Complete the loan costing sheet

Assignment Help Finance Basics

Reference no: EM132255657

Task

Using the information contained in the Scenario below, please complete the following 6 tasks. You must complete each task in order for your submission to be assessed. Omission of any one of these 6 tasks will be regarded as Not Yet Competent and you will then be required to resubmit this assessment in full.

1. Recommend a product for the clients and explain your reasons for recommendation
2. List the supporting documents that would be needed to support the loan
3. Complete a loan costing sheet *
4. Complete a loan servicing calculation (NSR) *
5. Download and complete the FHOG application form that is relevant to your state/territory, from the internet
6. Complete a loan application form (a blank Westpac loan application form has been provided for you which you should use) and complete all of the accompanying documents as provided for you.

Your answer to this Task should be prepared as if you were submitting a real loan application to the lender.
Please note: If there is information required on the application that is not supplied please improvise. The application should be completed as neatly as possible to ensure ease of review. It is to be submitted to NFI as if NFI is the lender and you were an accredited broker. If you do not submit in a professional manner, your assessment will not be marked.
* Important: The fees and charges required in order to complete this assignment correctly (ie. Estimate of Costs worksheet) can be found in Unit 7 (use your own state-specific section at the back of Unit 7) and the instructions for how to complete the NSR form are in Unit 8. A Lenders Mortgage Insurance Chart table (for your LMI calculation if applicable) is found in Unit 7. Trainees should ensure Units 7 and 8 are used to source correct figures for this assignment.

1. Recommend a product for the clients and explain your reasons for the recommendation

2. List the supporting documents that would be needed to support the loan application. Even though there may be a checklist in the lender's application form, you must list the documents separately below.

3. Complete the loan costing sheet below
Estimate of Costs Worksheet - Purchase
Estimated Costs:

New Lender's Loan Establishment/Application Costs $ Valuation cost (if not included above) $
Property Transfer Stamp Duty $ Solicitor/Settlement Agent/Conveyancing Charge $ Registration of new Mortgage $
Register of Transfer of Title $
Title Search $
Miscellaneous Costs (if applicable):
- Rates adjustment $
- Home/contents insurance $
- Progress inspection (construction loan) $
- Other ......................................................... $
- Other ......................................................... $
===================
SUB TOTAL $
Lenders Mortgage Insurance (if applicable) $

Summary
Purchase Price $
Plus Total Costs (from above) $
Equals Total Purchase Funds Required $
Less Loan Requested $
Equals Client Contribution $

4. Complete a loan servicing calculation (NSR) by completing the form overleaf.

TIP: You should calculate your loan repayments based on the qualifying rate that we have provided, Principal and Interest over 30 years.

5. FHOG - Your client is eligible for the FHOG. Log into the website of the Office of State Revenue in your own state and download the application for a First Home Owner Grant. Complete this application form and include with your Assignment submission. Any information within the FHOG form that you are unsure of can be improvised. Remember to read the FHOG questions carefully when it comes to signing or initialling.

6. Complete a loan application form [a blank Westpac loan application form has been provided for you which you should use] and complete all of the accompanying documents as provided for you. Your answer to this Activity should be prepared as if you were submitting a real loan application to the lender.

Please note: If there is information required on the application that is not supplied then please improvise. The application should be completed as neatly as possible to ensure ease of review. Tax charts, an LMI table and sundry forms can be found in your course content. You do not need to create any "dummy" supporting documents (eg. documents that your client would typically provide to you in a real submission, eg. rates notices), just ensure you list them where required.

For this question you must include the following 5 completed forms (all have been provided for you:

- Lending Checklist
- Summary of product choice
- Privacy Act, Disclosure and Consent
- Loan Application Cover Sheet
- Westpac Application form

Attachment:- Assignment 2.rar

Reference no: EM132255657

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