FNS40815 Certificate IV in Finance and Mortgage Broking - Accounting Assignment Help

Assignment Task

Task

The clients are looking to purchase their first home which is a small, newly built 2 bedroom unit at 4/12 Garden Grove Bankstown NSW 2200, for $485,000. The property has never been occupied before.
They have funds of $55,000 of which $35,000 were genuinely saved. The remaining $20,000 was aredundancy payment to Mr Bowen from his previous employer.Mr and Mrs Bowen are eligible to apply for the FHOG. They are aware there will be a body corporate feein the new unit complex which they have been told is $75 per week per unit.Mr Bowen works as a carpenter with a JJ Construction, a major construction company in Bankstown andhas been there for 36 months. His salary is $72,000 p.a. plus he has earned an average of $500 per weekin regular overtime over the previous 18 months. He previously worked for a Tweed Heads Carpentrycompany for 4 years before being made redundant when the business was bought out.Mrs Bowen works as a Receptionist with the BB Real Estate company and earns $47,000 p.a. She hasbeen there for 36 months. She previously worked for another Real Estate company in Tweed Heads for 4years.The clients own 2 cars – a 2010 Holden Ute worth $12,000 and a 2016 Nissan X-Trail 4x4 worth $20,000with Nissan finance of $15,000 with repayments of $343 per month over 48 months.Assumptions:o Although addresses show NSW, for the purpose of duty/cost calculations, assumethat the clients live in the same state as you (the broker).o You should assume a Standard Variable Rate of 5% and a Qualifying rate of 2.5%above the Standard Variable Rate (for your NSR form).o Assume the clients will be “full-doc”

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