Roslyn - Ross and Melissa Cooper - Mortgage brokers - Case Study Assignment Help

Assignment Task:

Identify the compliance requirements that are relevant to the three tasks selected, indicating the name of the relevant legislation, regulation or code of conduct.

Task 1: Promoting the Effective Use of Credit

Read the following scenario then answer the questions that follow.

Roslyn qualified as a schoolteacher some years ago but failed to take up a teaching position after graduating because she became a single mother. Fortunately, she has been able to live with her widowed mother, but now that her daughter has reached school she is taking up a position as a schoolteacher some suburbs away. 
Because of the distance of her new school from her parent’s home, she will need to buy a car. After careful consideration, she has chosen a small hatchback that has an on-road cost of $15,800.
She will be working full time with a starting salary of $50,000.
She knows little about finance and has come to you for advice. She would prefer to finance the full cost of the car because she has little in savings. 

Task 2
Further information
Roslyn mentions that her mother’s washing machine has broken, and she urgently needs a replacement washing machine. The cost is less than a thousand dollars and she plans to use her credit card for the purchase. She tells you that she will make the minimum required repayment per month until she pays the machine off.

Draft a letter to Roslyn providing advice about her plan. 

Task 3: Prepare a loan application on behalf of mortgage broking clients

Case Study — Evaluating and processing a loan application

Read the following case study then answer the questions that follow.

Ross and Melissa Cooper are a young couple who have been married for five years, during which they have been renting an apartment while saving to buy an apartment of their own. They do not have any children at this stage.
After some months searching, they have found a small two-bedroom apartment that suits their needs. The purchase cost of the property is $480,000, and they have provided a deposit of $60,000. You are recommending a standard variable loan.
Ross has been working at Gaines Consulting Pty Ltd. for 12 years and has a salary of $80,000. Melissa has been working at Jackson Equipment Hire Pty Ltd for 8 years and has a salary of $70,000. Neither has had previous employment, apart from casual work when they were younger.
OTHER DETAILS:
They are seeking a loan term of 25 years. Other requirements are:
proposed settlement date — 6 weeks time
ability to make additional payments from time to time without penalty
monthly repayments
redraw facility.
The applicants will have no other financial commitments other than their monthly mortgage commitments, rates, and utility costs and strata fees.
The current variable home loan rate is 6% pa.
Note:  For the purposes of this assignment, any first home purchase assistance should be ignored.

OTHER INFORMATION
APRA is concerned that interest rates may rise and because of this it is requiring all lenders to “stress test” all housing loans at a borrowing rate of 7% p.a. 

Task 4
Mortgage brokers should present adequate information to clients to enable them to make a choice between loans. This involves conducting research to determine suitable loans and presenting clients with a choice among, say, three loans that are considered to be suitable for the client’s requirements. The characteristics of the three selected loans are then presented to clients in a way that allows a comparison to be made. The presentation may be made a piece of paper, or other means such as a Powerpoint overhead.  
You are now required to use the internet or other sources to choose three loans that you believe will meet the requirements of Ross and Melissa. The relevant details should be placed in the spaces provided.
Task 4 (a)
Explain the significant features of the loan products that you have chosen in words that the client would understand. Your answer should be restricted to features relevant to the clients. 

Task 4 (b)
Credit providers always have other fees and charges beyond their stated interest rates. Select one of the loans you have set out in Task 7.4 as the one preferred by Ross and Melinda, and explain any additional fees and charges in a manner that your clients can understand.

Task 4 (c)
Explain the significant features of the loan products that you have chosen in words that the client would understand. Your answer should be restricted to features relevant to the clients. 
Mortgage brokers assist their clients to complete their preferred lender’s credit application form, as well as applications for the First Home Buyer’s Grant and (where applicable) stamp duty exemption. Examples of these forms are set out over the following pages and you are required to complete them on behalf of Ross and Melissa. In this case, please fill in our sample of ANZ application form. Treat these buyers as first home buyers and treat this property as a new property, for the purpose to get used to filling FHOG and Exemption forms.  Remember that each form must be signed by the client, so facsimile signatures must be attached.

This Case Study Assignment has been solved by our Case Study 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.