Bob and Jill have hired your team of financial planners to consult on their intention to buy their next home. There are $2$ financial hurdles to meet, not meeting either will mean they cannot make their purchase.

In $4$ years time, they intend to buy a $3$ bedroom house in caulfield to live in$.$ They intend to spend $$1,300,000$ to buy their house.

Conditions:

Big $4$ bank only

Redraw facility

Weekly repayments $-($assume all loans researched allow for this repayment$)$

$30$ years

partly amortising, $5\%$ loan balance at maturity $($assume all loans researched can be fully or partly amortising$)$

Variable rate loan $($use comparison rates to identify the best loan, use the nominal interest rate for repayment calculations.$)$

Lvr: $70\%($ensure the maximum loan LVR allows for the target here$)$

$a.$ Applying their desired LVR$,$ Calculate the amount MR AND MRS$.$ MONASH has to borrow?

$b.$ Calculate the deposit mr and mrs monash must contribute in the future

$c.$ Applying financial maths: calculate the periodic loan repayment that mr and mrs$.$ monash must pay $($show EXCEL working$)$

$d.$ Today, the client has a combined total of $$4,500\mathrm{.}00$ of disposable income to service their debt at each loan repayment period.

Assuming: their income increases by the current rate of annual inflation, will they be able to afford the periodic loan repayment needed for the loan?

If not, by what nominal annual percentage will they have to grow their disposable income available to service the loan in the future when they buy their house?

If their future income is greater than the loan repayment required, by what percentage is their income greater than the loan payment required?