Sally just tuned 20 and has saved $10,000 as a deposit for a property. She is a First Home Buyer but does not qualify for the First Home Owner Grant as the property is not new.

The property costs $450,000 and to save the price of the LMI, Sally's parents offered to help their only child getting into the property market. They initially wanted to gift her some money, but they heard from a TV ad that they could use some equity in their own house instead. They are open to this alternative and asked Ally to keep in touch with a mortgage broker to learn more about this option.

Loan Structure

This task follows on from the previous section.

Analyse special financial needs of Sally McCallan and complete a detailed loan structure according to the Connor's needs and the credit opportunity you have identified for them. The loan structure can be developed as a diagram, tables, or your own choice of explanatory materials that can be used for the client. Use a program of your choice e.g. MS Word or similar to create this task. Your work will need to be uploaded in PDF format.

You should use an interest rate of 4.5% for the purpose of this activity and fees and charges of $2,000 as an approximate figure.

You can use the following link to calculate stamp duty:Stamp Duty Calculator - Calculate Your Stamp Duty - realestate.com.au

You are required to complete this task correctly. If correct, you will see 'Satisfactory' or if incorrect you will see 'Not Satisfactory' in your grades section of your learner portal next to the assessment name. The assessor will provide feedback and a Record of Results in the assessment task once graded. You will be required to resubmit your work if you receive a 'Not Satisfactory' grade.

 

What  completed Loan Structure