FNS50322 Diploma of Finance and Mortgage Broking

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Student Name: Avani Barejadiya Student Number: 13948464

Course: Diploma of Finance and Mortgage Broking Management Module 1

Marking Finalised: 26/02/2024

EXERCISE 1 Result: CNA

Assessors Comments:

Task 1: You presented a good script with all products accurately summarised. Also, the broker role was well described with your closing line requesting a meeting.

Task 2: A) All interview points were valid. B) A comprehensive broker value proposition was provided.

Task 3: A) Three correct documents were listed stating purpose. B) Four relevant regulatory items were listed.

C) This answer was not completed. This question requires a brief summary of each of the 4 items of legislation chosen above and be at least 100 words for each item of legislation.

Please resubmit this exercise IN FULL after correcting the errors and omissions highlighted above.

EXERCISE 2 Result: Pass

Assessors Comments:

Your answers to Questions 1 - 5 were satisfactory.

EXERCISE 3 Result: Pass

Assessors Comments:

Your answers to Questions 1-4 were satisfactory.

Your answer to Question 5 was comprehensive.

Your answers to Questions 6-12 were satisfactory.

ASSIGNMENT 1 Result: CNA

Assessors Comments:

Your product recommendation was appropriate.

The serviceability calculation and ANZ application documents were omitted from the supporting document checklist.

In the loan costing sheet, Property Transfer Stamp Duty as well as the Registration of Transfer of Title and Registration of New Mortgage fees have not been correctly calculated for you home State of Victoria as required (I recommend using the following all States online calculator - reiwa.com.au/the-wa- market/resources/calculators/stamp-duty-calculator/). Also, in the Summary section, the stated costs of

$40,000 does not equate to the calculated Total Costs. The Total Funds Required was therefore incorrect.

In the NSR calculation, the repayment of $93,900 on the proposed (incorrect) loan of $1,338,546 was not correctly calculated at the assessment rate over the 25-year term. The repayment of $27,276 on the existing CBA loan should not be included as this is being refinanced. The repayment on the credit card limits has also not been correctly calculated as per instruction in the workbook. The repayment on the Latitude loan has not been calculated. The NSR was therefore incorrect.

The Lending Checklist has not been fully completed.

On the Loan Application Cover Sheet, the stated loan amount of $1,338,546 was incorrect.

The Fact Find was correct.

In Section C (Assets) of the Fact Find, the property being purchased should not be included as an existing asset and Section D (Liabilities) has not been completed correctly. This will lead to data being incorrectly entered in an online loan application platform by yourself or an assistant.

On page 3 of the ANZ application, the Applicant Declared Purpose must add up to the total funds being borrowed (when correctly ascertained) and be correctly allocated to the various purposes.

On page 16 of the ANZ application, the details of only one security property were included. Details of the property being purchased should be shown at Security Details 2 and the respective security valuations must be shown.

The loan splits on page 17 of the ANZ application have not been calculated. When calculating the splits, be sure not to mix personal borrowings (on which interest is not tax deductible) and investment borrowings (on which interest is tax deductible) which is not recommended. Given that both properties are offered as security, the first split should reflect the refinance of the current home loan and personal loan = $395,000 plus existing mortgage discharge costs and last two months repayments (refer to loan costing sheet). The second split for the balance will include the cost of the investment property and any conveyancing and financing costs associated therewith.

Page 18 of the ANZ application has not been completed.

On page 19 of the ANZ application in the Credit Commitments section, the monthly repayments on the proposed ANZ loan at the actual interest rate of 5%pa should be entered at Loan repayments for this facility. The CBA loan repayments of $2,273pm should not be entered as it is being refinanced. Also, the repayment on the $3,000 Latitude loan and credit cards has been omitted. The UMI was therefore incorrect.

The remainder of the ANZ application was correct.

Please resubmit this assignment IN FULL after correcting the errors and omissions highlighted above.

ASSIGNMENT 2 Result: CNA

Assessors Comments:

Your answers to Questions 1 6 were not provided.

Completed copies of the Lending Checklist, Credit Guide, Privacy Act form and Loan Application Cover Sheet were not provided.

On page 8 of the NAB application, the security details have been duplicated under Property 1 & 2.

In the Asset section on page 9 of the NAB application, the applicants savings account details have been omitted and there should be no mention here of credit card accounts.

On page 11 of the NAB application, the applicants incomes have inadvertently been entered as annual amounts, rather than the required monthly amounts. Also, the Pre-Loan and Post-Loan columns have not been completed with details of the monthly payments on the various existing and proposed financial commitments (including rent and repayment on the proposed loan at the actual interest rate of 5.0%pa).

Page 14 of the NAB application has not been completed.

The remainder of the NAB application was correct.

In the FHOG application in Section 1, if answering Yes to 7a, you must not answer 7 b or c as they cannot also be applicable.

Section 4 of the FHOG application has not been completed.

Section 6 of the FHOG application has not been completed.

The remainder of the FHOG application has been completed correctly.

Please resubmit this assignment IN FULL after correcting the errors and omissions highlighted above.

ONLINE UNIT ASSESSMENT TASKS Result: Competency not achieved

Please re-visit the Unit 4 Assessment Tasks and re-attempt any questions not answered correctly.

Overall result: Competency not achieved