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Assignment tasks (student to complete)
Task 1 — Key terms, gathering and documenting client information

1. Complete the ‘Key terms’ (located at the end of the written assignment in Appendix 1).
2. Using the information provided in Case study 1, complete the ‘Client information collection tool’ (located at the end of the written assignment in Appendix 2).
3. You will need to complete the Genworth LMI Calculator and Genworth Serviceability Calculator to assess the security, debt service and borrowing capacity for Jennifer and Philip Brown. To do this, follow these steps:
   (a) Use the details in Case study 1.
   (b) Read the Genworth Calculator Supplementary Material Guide available in the KapLearn CIVMBv5 subject room.
   (c) Process the loan application using the Genworth Serviceability Calculator accessible here: https://www.genworth.com.au/lenders/lmi-tools/serviceability-calculator .
   (d) Once you have processed it, download a copy of the PDF and save it to your desktop.
   Note: You will need to upload a copy of this pdf with your written and oral assignment submission. This will assist your assessor with providing feedback on your written and oral assignment submission.
   Note: Any assumptions you make should be listed and should not be in conflict with the case study information already provided.
   Assessor feedback for Task 1 — Key terms, gathering and documenting client information
   (Insert Feedback)
   Question(s) that need to be resubmitted (if required) (List question numbers)
   First submission Not yet demonstrated
   Resubmission (if required) Not applicable
   Task 2 — Assessing the clients’ situation
4. Based on the information provided in the case study and any other online tools used, you now need to assess the clients’ loan application paying particular attention that you have met legislative requirements, followed industry codes of practice and met lender credit policy.
   Answer questions (a)–(j) for Task 2: Question 1 below.
   Provide data to support your comments and conclusions. (450 words)
   Note: The assessment of the clients’ needs is a critical prelude to you completing Part 4 of the Oral assignment requirement for this course.
   (a) Does the application appear to meet legislative requirements? (e.g. NCCP)
   Student response to Task 2: Question 1(a)
   Answer here
   (b) According to the Genworth calculator, what is the maximum borrowing capacity of client?
   Student response to Task 2: Question 1(b)
   Answer here
   (c) Does the client have the capacity to meet deposit and total cash contribution for the loan required?
   Student response to Task 2: Question 1(c)
   Answer here
   (d) What are the required repayments based on the loan required?
   Student response to Task 2: Question 1(d)
   Answer here
   (e) What will the security be and is it an appropriate type of security?
   Student response to Task 2: Question 1(e)
   Answer here
   (f) (i) Will Jennifer and Philip be required to pay Lenders Mortgage Insurance (LMI) and why?
   (ii) If so, what would the premium be?
   (iii) Name at least two (2) options borrowers have to pay the LMI fee.
   Student response to Task 2: Question 1(f)
   (i) Answer here
   (ii) Answer here
   (iii) Answer here
   (g) What loan amount would you recommend, and why?
   Student response to Task 2: Question 1(g)
   Answer here
   (h) What is the likelihood that the clients will be able to meet all of their financial obligations?
   Student response to Task 2: Question 1(h)
   Answer here
   (i) Do Jennifer and Philip qualify for concessions on any of the fees and charges? Why or why not?
   Student response to Task 2: Question 1(i)
   Answer here
   (j) What other issues may impact, now or in the future, on the clients’ ability to meet their obligations, including any possible risks?
   Student response to Task 2: Question 1(j)
   Answer here
5. Most lenders stress test loan repayments by adding an additional 2–3% on to the loan repayments to make sure a borrower can afford the repayments. If interest rates moved 3% higher, what would Philip and Jennifer’s loan repayments be and do you think they would be able to cope with the extra repayments? (50 words)
   Student response to Task 2: Question 2
   Answer here
6. Identify appropriate product options you can present to the clients that may remove this interest rate risk? (50 words)
   Student response to Task 2: Question 3
   Answer here
   Assessor feedback for Task 2 — Assessing the clients’ situation
   (Insert Feedback)
   Question(s) that need to be resubmitted (if required) (List question numbers)
   First submission Not yet demonstrated
   Resubmission (if required) Not applicable
   Task 3 — Borrowing options
   Although Philip and Jennifer are looking to borrow at approximately 90% LVR, what other options could you present that would avoid the cost of LMI? Provide a minimum of two (2) options. (50 words)
   Student response to Task 3
   Answer here
   Assessor feedback for Task 3 — Borrowing options
   (Insert Feedback)
   Question(s) that need to be resubmitted (if required) (List question numbers)
   First submission Not yet demonstrated
   Resubmission (if required) Not applicable
   Task 4 — Reasonable enquiries
   In the course of gathering information about the couple, you are required under the National Consumer Credit Protection Act 2009 to make all ‘reasonable’ enquiries to determine a borrower’s objectives, requirements and financial situation.
   Identify at least six (6) ‘reasonable’ enquiries that you would make with the clients in the case study and explain why these enquiries are important in terms of NCCP compliance. (150 words)
   Student response to Task 4
   Answer here
   Assessor feedback for Task 4 — Reasonable enquiries
   (Insert Feedback)
   Question(s) that need to be resubmitted (if required) (List question numbers)
   First submission Not yet demonstrated
   Resubmission (if required) Not applicable
   Task 5 — First Home Owners Grant and home buyer assistance schemes
   (a) Describe the First Home Owner’s Grant or home buyer assistance scheme benefits and stamp duty concessions that are available in your State or Territory.
   Note: Please identify which State or Territory you are from in your answer. (100 words)
   Student response to Task 5(a)
   Answer here
   (b) Who would be eligible and what would be their benefit?
   Student response to Task 5(b)
   Answer here
   (c) Are Philip and Jennifer eligible for any assistance? Explain why.
   Student response to Task 5(c)
   Answer here
   Assessor feedback for Task 5 — First Home Owners Grant and home buyer assistance schemes
   (Insert Feedback)
   Question(s) that need to be resubmitted (if required) (List question numbers)
   First submission Not yet demonstrated
   Resubmission (if required) Not applicable
   Task 6 — Professional network and loan settlement process
7. Name three (3) parties, who are not directly involved in the processing of a loan and what their role is. Explain how you would communicate with them in an efficient and effective manner so that they understand pre-settlement conditions and their involvement required. (75 words)
   Student response to Task 6: Question 1
   Answer here
8. Explain how you would develop and maintain relevant networks with professionals such as those you detailed above or other professionals to ensure you are up to date with the products or services they provide. (50 words)
   Student response to Task 6: Question 2
   Answer here
9. You want to ensure that Philip and Jennifer have all the key insurance protections in place in case something unfortunate was to happen to one of them.
   (a) What process would you follow during your discussion with the clients to ensure you have a good assessment of their needs? (50 words)
   Student response to Task 6: Question 3(a)
   Answer here
   (b) Explain who you should refer Philip and Jennifer to obtain advice on these types of products? (10 words)
   Student response to Task 6: Question 3(b)
   Answer here
10. Briefly explain why it is important for the broker to remain informed of developments in the lending process despite not being actively involved at every stage. (150 words)
    Student response to Task 6: Question 4
    Answer here
11. The application form and related documents have now been signed and forwarded to the Lender for approval. Philip and Jennifer have agreed that you will keep their Solicitor informed of progress if/when the loan is approved.
    Refer to the ‘Example of an Organisation’s Policies and Procedures’ within the toolbox document and explain what the service standards and timelines are for the following steps: (50 words)
    (a) Advising the client’s solicitor/conveyancer that the loan is approved.
    Student response to Task 6: Question 5(a)
    Answer here
    (b) Advise the client’s solicitor/conveyancer that the loan documents have been executed by the client and returned to the lender.
    Student response to Task 6: Question 5(b)
    Answer here
    (c) Advise the client and the client’s solicitor/conveyancer that the settlement date has been confirmed.
    Student response to Task 6: Question 5(c)
    Client:
    Answer here
    Solicitor/Conveyancer:
    Answer here
12. Clients have now called to execute loan offer and mortgage documents and are nervous that their Solicitor is very busy and difficult to contact. They want to know who will be responsible for what tasks from this point in the lead up to settlement and immediately following settlement.
    Explain to Philip and Jennifer who is responsible for completion of what tasks once the loan documents have been returned to the lender and in the lead up to settlement and once settlement occurs. Focus on the lending organisation and the client’s solicitor/conveyancer roles in this part of the lending process. (150 words)
    Student response to Task 6: Question 6
    Answer here
    Assessor feedback for Task 6 — Professional network and loan settlement process
    (Insert Feedback)
    Question(s) that need to be resubmitted (if required) (List question numbers)
    First submission Not yet demonstrated
    Resubmission (if required) Not applicable
    Task 7 — Interest rates
13. Conduct your own research and answer the following: (150 words)
    (a) What is the role of the RBA with respect to the movements of interest rates?
    Student response to Task 7: Question 1(a)
    Answer here
    (b) Why is it important to have these controls and how do they impact mortgage loans in Australia?
    Student response to Task 7: Question 1(b)
    Answer here
    (c) Are banks obliged to follow the RBA cash rate? Explain the reason for your answer.
    Student response to Task 6: Question 1(c)
    Answer here
14. Philip and Jennifer from Case study 1, have called to discuss whether they should fix the interest rate on their loan after having received several conflicting viewpoints from family and friends. (150 words)
    (a) Explain the process you would use to research and identify the various product options available to meet the needs of Philip and Jennifer.
    Student response to Task 7: Question 2(a)
    Answer here
    (b) Explain to Philip and Jennifer two (2) advantages and two (2) disadvantages of fixing a loan over different fixed rate terms.
    Student response to Task 7: Question 2(b)
    Answer here
15. What other option/s can you suggest if they remain uncertain about whether to fix the interest rate on their loan? (100 words)
    Student response to Task 7: Question 3
    Answer here
    Assessor feedback for Task 7 — Interest rates
    (Insert Feedback)
    Question(s) that need to be resubmitted (if required) (List question numbers)
    First submission Not yet demonstrated
    Resubmission (if required) Not applicable

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