FNSFMB512 - Client Project #1 (Suzie and Martin Connor) - Case Study Questions v1

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Apr 3, 2024

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FNSFMB512 – Identify and develop credit options for clients with special financial circumstances (Release 1) Client Project (Suzie and Martin Connor) Client Project #1 S UZIE AND M ARTIN C ONNOR Case Study Questions What you need to do: Page | 1 of 7 © Real Estate Academy Australia Version 1.0 – May 2022 RTO 32426
FNSFMB512 – Identify and develop credit options for clients with special financial circumstances (Release 1) Client Project (Suzie and Martin Connor) Answer the questions below by writing in the space provided. You are required to answer all questions correctly. If correct, you will see ‘Satisfactory’ or if incorrect you will see ‘Not Satisfactory’ in your grades section of your learner portal next to the assessment name. The assessor will provide feedback and a Record of Results in the assessment task once graded. You will be required to resubmit your work for any ‘Not Satisfactory’ assessment tasks. What you will need: Use the learner material provided in your online student portal as well as research materials such as books, internet, magazines, workplace documentation etc. to assist you in gaining the knowledge required to answer the questions. Remember that the assessment task is self-paced and open book. You can use whichever resources you have to answer the questions. What you need to submit: Your answers to these questions. How to Submit your Assessment: Upload your completed document into your learner portal following the instructions provided within the assessment task. You can drag and drop the file into the window or use the add file icon in the top left of the submission window and select the file your wish to upload by using the browse/choose file option. Click on “finish attempt” to submit it for grading. Page | 2 of 7 © Real Estate Academy Australia Version 1.0 – May 2022 RTO 32426
FNSFMB512 – Identify and develop credit options for clients with special financial circumstances (Release 1) Client Project (Suzie and Martin Connor) Scenario 1 – Suzie and Martin Connor Suzie and Martin Connor are a married couple without dependent, owning their owner-occupied home in the suburb of Ipswich, 4305 QLD. The property has been valued by a local real estate agent for $320,000 a couple of weeks ago as they want to sell their property to upsize as they plan on having a baby soon. The balance of their current mortgage loan is $102,000 and they would like all fees and costs associated with the purchase of a new property included in the new mortgage. They want to keep their savings for their child to come. It’s been agreed between them that Suzie would terminate her current casual employment to be a stay-at-home mother and look after their first child for at least the next two years or so. They visited a home a few days ago only two blocks from their current home and fell in love with the place. They made an offer at $510,000 that was accepted this morning. The couple is adamant that this is THE home they want, and they are ready to take appropriate moves to make it happen as soon as possible. They are a ‘connected’ and very busy couple so prefer a lender with great online services and if possible, allows for a fully digital application. While they are very excited about this fantastic news, they are also a little nervous as they have no idea yet on how to make their wish come true. Both Suzie and Martin’ risk profiles were assessed, and their risk capacity was evaluated as being ‘Moderate to Aggressive’. Whilst their current property has been on the market for two weeks and has received lots of interest, they have not secured a contract yet on their place and they hope this will not stop them from purchasing their newly found dream home. The following information and supporting documentation have been provided by Suzie. IDs Assets & Liabilities Needs Analysis Questionnaire Suzie’s latest 2 payslips Martin’s latest 2 payslips Latest Home Loan Statement Latest Credit Card Statement Latest Car Loan statement 3 months bank statements 3 months saving bank statements Based on the supporting documentation and the information you hold, complete the activities below. This activity will assess your ability to determine special financial needs and risk profile for clients. Page | 3 of 7 © Real Estate Academy Australia Version 1.0 – May 2022 RTO 32426
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