This document provides a comprehensive solution to the FNS50315 Diploma of Finance and Mortgage Broking Management Assessment 3. It addresses key aspects of the finance and mortgage broking industry. The assignment begins by clarifying the implications of an 'approved in principle' mortgage and whether to commit to a property purchase. It outlines the necessary steps to prepare for a property settlement. The solution includes calculations to determine the maximum property price Henry can afford while avoiding Lender's Mortgage Insurance (LMI), considering his deposit and the Loan to Value ratio (LVR). Furthermore, the assignment explores the benefits of the PEXA system of e-conveyancing, contrasting buying property at an auction versus through a real estate agent. It also explains the types of disbursements a conveyancer might make on behalf of a property purchaser and clarifies the concept of adjustments in property settlements, referencing rent income and expenses paid in advance. The document offers a well-structured and informative response to the assignment questions, providing practical insights into the mortgage broking and property settlement process.
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