Client 1 - Idris Elba Idris has recently moved to Adelaide from Melbourne and is looking to buy in Henley Beach. He has $400,000 cash in a savings account with ANZ. This is from his Melbourne property sold last year as he is renting month by month at the moment in Adelaide. He is looking for a townhouse and they have been going for $950,000 lately. Idris has been self employed as a Software Developer for 15 years. His income is generally $190,000 net profit most years. Idris has all of his banking with ANZ, he has no business debts and no credit cards. He has an investment property in Buderim Queensland. The estimated value is $950,000 and he owes $400,000 to AMP with this loan. His rental income is $650 per week. He pays child support of $300 per month for his 16-year-old daughter. She will only visit on school holidays. Idris is keen on having an offset account or two with his loan and prefers a variable rate for flexibility. Idris does not have a lot of superannuation; he has $125,000 with Health super. Clients 2 - Bill and Kate Cambridge Bill and Kate live in Kensington, Sydney. Their home is worth $2,300,000. It is owned outright. They have come to you because they have 3 investment properties, one in Brunswick Victoria, one in Fremantle WA and one in Nundah Qld, all worth similar amounts. They are wanting to complete some minor renovations on these and feel an easy way to do this is by refinancing and getting some cash back if they can. Your colleague organised valuations in readiness for this and they came back as follows: Brunswick is worth $590,000 Fremantle is worth $605.000 Nundah is worth $575,000 They all are currently financed with Judo Bank and Bill and Kate are more than happy to have 3 different lenders and keep it all separate and get 3 cashbacks. They prefer a fixed rate to keep it in line with their rental incomes. 2-3 years would be a good term. Offsets not needed as these are tax deductible. They have 3 young children (triplets aged 4), and Bill works full time for The Art Gallery of NSW and earns $145,000. Kate works part time as a primary school art teacher and her income is $50,000. Brunswick property - owes $300,000 - rent income $400 per week Fremantle property - owes $300,000 - rent income $450 per week Nundah property - owes $300,000 - rent income $500 per week Bill and Kate have 2 credit cards, Bills has a limit of $5000 and owes $1000, Kate has a limit of $1000 and owes nothing. They have a joint account with Up Bank with around $4000 in it most of the time. They have a share portfolio with Vanguard that is worth around $320,000. They also have a joint self-managed superannuation fund with $1,200,000 current value. This is also with Vanguard. Client 3 - Margot Robbie Margot is looking to buy her first home; she still loves at home with Mum. Dad passed away last year and left her $50,000 to buy a home when she was ready. She also has $35,000 saved so is in a good position. Margot works at JB Hi Fi in Elizabeth St Melbourne. Margot earns $60,000. She is looking to buy an apartment in the CBD or close by to avoid needing to upgrade her car and do without one. They are going for around $400,000 at the moment. She has no children and is single. Her superannuation is with Host plus and is worth $40,000. Margot has no debts at all and only has a Step pay facility with CommBank who she banks with, she only uses this when she is shopping for clothes to pay in instalments, there is nothing owing presently. Her banking is all CBA, and she has her cash held in an online savings account with CBA earning minimal interest so would rather buy a home and start paying it off. Margot is not fussed about fixed or variable it really depends on which has the best flexibility and repayment structure, she generally has around $3000 in her account most of the time. Client 1 Clients 2 Enter a response here Enter a response here Income 11 Client 3 Enter a response here Enter a response here Enter a response here Enter a response here Assets Liabilities Enter a response here Enter a response here Enter a response here 11 Enter a response here Enter a response here Enter a response here Notes for research