000
Superannuation $400,000
Motor Vehicle $80,000 $10,000
Household contents $2,000