Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

You are a mortgage broker and your new clients, Mr and Mrs Merimax, aged 44 and 46, have asked you to assist them to

You are a mortgage broker and your new clients, Mr and Mrs Merimax, aged 44 and 46, have asked you to assist 3. Identify and define 5 key considerations of this client's land purchase scenario, that a lender would

You are a mortgage broker and your new clients, Mr and Mrs Merimax, aged 44 and 46, have asked you to assist them to obtain a loan for the purchase of a block of vacant land on which they intend to build a home. The land is in a quiet inner residential suburb, is 825m, including the driveway, has no special zoning, but it is a "battleaxe" block (see green Lot 2 in diagram below) so the driveway runs beside a friend's established property (Lot 1) which already has a new house built. Lot 2 Lot 1 Road Driveway Your clients are not 'first home buyers' as they have purchased and sold a home before, but they are currently renting at $700 per week. They did not use a broker last time. They indicate that they want to buy the land now but will probably return to you for a construction loan within 24 months. They have not considered building costs or design ideas at this stage and are in no rush to build. Both doctors, they have a high combined income and have a 30% deposit saved. The purchase price is $450,000 and they are very comfortable with this. 3. Identify and define 5 key considerations of this client's land purchase scenario, that a lender would review on receiving this loan application. [5 Marks]

Step by Step Solution

3.54 Rating (151 Votes )

There are 3 Steps involved in it

Step: 1

Question 1 1 Property Type and Zoning Before proceeding with the loan application its crucial to und... blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Modern Advanced Accounting In Canada

Authors: Hilton Murray, Herauf Darrell

7th Edition

1259066487, 978-1259066481

More Books

Students also viewed these Finance questions

Question

Prepare a production budget.

Answered: 1 week ago

Question

=+b. What is Pd(2c ) when 5 4?

Answered: 1 week ago