FNSASIC301 - Establish Client Relationship And Analyse Needs With Mortgage Broking, Adam’s Case Study - TAFE Assignment Help

Assignment Task

Question 

You are a qualified mortgage broker at Thistown Brokers, Thistown. However, you do NOT have any Tier 2 licensing or training. A prospective client calls into the office to discuss his financial requirements.  Adam Brody (the client) is interested in purchasing a house in Thistown Heights.  Adam recently sold his unit and will be living in the new property with his girlfriend Rachel and dog Penny Lane.  The property will be purchased in Adam’s name only.  He has $150,000 deposit towards the purchase and is seeking to borrow $400,000 to $450,000.

Adam works as a Sales Manager and earns $120,000 per annum.  His fortnightly pay is deposited direct to his transaction account.  Adam is seeking a flexible product that does not have a fixed interest rate.  Under the FSRA a loan is not classified as a financial product.  

After clarifying Adam’s situation and eligibility you have decided to recommend a standard variable loan with FEDBANK.  You outline the features and benefits of the product to him, including the redraw facility.  After considering these, Adam advises that he often has surplus funds in his transaction account, however would prefer not to deposit these to the loan account in case he needs the funds for other purposes.  He often has a balance of $10,000 or more in the account.  You consider that an offset instead of a savings account (classified as a financial product under FSRA) option would suit his needs.  

1- From the above scenario, outline in point form Adam’s objectives and goals purely in relation to his loan product requirements.

• Adam has requested information about the offset option. Under the FSRA, how will you respond to this request?
• Adam has asked you to explain the ‘redraw facility’.  Are you allowed to provide the information?  Why or why not?
•  Research and list two key benefits of Home and Contents insurance
• (If Adam requests this information, are you allowed to outline these key benefits to him?
• Although Adam’s job is fairly secure, he does worry about uncertainty in the financial markets and the economy and has sought some information about insurance to protect him and his family against loss of income…..what do you tell him?
• The qualified specialist (Tier 2) is not in the office to complete the paperwork for Adam’s Home and Content insurance. Advise two methods the specialist can use to contact Adam to gather his personal and financial details for the paperwork.

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