Dowell Finance Assingment Help With Solution

Dowell Finance Assingment Help With Solution

 
Existing Property: Own Home valued at $995,000
Current outstanding loan balance $180,000 (with CBA)
Loan Repayments $1,080 per month
Cash: The clients have $12,000 cash in the bank.
Credit Cards: CBA Visa – $5,000 limit (balance $2,000)
Westpac MasterCard – $5,000 limit (balance $1,500)
 
Mr Dowell works at the Parramatta Council as the tourism manager and earns $115,000 p.a. He has worked there for 8 years.
 
Mrs Dowell is a primary school teacher at Ryde Primary School and earns $64,000 p.a. She has worked there for the past 3 years after having several years of home duties.
 
The Dowells own two cars – a 2011 Ford Falcon worth $18,000 unencumbered and a 2011 Pajero worth $30,000 subject to finance of $20,000 ($450 per month).
 
The Dowells have a 36 month Interest Free loan from GE for a sound/movie system for $3,000. The minimum monthly payment is 5%.
 
You interviewed Mr and Mrs Dowell at your office after some initial telephone conversations previously. They both spoke good English as they are permanent Australians for 20 years and they expressed their excitement at buying their second property. They are aware they will need to visit the new lender branch to complete a Customer Identification Procedure prior to finance approval from the lender. They have not yet enquired into an exact payout figure from CBA.
 
The clients wish to refinance their current loan and purchase an investment property.
The investment property is an established 2 bedroom unit in a residential block of 4 at 45 (Lot 4) Jones Rd, North Ryde and is valued at $685,000.
 
Rental Income of $650 per week is expected and the body corporate expense will be just $35 per week.
They have made an offer on the unit at the asking price, have put down a $1000 cash deposit, and the offer has been accepted with settlement in 60 days.
 
Title particulars: Lot 4, Folio 3871, Vol. 1821.
 
The solicitors they will be using are Henderson & Partners, ph 1234 567 890

 
1. Complete the Fact Find provided in Appendix 14 or your own company’s Fact Find document (and improvise any information that has not been provided in the scenario).
 
2. Recommend a product for the clients and explain your reasons for the recommendation
 
3. List the supporting documents that would be needed to support this loan application. Even though there is a checklist in the lender’s application form, you must list the documents separately below.
 
4.Complete a loan servicing calculation (NSR) by completing the form overleaf. Remember this NSR calculation is based on 2 security properties.
 
5.Complete the lender’s application form (a blank ANZ loan application form has been provided for you) and the other documents as provided for you. Your answer to this Activity should be prepared as if you were submitting a real full loan application to the lender. Remember you must treat this as a cross-collateralised loan structure.
Please note: If there is information required on the application that is not supplied please improvise. The application should be completed as neatly as possible to ensure ease of review.
Tax charts, LMI tables and sundry forms can be found in your course content. You do not need to create any “dummy” supporting documents (eg. documents that your client would typically provide to you in a real submission, eg. rates notices), just ensure you list them where required.
 

For this question you must include the following 5 completed forms (all have been
provided for you):
– Lending Checklist
– Summary of product choice
– Privacy Act, Disclosure and Consent
– Loan Application Cover Sheet
– ANZ Application form

Product Code :Fin378

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