Using This scenario down below answer the following : Scenario $2$: Refinancing Customer $$ John and Lisa Smith

Details

Meeting Held $22/09/2023$

Broker Reference number and ID $145/145895$

Applicant Information:

John Smith, $35$ years old

Married to Lisa with a $4-$year$-$old child

Date of Birth: $01/05/1988$

Home Address: $123$ Main Street, Melbourne, VIC $3000.$

At address since: $08/05/2017$

Citizenship: Australian

Email Address: john.smith@email.com

Mobile Number: $0458587589$

Driver's License Number: $7895874$

Mother's Maiden Name: King

Nearest Relative Not Living with You:

Full Name: Joan King

Home Address: $789$ Oak Road, Melbourne, $3006.$

Phone Number: $0458785960$

Lisa Smith, $33$ years old

Married to John with a $4-$year$-$old child.

Date of Birth: $27/05/1990$

Home Address: $123$ Main Street, Melbourne, VIC, $3000$

At address since: $08/05/2017$

Citizenship: Australian

Email Address: lisa.smith@email.com

Mobile Number: $0148258782$

Driver's License Number: $7788996$

Mother's Maiden Name: Nicks

Nearest Relative Not Living with You:

Full Name: Joan King

Home Address: $789$ Oak Road, Sydney, NSW

Phone Number: $0458785960$

Employment Information $-$ John's occupation: IT Consultant, annual gross income: $$190,000$

Employer: Software $360$ PTY LTD

Employer Address: $239$ Colins Street, Melbourne CBD$.3000$

Start Date: $08/07/2019$

Supervisor Name: Dean Hu

Supervisor Phone: $0389742547$

Employment Information $-$ Applicant $2$: Lisa's occupation: Part$-$time teacher, annual gross income:

$$45,000$

Employer: Melbourne Grammer High School

Employer Address: $78$ Brown Rd$,$ Melbourne, $3000.$

Start Date: $03/05/2018$

Supervisor Name: Mrs Jill Parker

Supervisor Phone: $0398745987$

Homeowners with an estimated home value of $$750,000$

Property type: Strata unit

Loan Request:

Loan amount requested: $$450,000$

Purpose: Refinancing existing mortgage $$350,000$ and additional funds for a new car and non$-$

structural renovations $$100,000.$

Current loan type: Fixed$-$rate with principal and interest repayments

Current fixed term remaining: $6$ months

Total remaining loan term: $20$ years

Desired loan type: Variable rate with principal and interest repayments, extending the loan term to

$30$ years if possible.

Credit Scores:

John's credit score: $720($Good$)$

Lisa's credit score: $480($Average$,$ with past overdue utility bills$)$

Current Liabilities:

Current ANZ mortgage balance: $$350,000$ with monthly mortgage payment of $$2,500$ @ $5\%$ principle

and interest repayments.

John's student loan balance: $$24,000($use ATO Student Loan Calculator to find minimum monthly

repayments ATO Student Loan Calculator$).$

Lisa's ANZ credit card balance: $$5,000,$ with a limit of $$10,000$

Lisa's CBA personal loan balance: $$24,000,$ with monthly repayments of $$450,11\%$ interest rate and $5$

years remaining. $(60$ months$).$

Monthly Living Expenses:

Monthly living expenses: Approximately $$3,200($covers utilities, groceries, recreation, insurance,

transportation, childcare, etc.$)$

Additional $$500$ per month for strata property fees and private health insurance

Assets:

Joint ANZ Savings: $$65,000$

Combined HESTA superannuation: $$150,000$

$4$x$4$ vehicle value: Approximately $$25,000$

Estimated home contents value: $$25,000$

Carded Interest Rate on proposed loan $6\%.$

The customers Objective$/$ Purpose for the loan

The amount$/$s required

The goal of the customer over the short, medium, and long term.

Is an exit strategy required?

Include full details about the product type and features required and WHY these features are important to the client. I.e$.$ fixed, variable, redraw, offset, package products, interest only, rate lock ect.

Regarding the term of the proposed loan, document WHY the customers requested a particular loan term. Eg $($scaling back to $30$yrs$)$

In the case of scaling back a loan term, document your conversation about the implications of scaling back the loan term