Richard and Pauline Jackson Case Study - Finance Assignment Help

Assignment Task :

Case study 2 — Richard and Pauline Jackson

Task 1— Establishing level of financial knowledge
1. What communication skills would you use to establish rapport and build a relationship with clients. 

2. Refer to the ‘Example of an organisation’s policies and procedures’ document found in the toolbox and outline what service standards you should meet to provide a high level of service to clients. Include timelines for returning client enquiries etc. in your response.

3. List two (2) questions that you would use to effectively communicate with the clients to confirm Richard and Pauline’s understanding and knowledge about credit and finance. List a further two (2) questions that you would ask to identify or confirm their current financial position, including establishing their requirements and objectives with the refinance? Advise where you would record the client’s responses. 

Task  2— Responsible lending obligations
1. Refer to ‘What is substantial hardship?’ available in the toolbox. In your own words how would you define ‘substantial hardship’ (detailed information on this subject is found at RG 209 issued by ASIC)? 

2.  What are the benefits of debt consolidation for Richard and Pauline?

3. Richard and Pauline have decided to consolidate their debts into their home loan with two splits, one for the existing home loan and a second split for all other debts. They will not be including the landscaping supplies business expense as they pay this in full each month and will clear the outstanding $500 from business account. In the template below provide a new liabilities summary once Richard and Pauline have completed the debt consolidation including their new monthly repayments.
4. What savings will Richard and Pauline obtain in monthly repayments?

Task 3 — Self-employed special considerations
1. As Richard and Pauline are self-employed, what documents will you need to obtain to verify and assess their income? 

2. If a Low-doc application is an option for the customer, name three (3) extra documents you will need to obtain and assess. Explain how each of these documents will establish their income.
3. Explain how applying for a Low-doc loan could lead the mortgage broker to be accused under NCCP of recommending an ‘unsuitable’ product.

Task 4 — Advising on strategies
Following the presentation of your proposal, Richard and Pauline say that they would like your advice on strategies that could help them to repay their home loan as quickly as possible.
•List at least three strategies or methods that will help them achieve their aim. 
•Explain how each strategy will result in a home loan being repaid more quickly.

Task 5 — Impact of credit history
Richard tells you that his former wife failed to properly meet their unsecured personal loan debt obligations before they separated. Although he eventually repaid the debt, he is afraid that this incident may count against him when he applies for a loan. There are a few things Richard can do as he is concerned about his credit rating. What information would you provide in the following situations?
1.Provide Richard with the details of two major credit reporting agencies and explain what information may be recorded on his credit file

2. Richard has decided he would like to obtain a copy of his credit report from either Equifax or illion Data Registries (formerly Dun & Bradstreet). Explain what options are available for the chosen provider, how long it takes to obtain a copy, and the associated costs.

3. If there are errors on file, what are the options for Richard to follow in order to have these errors rectified?

4. What obligation does the Privacy Act impose on the Lender to supply the client, in terms of certain information, if they decline an application due to the content of the credit agency file?

Task 6 — Dispute resolution
1. Due to delays in loan processing, Richard has lodged a complaint with you about the time it’s taking to get an approval on the loan. Although you’ve explained that this is because of delays with the lenders processing system due to staff shortages, you’re concerned the matter may escalate beyond your control. 
(a)You are now required to record Richard’s feedback by completing the Customer Complaint Report below. 

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