DIPMB1: Industry Knowledge and the Lending Process - Management Assignment Help

Assignment Task:

Case study: Philip and Jennifer Brown

Background

Philip and Jennifer Brown are a young couple about to buy their first home. They have been married for five years and during that time have rented an apartment while saving for their own home. 

Following a personal referral from Glenn Brown, Philip’s brother you have already had the first meeting with Philip and Jennifer to discuss their objectives and needs. They admitted they have little time to do much research of lenders, have limited knowledge of the loan products available and have approached you to guide them through the process as they are confused.

During (and subsequent) to your first meeting, Philip and Jennifer have provided the basic information documents — pay slips, tax returns, bank statements, property details for review/verification. You have now undertaken your preliminary assessment and need to discuss and present to them the proposal covering the options and your recommendations. It is important to get the proposal moving quickly, as the agent has indicated other parties are interested in the property.

They have been looking at properties for the past three months and have found a 10-year-old established apartment that has really caught their eye, although they have some concern over the kitchen which requires some minor renovations.

They have not paid a deposit at this stage, but the Real Estate Agent has provided some guidance on additional fees and charges.

Following is a summary of the details of the property they wish to purchase, the couple’s financial and employment details, and the loan features they require.

The loan requirements

• 30 year term

• premium option home loan features

• variable interest rate (for this case use 4.5% p.a.)

• LMI to be capitalised

• proposed settlement date — six weeks from exchange of contracts

• ability to make additional payments from time to time without penalty

• fortnightly repayment option

• redraw facility

• funds access via card.

Other information

• They have advised that the Real Estate Agents have indicated they need to make a formal offer within the next 10 days, however they are reluctant to do so until they obtain an approval.

• Jennifer has asked if there are any professional package benefits available because she is an accountant. However, she did confirm she has not maintained her continuing professional development. 

• Jennifer previously owned and lived in an apartment with her two older sisters when they attended university but they sold this before she married — they did not make a lot from sale.

• Family plans are five years away.

• They do have plans to take a major overseas trip before family comes along.

• Philip is hoping for a promotion within the next 12 months upon possible retirement of a long-term employee where he works.

• They have also expressed a concern about the possibility of interest rates increasing.

This DIPMB1: Management Assignment has been solved by our Management Experts at My Uni Paper. Our Assignment Writing Experts are efficient to provide a fresh solution to this question. We are serving more than 10000+ Students in Australia, UK & US by helping them to score HD in their academics. Our Experts are well trained to follow all marking rubrics & referencing style.

Be it a used or new solution, the quality of the work submitted by our assignment experts remains unhampered. You may continue to expect the same or even better quality with the used and new assignment solution files respectively. There’s one thing to be noticed that you could choose one between the two and acquire an HD either way. You could choose a new assignment solution file to get yourself an exclusive, plagiarism (with free Turnitin file), expert quality assignment or order an old solution file that was considered worthy of the highest distinction.