Finance and Mortgage Broking Management
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\nBefore you begin
\nRead everything in this document before you start your assignment for .
\nAbout this document
\nThis document includes the following parts:
\n\u2022 Instructions for completing and submitting this assignment
\n\u2022 Results and feedback
\n\u2022 Section 1: Complex lending and broking
\n\u2022 Section 2: Business management skills
\nInstructions for completing and submitting this assignment
\nHow to use the study plan
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\nThe assignment
\nThis assignment is split over 2 sections. The information and data you need to complete Sections 1 & 2 is presented in case studies at the beginning of those sections and each task.
\nSection 1: Complex Lending and Broking
\nThe first section on complex lending and broking, requires you to answer the questions for one (1) of the three (3) available case studies. Each case study focuses on different lending scenario, (see diagram below).
\nSection 2: Business management skills
\nSection 2 requires you to complete the six (6) tasks as listed in this template.<\/p>\n
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\nAdditional research
\nWhen completing this assignment, assumptions are permitted although they must not be in conflict with the information provided in the Case Studies.
\nYou may also be required to source additional information from other organisations in the finance industry to find the right products or services to meet your client\u2019s requirements, or to calculate any service fees that may be applicable.
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\nCapital City Finance and Mortgage Brokers (CCF & MB)
\nGeorge and Mildred are very happy with the way you service your clients and are sure that you are a good fit for the team. They now want you to turn your focus to your primary task which is to Help in expanding the business by building relationships with selected real estate agents, accountants and legal firms through strategic alliances. They also want you to consider how CCF & MB can consolidate its relationships with its existing strategic partners.
\nLet\u2019s recap on what you already know about Capital City Finance and Mortgage Brokers (CCF & MB).
\nIt\u2019s a family owned business providing a range of mortgage and finance broking services to the business and private sectors, with experience in all facets of finance and insurance providing expert advice covering a multitude of products and options existing within the market.
\nCCF & MB specialises in home loans, commercial lending, business lending, personal and motor vehicle finance and insurance (life and general), and focuses on helping clients find the finance service suited to their individual circumstances.
\nIt provides its services through its association with the following partners:
\n\u2022 Australian Aggregators, a rising business in the aggregation business with an extensive panel of residential and commercial lenders, and asset finance.
\n\u2022 ABC General Insurance, a boutique insurance company specialising in a full range of general insurances.
\n\u2022 XYZ Life a small family-owned insurance brokerage specialising in the full range of life insurance products.
\nBased in the city, CCF & MB has the capacity to service clients from their office or anywhere at their clients\u2019 convenience through its team of mobile brokers.
\nCCF & MB does not hold a credit license but operates as a credit representative of Australian Aggregators.
\nSince its inception 13 years ago CCF & MB has built a loan book of almost $1.2 billion and averages over $120 million in new loans annually.
\nCCF & MB\u2019s vision is to be the mortgage and finance broker of choice in the greater metropolitan area
\nCCF & MB\u2019s mission statement is to operate professionally in accordance with legislation, our licence and professional standards
\nCCF & MB\u2019s values are as follows:
\n\u2022 to act with honesty and integrity at all times
\n\u2022 to provide unbiased advice and conduct business, free from any conflict of interest
\n\u2022 to maintain confidentiality in all dealings
\n\u2022 to meet all NCCP regulatory requirements
\n\u2022 to comply with all mortgage industry laws and regulations
\n\u2022 ensure quality and efficiency in its loan processes.
\nCCF & MB\u2019s people
\nCCF & MB is owned by husband and wife, George and Mildred Spencer.
\nWith over 35 years\u2019 experience in finance and business ownership, George established and built a successful business dedicated to Helping clients with managing their finances effectively. Starting the business with his wife Mildred 13 years ago, George gained immense satisfaction in seeing it expand to service more and more clients across the city and greater metropolitan area. Although in recent years he has stepped back from dealing directly with clients, he still maintains a small select clientele. He also takes great pride in training and mentoring his team to enhance their performance.
\nMildred has over 22 years of lending experience and is qualified not only to Help her clients with their mortgage requirements but also to Help them with their commercial finance requirements. She also holds financial planning qualifications. She specialises in asset finance.
\nThe company has a small team of five additional consultants and two administration staff members. Profiles for the team is as follows:
\n\u2022 Jennifer Dee is recognised as one of the top female brokers in Australia. She has been in the broking industry for over 10 years and has a passion and dedication to Help and accommodate all of her clients\u2019 needs with their financial dreams. Jennifer is an Accredited Mortgage Consultant with the Mortgage and Finance Association of Australia (MFAA).
\n\u2022 Louise Spencer (George and Mildred\u2019s eldest daughter) is an Accredited Mortgage Consultant with the Mortgage and Finance Association of Australia (MFAA) and has been working as a loan consultant for almost two years. Louise started off in the lending industry in the office as an administrator to gain as much experience and knowledge as possible before taking a broking role. Her passion for helping her clients ensures that she is always available to her clients at a time and place convenient for them.
\n\u2022 Michael Spencer is George\u2019s younger brother and is CCF & MB\u2019s equipment finance specialist. He has over 25 years working in the equipment finance industry. He has developed an in depth understanding of the transport and agricultural industries, and also provides finance for general equipment, motor vehicles and computer equipment.
\n\u2022 Martin Long has specialised in equipment finance for the last three years, but prior to this he spent five years operating his own retail food business. This practical experience allows him to see things from his client\u2019s point of view, including experience with equipment finance. He specialises in plant and equipment in the machinery, woodworking and packaging industries. Examples of some of the equipment he has financed are farm machinery, extrusion lines, plastic injection moulders, commercial catering equipment, woodworking plant, packaging lines, forklifts, office fit-outs and many different motor vehicles.
\n\u2022 Luis Ramirez migrated to Australia in 25 years ago as a young boy with his family. After completing high school he graduated from university with an accounting degree and worked in ANZ in commercial lending. He joined CCF & MB 4 years ago and specialises in vehicle and capital equipment financing. He provides ITC and general equipment lease funding options for clients. By providing better outcomes, both during and at the end of their equipment leases, Luis\u2019 many clients have been able to reduce costs and maximise the value of their available budgets.
\nCCF & MB is a member of the MFAA as a broking business dealing directly with the public. Both George and Mildred are fellows of the MFAA. CCF & MB is also a corporate member of the FBAA.
\nAll staff members, including consultants, are paid an annual salary plus superannuation. Consultants also receive a car allowance plus a percentage of trail commissions that are paid quarterly based on their performance targets.
\nCCF & MB\u2019s panelled lenders
\nWith access to an extensive panel of lenders, CCF & MB can meet most clients\u2019 expectations. Residential lenders are listed in the following table.
\nAdelaide Bank Homeloans Limited Pepper Home Loans
\nAMP Homeside Phoenix-Circle Credit Union
\nANZ ING Direct PLAN Lending
\nAustralian Financial Keystart PN Bank
\nAustralian First Mortgage La Trobe Resi
\nBank of Melbourne Liberty Financial St George Bank
\nBankSA Macquarie Suncorp
\nBankwest ME Bank The Rock Building Society
\nBluestone Mortgage Mart Westpac
\nCitibank NAB Wide Bay Australia Ltd
\nCommonwealth Bank Newcastle Permanent
\nHeritage Bank Peoples Choice Credit Union
\nCommercial lenders and asset finance providers are listed in the following table.
\nAdelaide Bank Commercial Bibby Financial Services Pty Ltd Liberty Financial Commercial
\nANZ Commercial Commonwealth Bank Commercial NAB Commercial
\nAustralian First Mortgage Commercial IMB Commercial St George Commercial
\nBank SA Commercial ING Direct Commercial Suncorp Commercial
\nBankwest Business Banking LaTrobe Commercial Westpac Commercial
\nAdelaide Bank Commercial Macquarie Leasing Westpac Equipment Finance
\nANZ Asset Finance Commonwealth Bank Asset Finance Liberty Asset Finance
\nFuture developments
\nGeorge and Mildred are very keen to expand and grow their business and are in the process of speaking with a number of real estate agents, accountants and legal firms with a view to forming strategic alliances.
\nDue to the expected increase in business George and Mildred are seeking to employ another consultant to take on the extra work. This person will be required to:
\n\u2022 build strategic relationships with a number of real estate agents, accountants and legal firms already identified
\n\u2022 identify and foster relationships with other real estate agents, accountants and legal firms
\n\u2022 provide finance and mortgage broking services to new clients identified through these strategic alliances.
\nSection 1: Complex lending and broking
\nOnly complete Tasks 1-3 for one (1) of the case studies in Section 1
\nCase study A \u2014 Tom and Steve Broad
\nBackground
\nCongratulations, you have just been appointed by George and Mildred as the new consultant to handle the extra work. Whilst your major focus is to build the strategic relationships you are also expected to build your own client base using your own connections and networks.
\nTwo brothers, Tom and Steve Broad have approached you with their desire to jointly purchase two apartments in the same building. They want to purchase them as rental properties. The building has 12 apartments. The units have 80% permanent tenants in place and the remaining 20% are used for holiday rentals. The location is a highly sought after area and all holiday periods are fully booked.
\nThe brothers have invested together before and have experience in buying and selling property. They have sold all their other investment properties and the units will be their only investment until they can identify another opportunity. The cash at bank is mostly from the sales of other investments.
\nThe property
\nAddress: Unit 1, 92 Seaside Lane, Coastville, Your State Unit 9, 92 Seaside Lane, Coastville, Your State
\nPurchase price: $350,000 $385,000
\nDescription: 2 bedroom strata title unit on the ground floor 2 bedroom strata title unit on the ground floor
\nBody corporate fee $2,500 per annum $2,500 per annum
\nProposed income Permanent rental at $450 per week Holiday rental at $45,000 per annum
\nAgent details: Steven Allstone Steven Allstone
\nPhone: 8282 1113 8282 1113
\nMobile: 0412 880 088 0412 880 088
\nThe clients
\nClient Tom Broad Steve Broad
\nCurrent address: Unit 12, 22 Wentworth Lane, Highville, and has lived there for eight years 23 Dury Lane Pennant Tops and has lived there with Marie for six years. Property owned in joint names.
\nValue $650,000 $450,000
\nHome phone: 9001 2121 9002 1212
\nStatus Tom is single, no dependents Steve is married to Marie with no children
\nEmployment PAYG and has been with the same employer for 10 years Self-employed tradesman operating as a sole trader for 12 years
\nIncome $85,000 per annum $65,000 per annum for Steve
\n$30,000 per annum for Marie
\nCash at bank $250,000 $150,000
\nSuperannuation $150,000 $150,000 (Steve), $20,000 (Marie)
\nContents $100,000 $130,000
\nMotor vehicle $60,000 $30,000 (Steve), $15,000 (Marie)
\nLiabilities \u2014 home loan $300,000 @ 7.2 % P & I, term 25 years $100,000 @ 7.2 % P & I, term 25 years
\nLiabilities \u2014 credit cards $5,000 limit cleared monthly 3% min payment $15,000 limit, $5,000 debt 3% min payment
\nAssignment tasks (student to complete)
\nTask 1a \u2014 Identify the clients\u2019 complex broking needs
\nPrepare a list of questions that you would need to ask Tom and Steve about their history and experience, and the unit purchase.
\nIn preparing your list of questions you should ensure that you cover the following:
\n\u2022 The complex features of Tom\u2019s and Steve\u2019s situation and objectives.
\n\u2022 Potential risks and Tom\u2019s and Steve\u2019s tolerance of risk. In considering risk you should consider:
\n\u2013 how you would identify the risks and the criteria you used to evaluate these risks
\n\u2013 how you would assess their current exposure, the tools you would use in terms of probability, impact and the consequences.
\n(800 words)
\nStudent response to Task 1a
\n-What is the main purpose for this purchase? Is that for tax strategy? Capital growth? Or is for rental income?
\n-Given you have done this together before, What working and what\u2019s not working for both of you?
\n-As you may be aware of, the joint borrowing will affect each other for future borrowing, as 100% liability will assign to each other but only 50% rental income will take in consideration ( for most banks).
\n-If one party has difficulties to pay the loan, the other pay will liable for the other half.
\n-If is for tax strategy you may able to use your own property as an additional security to borrow up to 100% ( including stamp duty)
\n– For unit 9, given it is a holiday rental, some lenders have restrictions on them, such as lower loan ratio (LVR) or it can consider as a business loan, therefore it is always good to check with the lenders before proceeding. With unit 1, which is form part of the 80% with a permanent tenants, generally speaking most lenders will accept them, but it Is always good to check the size of the apartment, as certain lenders will have a size restriction depends on location.
\n–
\nThey are in a pretty good spot given their age and income, with Tom\u2019s LVR is on 46.15% with his home and Steve is on 22.22% LVR, as advised above if they are focus on effective tax strategy they may to utilize the equity and cash available in their accounts, such as using the cash to pay off their home loan and utilise the equity, it will reduce the taxable income as the property is negatively gear.
\nIf they want to use the equity as advised above, then Steve\u2019s wife may need to come into the picture as she is joint owner of the property, which require her consent if Steve decide to go down to this path or they could either do this in 3 names. (Tom, Steve and Marie) to avoid the guarantor option.
\nAssessor feedback:
\nTask 2a \u2014Develop complex broking options
\nYou are required to prepare a full report for Tom and Steve by outlining the process and the risks (potential and real) of which Tom and Steve should be aware.
\nIn a suitable format, document the process that is required for them to purchase the two units as their investment properties, establishing a joint loan in the brother\u2019s names. You should also include a selection of lenders that will consider this style of borrowing.
\nIn developing your report you should cover the following:
\n1. The parties to the loan including any opportunities or constraints that could impact on their application
\n2. The different options available and your recommendation of the best loan structure with the lender \u2014 are they using their own property as cross security or the cash at bank as deposit?
\n3. What various forms of titles could an apartment be registered in
\n4. A list of the lenders that are able to lend
\n5. The procedure to commence a loan for a property like this
\n6. The steps that will need to be in place
\n7. The client responsibilities, so Tom and Steve fully understand the loan
\n8. An outline as to the process and what the client needs to arrange
\n9. The documentation needed to commence the borrowing
\n10. The name in which the client will sign the contract\/purchase\/offer and acceptance. If a Family trust is involved what name would the title of the property be registered in, and advise what state you are using to base your answer on
\n11. The state revenue requirements
\n12. Which lenders may also require a personal guarantee from Steve\u2019s spouse
\n13. The maximum LVR to the consumer
\n14. A summary of all fees and charges \u2014 including those for setup and those of the lender.
\n(800 words)
\nStudent response to Task 2a
\nFirst to confirm what structure is the loan in, whether they want to utilise using the equity of the Steve\u2019s & Marie\u2019s Property, as this will affect the loan parties. If they decide not to use the joint property then they may use the cash in the bank as an additional security to avoid the guarantor option.
\nBased on the above, given these investment properties, the best option is to have Steve\u2019s & Tom\u2019s name as a joint borrower, then Marie be the guarantor to the loan. This can also prevent if bank only lend up to 60% on unit 9, they don\u2019t need to come up with the extra cash. The total loan ( worst scenario) should be $371,000 ( unit 1) & $408,000 total loan = $779,000 securing by the purchasing property and both properties which own by Steve & Tom. If Marie doesn\u2019t feel comfortable to use the home as security, then they can use the cash in the bank as additional security to maximise the negative gearing. In terms of lender, it is all comes down to what they currently use, or prefer, given we may need to do second mortgage. It will make more sense to go with the same\/one bank to avoid any issue in between.
\nLenders available are if using cash option
\nNAB Broker, CBA, Westpac, BankWest, ING
\nLender will recommend if Marie come into the equation is CBA, given the limitation for sibling guarantor.
\nOnce we determined the loan structure, we may try to bring all loans into the one bank and apply the loan together with the purchase. If they contract is ready then we will put in a formal application for the purchase otherwise will obtain pre-approval. Depends on the settlement date from the application date, if times permitted we will get the refinance happened first then the purchase, otherwise we will apply it separately.
\nThe loans are under both names, therefore both parties are responsible for each other loans for this purchase, this will also impact the future borrowing as 100% liabilities and 50% rental income counted if they do a separate loan.
\nProcess as follow:
\n– Application for the refinance
\n– Application to the purchase
\n– Refinance approval then settlement
\n– Purchase approval
\n– Refinance MUST settled before Purchase.
\nDocuments required:
\n1) Tom\u2019s last 2 payslips
\n2) Steve\u2019s Last 2 years tax return and notice of assessment
\n3) Bank statement for all loans for last 6 months
\n4) Purchasing property Contract of Sale for both properties
\n5) Rental appraisal for both units
\n6) Completed application form
\n7) A Copy of the driver license \/ Passport for all parties.
\nBased on Victoria policy, if property is under a family trust, all trustees need to be in the title as a guarantor, in this case will be Tom and Steve will be in the title.
\nA surcharge apply to the land hold under trust compare to the general land tax rate.
\n-?????Lender
\nThe max LVR is 80% on Unit 1 and 60% on Unit 9 ( depending on the contract and special condition)
\nAnnual fees of $395 per year no application fees and monthly keeping fees.
\nAssessor feedback:
\nTask 3a \u2014 Implement complex loan structures
\nTom and Steve have accepted your recommendations and have given you authority to proceed with their application.
\nAs part of implementing their loan application you are required to prepare a formal written loan submission to the lender for pre-approval. Your loan submission must include the following:
\n\u2022 serviceability calculations
\n\u2022 the proposed structure of the loan given there are two brothers and there is a variance in income
\n\u2022 the loan amount
\n\u2022 the property style, size, use
\n\u2022 any other information that is relevant to the lenders requirements.
\nIn additional to these requirements you should also include:
\n\u2022 your obligations under the NCCP (if any)
\n\u2022 maximum loan amount
\n\u2022 maximum loan terms
\n\u2022 any ATO consideration to be made
\n\u2022 your state legislation and OSR requirements
\n\u2022 your general advice restrictions
\n\u2022 property purchase requirements.
\n(800 words)
\nNote: Any assumptions you make should be listed, and not be in conflict with the case study information already provided.
\nStudent response to Task 3a
\nCustomer seeking finance to funds their investment property purchase, purchase price for unit 1 is $350,000 under both names, contribution come from their saving, unit 9 is purchasing under the trust which both applicant will be the trustee for the trust as guarantor to the loan, purchased price is $385,000
\nUnit 1 loan will be @280,000 with a purposed rental income of $450 pw as investment property, and unit 9 will be @ $231,000 with rental income of $45,000 p.a as a holiday rental
\nApp1\u2019s Tom is a PAYG with the same job for over 10 years, stable income and job @85,000 p.a. with a good saving record of approx. $250,000 in the bank, he has experience buying and selling property with app2
\nApp2\u2019s Steve has been SE for over 10 years, stable job and income, good saving record of $150,000 and as advised above he had experience buying and selling properties with app1.
\nboth applicants will consider as low risk to the bank.
\nIndividual borrower will be regulated under NCCP but not under the trust
\nAssessor feedback:
\nCase study B \u2014 Ray Murdoch and Steve Brown
\nOnly complete Tasks 1-3 for one (1) of the case studies in Section 1
\nBackground
\nYou have just met with Ray Murdoch and Steve Brown, referred to you by another commercial client.
\nRay Murdoch and Steve Brown jointly own a successful and growing business that manufactures metal pallets. They trade under the name Pallets-R-Us Pty Ltd. The pallets are manufactured using material that is lightweight and durable. There has also been a very structured approach to the research and development for the engineering and design of the pallets. The pallets are used in all industry sectors. Part of the process involves powder coating the finished product, which is currently outsourced to a local well-established contractor.
\nIt is critical that Ray and Steve\u2019s product meets market needs. They need to maintain sustainable production and operating costs if they are to forecast their sales and cost of sales.
\nThey have a well-established client database that provides them with repeat \u2018business to business\u2019 dealings. Whilst they have only been trading for 26 months they have a solid business plan with written supply contracts with three major business clients and several smaller business clients.
\nRay and Steve now require a loan to Help them with the purchase of a sophisticated machine, using the technical platform system CNC. This machine can be programmed to rapidly fabricate multiple components. The machine has an expected commercial lifespan of at least 15 years with operating software to be updated every three years. This software and upgrades is included in the purchase price of $800,000.They need to import the machine from the US. Initial enquiries with the US supplier have indicated that they will require a letter of credit for the import of the machine.
\nTheir business employs five people and, with the expected increase in business through the automation of production, they have forecast that they will need to recruit an additional two staff members in the next 3\u20136 months to meet sales\/production demands.
\nRay has been in the metal fabrication field all his working life. He has an MBA and understands financial management. He also has solid engineering skills and developed the majority of the design works for the business. He is married and has no dependants. His wife is a school teacher and she will be retiring at the end of the year.
\nSteve worked with Ray at \u2018Protech\u2019 as a foreman. His skills are in production and managing project ( help with nursing paper writing from experts with MSN & DNP degrees)\/job flow. He has high level technical skills and can complete works to specification at a high standard.
\nSteve and Ray have provided the last two year\u2019s financial accounts for the trading business, as well as interim accounts for the current financial year.
\nApplicant information
\nClient Ray Murdoch Steve Brown
\nCurrent address: Unit 43, 25 High St Northville, Your State and has lived there for six years 23 Desmond Lane Northville, Your State and has lived there with Kate for seven years. They own property jointly.
\nValue $750,000 $900,000
\nHome phone: 9001 2121 9002 1212
\nStatus Ray is divorced with no dependent age children Steve is married with no dependents
\nEmployment Self-employed business owner Self-employed business owner
\nIncome $100,000 per annum $100,000
\nProperty $750,000 $900,000
\nCash at bank $12,500 $9,600
\nContents $100,000 $85,000
\nSuperannuation $250,000 Steve $350,000, Kate $60,000
\nMotor vehicle $40,000 $55,000
\nHome loan $250,000 @7.2% P & I Term 18 years $350,000 @7.2% P & I Term 22 years
\nCredit card $25,000 limit with debt of $15,000 payment @3% $10,000 limit with debt of $3,000 payment @3%
\nCar loan $0 $15,000 payment @ 9% payable 4 years
\nThe business
\nYear 1 net profit after tax $200,000
\nYear 2 net profit after tax $220,000
\nCurrent year interim profit (10 months trading) $200,000
\nWages to partner 1 \u2013 years 1 and 2 $100,000
\nWages to partner 2 \u2013 years 1 and 2 $100,000
\nDividend to private investor (flat profit fee) \u2013 years 1 and 2 $45,000
\nKey balance sheet items
\nCash $25,000
\nDebtors $220,000
\nCreditors $100,000
\nNotes The business currently meets all creditor payments at 30-day terms.
\nDebtor collection has been solid. They invoice an upfront payment of 50% of the sale price, which Helps in funding their production.
\nThey have orders of $1m over the next 3 months and have made an increase in their gross profit margin.
\nThe orders are from several clients, so their debtors will be well spread.
\nTask 1b \u2014 Identify the clients\u2019 complex broking needs
\nPrepare a list of questions that you would need to ask Ray and Steve about the proposed transaction.
\nCalculate the required servicing for the new debt, and the lender comfort surplus.
\nOutline the process and the risks (potential and real) of which Steve and Ray should be aware.
\n(800 words)
\nStudent response to Task 1b
\nAnswer here
\nAssessor feedback:
\nTask 2b \u2014Develop complex broking options
\nYou are required to prepare a full report for Tom and Steve by outlining the process and the risks (potential and real) of which Tom and Steve should be aware.
\nIn a suitable format, document the process that is required for Steve and Ray to obtain appropriate finance for their equipment and set up the loan.
\nIn developing your report you should cover the following:
\n1. The parties to the loan
\n2. The product type you would recommend, including an appropriate term and residual (if any)
\n3. The framework and contents of the letter of credit requirements
\n4. A list of the lenders that are able to lend
\n5. The procedure to commence a loan
\n6. The steps that will need to be in place
\n7. The client responsibilities, so Steve and Ray fully understand the loan
\n8. An outline as to the process and what the client needs to arrange
\n9. The documentation needed to commence the borrowing
\n10. The name in which the client will sign the contract to purchase
\n11. A statement of those lenders who may also require a personal guarantee from the borrower\u2019s spouse
\n12. A summary of all fees and charges \u2014 including those for setup and those of the lender.
\n(800 words)
\nStudent response to Task 2b
\nAnswer here
\nAssessor feedback:
\nTask 3b \u2014 Implement complex loan structures
\nTom and Steve have accepted your recommendations and have given you authority to proceed with their application.
\nAs part of implementing their loan application you are required to prepare a formal written loan submission to the lender for pre-approval. Your loan submission must include the following:
\n\u2022 serviceability calculations, including all borrowing facilities of Directors
\n\u2022 the proposed structure of the loan
\n\u2022 the loan amount
\n\u2022 the property style, size, use
\n\u2022 any other information that is relevant to the lenders requirements.
\nIn additional to these requirements you should also include:
\n\u2022 your obligations under the NCCP (if any)
\n\u2022 maximum loan amount
\n\u2022 maximum loan terms
\n\u2022 any ATO consideration to be made
\n\u2022 your state legislation and OSR requirements
\n\u2022 your general advice restrictions
\n(800 words)
\nNote: Any assumptions you make should be listed, and not be in conflict with the case study information already provided.
\nStudent response to Task 3b
\nAnswer here
\nAssessor feedback:<\/p>\n
Case Study C \u2014 Bill Smith and John Jones
\nOnly complete Tasks 1-3 for one (1) of the case studies in Section 1
\nBackground
\nYou are meeting with prospective clients, Bill Smith and John Jones. They have been referred to you by their accounting firm, Buckland Accountants.
\nThe prospective clients need Helpance with the acquisition of owner-occupied premises to replace their current business premises which is rented and becoming too small for their growing business.
\nTrue Blue Pty Ltd trades as True Blue Real Estate and was purchased as an existing real estate business three years ago. Bill Smith and John Jones are the directors.
\nThe shareholders of True Blue Pty Ltd are Bill Smith, John Jones and a private investor, Amanda Williams, who does not work in the business and has no involvement in its day-to-day operation. Each holds an equal one-third share in the company.
\nBill and John have each been in real estate for approximately 15 years, focusing on residential sales and leasing. They have gained their work experience in the local area. A wealth of knowledge of the area, coupled with an ever-expanding client base, has resulted in sustained and solid growth for the business.
\nDetails of the property
\nSale price of the property is $950,000. (There is no GST requirement as it is being purchased as a going concern.)
\nA deposit of $95,000 has been paid and is being held in the trust account of the settlement agent\/solicitor.
\nA cash contribution of $233,240 will be made from the general working account of the business.
\nProperty purchase and loan to be in the name of a new entity \u2014 True Blue Pty Ltd as trustees for the Smith Jones Unit Trust. There are a total of 99 units in the trust and the unit holdings mirror the shareholding of the trading entity, True Blue Pty Ltd.
\nThe property is situated at 100 Smith St, Yourtown, with contracts exchanged at today\u2019s date and an anticipated settlement date of 90 days.
\nGeneral observations about the property
\nThe property is in good condition and is well located in the same street as the current rental premises.
\nIt is anticipated that the premises will meet the needs of the business for the next 10 years.
\nSummary of initial client fact find
\nBill and John have provided the last two years\u2019 financial accounts for the trading business, as well as interim accounts for 10 months of the current financial year.
\nTrue Blue Real Estate\u2019s financial accounts
\nYear 1 Year 2
\nNet profit after tax $92,000 $140,060
\nCurrent year project ( help with nursing paper writing from experts with MSN & DNP degrees)ed – $175,000
\nAdd back (rent) $47,000 $49,142
\nAdditional superannuation to director $31,400 $34,539
\nWages to partner one $70,640 $70,640
\nWages to partner two $70,640 $70,640
\nPayment to private investor (fixed flat profit fee) $45,000 $45,000
\nApplicant information \u2014 Bill Smith
\nPersonal details
\nAddress 26 Nowry Road, Yourtown, 1234
\nDate of birth 17 February 1958
\nPhone 7890 1234
\nFinancial details
\nGross income $70,640
\nOwner occupied property valued at $550,000
\nOutstanding debt on owner-occupied property $210,000 @ 6.2% p.a. on a principal and interest basis
\nCredit card with limit $15,000 Outstanding debt \u2014 $5,000
\nSuperannuation $250,000
\nMotor vehicle valued at $30,000 (nil debt)
\nApplicant information \u2014 John Jones
\nPersonal details
\nAddress 14 Mary Street, Yourtown, 1234
\nDate of birth 14 October 1970
\nPhone 0146 234 577
\nFinancial details
\nGross income $70,640
\nOwner occupied property valued at $750,000
\nOutstanding debt on owner occupied property $300,000 @ 7.2% p.a. on a principal and interest basis
\nCredit card with limit $5,000 Outstanding debt \u2014 $1,000 cleared monthly, monthly
\nSuperannuation $200,000
\nMotor vehicle valued at $45,000
\nOutstanding debt on motor vehicle $15,000 (Assume five year term at 9% p.a. interest)
\nBusiness details
\nCash in business account $400,000
\nOther information
\nApplicants\u2019 solicitor Moffat and Co (contact is Maree Moffat)
\n16 Tatlor Street, Yourtown, 1234
\nPhone 7890 5678
\nApplicants\u2019 accountant and registered office Buckland Accountants (contact is Simon Williams)
\n28 Mary Street, Yourtown, 1234
\nPhone 2982 0987
\nApplicants\u2019 banker Westcoal Building Society, Yourtown, 1234
\nNotes:
\n\u2022 Assume for credit card debts, the minimum monthly commitment should be calculated at 3% of the credit limit.
\n\u2022 Each of the working directors has appropriate death, income and disability insurance in place.
\n\u2022 A sensitisation factor of 2% should be used when calculating financial commitments.
\nAssignment tasks (student to complete)
\nTask 1c \u2014 Identify the clients\u2019 complex broking needs
\nPrepare a list of questions that you would need to ask Bill and John about their history, experience, business performance and the property purchase.
\nIn preparing your list of questions you should ensure that you cover the following:
\n\u2022 The complex features of Bill\u2019s and John\u2019s situation and objectives.
\n\u2022 Potential risks and Bill\u2019s and John\u2019s tolerance of risk. In considering risk you should consider:
\n\u2013 How you would identify the risks and the criteria you used to evaluate these risks
\n\u2013 How you would assess their current exposure, the tools you would use in terms of probability, impact and the consequences.
\n(800 words)
\nStudent response to Task 1c
\nAnswer here
\nAssessor feedback:
\nTask 2c \u2014 Prepare complex broking options
\nYou are required to prepare a full report for Bill and John by outlining the process and the risks (potential and real) of which Bill and John should be aware.
\nIn a suitable format, document the process that is required for them purchase the new property and establishing the loan.
\nIn developing your report you should cover the following:
\n1. The parties to the loan
\n2. The best physical set up with the lender \u2014 are they using their own property as cross security or the investment property?
\n3. What name should the title be registered in given there is a Trust involved and advise what state you are basing your answer in
\n4. The procedure to commence a loan for a property like this
\n5. The steps that will need to be in place
\n6. The client responsibilities (Bill and John should fully understand the loan that is proposed)
\n7. An outline as to the lending process and what the client needs to arrange
\n8. The documentation needed to commence the borrowing
\n9. The name in which the client will sign the contract to purchase
\n10. The state revenue requirements
\n11. A statement as to whether guarantees from spouse\u2019s or any other security will be required and why this is\/is not the case
\n12. The maximum LVR
\n13. Suggest three (3) lenders to client\u2019s that would be likely to consider this request
\n14. A summary of fees and charges \u2014 including those for setup and those of the lender.
\nNote: You may make any reasonable assumptions necessary in order to complete the proposal.
\nStudent response to Task 2c
\nAnswer here
\nAssessor feedback:
\nTask 3c \u2014 Implement complex loan structures
\nBill and John have accepted your recommendations and have given you authority to proceed with their application.
\nAs part of implementing their loan application you are required to prepare a formal written loan submission to the lender for pre-approval. Your loan submission must include the following:
\n\u2022 serviceability calculations
\n\u2022 the proposed structure of the loan given the purchases is in the name of a new Unit Trust entity
\n\u2022 the loan amount
\n\u2022 the property style, size, use
\n\u2022 proposed security
\n\u2022 any other information that is relevant to the lenders requirements.
\nIn additional to these requirements you should also include:
\n\u2022 your obligations under the NCCP (if any)
\n\u2022 maximum loan amount
\n\u2022 maximum loan terms
\n\u2022 any ATO consideration to be made
\n\u2022 your state legislation and OSR requirements
\n\u2022 restrictions on overseas purchase, if any
\n\u2022 your general advice restrictions
\n\u2022 property purchase requirements.
\nNotes:
\n\u2022 Any assumptions you make should be listed, and not be in conflict with the case study information already provided.
\n\u2022 You will need to calculate and include your workings of the required servicing and debt service cover ratio for the new debt and existing borrowings of Directors. Comment on the DSCR comfort level for lender.
\n\u2022 You may make any reasonable assumptions necessary in order to complete the proposal.
\nStudent response to Task 3c
\nAnswer here
\nAssessor feedback:
\nSection 2: Business management skills
\nTask 4 \u2014 Developing and nurturing relationships with clients, other professionals and third party referrers
\nGeorge and Mildred now require you to write a plan to Help in developing and nurturing relationships with clients, other professionals and third party referrers.
\nYour plan should address the following:
\n1. How CCF & MB\u2019s policies and procedures and legislative, regulatory and professional codes of practice impact on developing and nurturing relationships
\n2. How you would use CCF & MB\u2019s social, business and ethical standards to develop and maintain positive relationships
\n3. The importance of confidentiality and how you would maintain it in your dealings with colleagues, clients and other parties
\n4. How you would adjust your Interpersonal style to the needs and situation of other parties
\n5. How you would go about developing and maintaining business and professional networks and other relationships to benefit the organisation, and how you would use them to identify and cultivate relationships in order to promote and market the organisation
\n6. How you could use and cooperate with other professionals and third parties to expand and enhance the reputation of the organisation, and to identify new and improved business practises
\n7. How you would build referral business through appropriate communication channels to find and secure new business relationships
\n8. How you would identify referral needs and provide information p about CCF & MB\u2019s relevant products and services
\n9. How you would secure interviews with referral business so that then needs of clients can be met.
\n(1,000 words)
\nYou may use any format for your plan but it must address each of the points above. If you are unsure as to how to write a plan, you can refer to the Business Growth and Marketing topic (sample nursing essay examples by the best nursing assignment writing service) and use the suggested SMEAC format outlined in Part 5, Section 12.
\nWhen completing this task, assumptions are permitted although they must not be in conflict with the information provided in the background information.
\nStudent response to Task 4
\nAnswer here
\nAssessor feedback:
\nTask 5 \u2014 Growing the business
\nHaving considered how you would go about building and nurturing relationships, George and Mildred now require you to turn your attention to marketing and promoting CCF & MB\u2019s business. This requires you to develop a marketing plan for the business.
\nIn developing your marketing plan you should consider the following:
\n1. Your plan should be developed in line with CCF & MB\u2019s vision statement
\n2. The identification of target markets using a combination of research and your own personal experience
\n3. The identification of your major competitors (at least two) with a competitor analysis developed for each competitor
\n4. The identification of CCF & MB\u2019s market position based on your research findings and analysis
\n5. How you would promote CCF & MB\u2019s brand and the tools you would use to achieve this
\n6. The provision of options for increasing yield per existing client
\n7. How you would implement your plan and monitor it to ensure objectives\/goals\/performance indicators are being met
\n8. How you would adjust your plan if required.
\n(1,000 words)
\nYou may use any format for your plan but it must address each of the points above. If you are unsure as to how to write a plan, you can refer to the Business Growth and Marketing topic (sample nursing essay examples by the best nursing assignment writing service) and use the suggested SMEAC format outlined in Part 5, Section 12.
\nWhen completing this task, assumptions are permitted although they must not be in conflict with the information provided in the background information.
\nStudent response to Task 5
\nAnswer here
\nAssessor feedback:
\nTask 6 \u2014 Identifying risk and applying risk management processes
\nGeorge and Mildred have become very concerned about the potential risks that could jeopardise CCF & MB\u2019s business operations. They were very impressed with your growth and marketing plans for CCF & MB so they have now moved you into more of a general manager\u2019s role with expanded responsibilities, including managing CCF & MB\u2019s risk. As part of your new responsibilities you are required to develop a risk management plan.
\nIn producing this plan you are required to:
\n1. Establish the context for CCF & MB\u2019s risk management plan
\n2. List and explain the tools you will use in assessing the risks you identify
\n3. Identify the stakeholders you would consult in establishing context and the tools you would use in identifying CCF & MB\u2019s risks
\n4. Identify at least two risks that CCF & MB could face for each of the six categories of business risk including strategic risks, compliance risks, financial risk, operational risks, market and environmental risks and reputational risks with an appropriate risk statement for each identified risk
\n5. Conduct a risk analysis and risk Assessment for the risks you have identified
\n6. Identify treatments for them
\n7. How you will monitor and review them in your risk management plan.
\nWhen you are defining the risk criteria you intend to use you are required to create your own risk matrix to address likelihood and consequence.
\nDocument your risk treatment plan using a risk register.
\nYou may make any assumptions in producing your plan but these should be documented either in the body of your plan or separately before you produce it.
\nStudent response to Task 6
\nAnswer here
\nAssessor feedback:
\nTask 7\u2014 Improving the business
\nOver the last few months business for CCF & MB has been very good with a number of new clients coming on board as a result of implementing your business growth and marketing plans. However neither you or the business owners are satisfied with maintaining the status quo; as you and they are committed to a program of continuous improvement.
\nYou all feel that CCF & MB\u2019s competitive advantage needs to be strengthened and a SWOT should be undertaken to establish CCF & MB\u2019s strengths and weaknesses including benchmarking the business against the industry. You now decide that you will carry out a diagnosis of the business including a SWOT analysis and a benchmarking exercise to improve CCF &MB\u2019s competitive advantage and its business. You are to produce a document covering your diagnosis which will be distributed amongst CCF & MB\u2019s key personnel.
\nAs a minimum your document should cover the following:
\n1. The data you have used as part of your diagnosis to identify CCF & MB\u2019s competitive advantage
\n2. A SWOT analysis to identify CCF & MB\u2019s strengths and weaknesses, its threats and opportunities
\n3. How you identified and sourced relevant benchmarking data
\n4. How you selected the key indicators (and who you consulted with) for your benchmarking exercise
\n5. A consolidated list of the areas for improvement you have identified with a cost-benefit ratio established for each of them
\n6. Recommendations on the changes that may be required that will affect existing workflows or CCF & MB\u2019s organisational structure
\n7. A high-level action plan that will implement and monitor the recommended changes to be made.
\nIn addition to the material on your Subject 2 learning guides the following links give you access to a step-by-step guide to benchmarking and determining competitive advantage:
\nhttp:\/\/moodle.unitec.ac.nz\/pluginfile.php\/69011\/mod_resource\/content\/0\/benchmarkingmadesimple.pdf
\nhttps:\/\/monkessays.com\/write-my-essay\/researchbydesign.com.au\/media\/RBD-WhitePaper-Competitive-Advantage.pdf .
\nStudent response to Task 7
\nAnswer here
\nAssessor feedback:<\/p>\n
Task 8 \u2014Managing people performance
\nOne of your key responsibilities as general manager is to develop and implement ways to improve the performance of CCF & MB\u2019s consultants and other staff members.
\nAnswer the following questions:
\n1. Why is it important to consult with stakeholders when allocating work? What are the possible consequences of allocating work without consultation?
\n2. Describe the process you might follow when developing quantitative and qualitative performance criteria. You should explain how you ensure that the criteria relate to CCF & MB\u2019s objectives and how to motivate staff members to achieve these objectives.
\n3. Describe the different ways you might gather information about a staff member\u2019s workplace performance.
\n4. What are the benefits of evaluating and monitoring staff members on a continuous basis?
\n5. Describe how you might do this in CCF & MB.
\n6. Why is it important to document the performance management process? Explain the possible consequences of not retaining appropriate records of this process.
\n7. How can reward and recognition influence the work output of employees? Describe non-financial ways of motivating employees.
\nYour answers should be no more than 250 words for each numbered question above.
\n8. Design a high-level performance management process for CCF & MB to be rolled out to all staff members.
\n9. Who should you consult when designing the performance management process? List who you would consult and the reasons why.
\n10. Develop a checklist for delivering regular performance appraisals, including a section for team leaders and supervisors to complete a section for team members participating in the performance appraisal process.
\nYour answer should be no more than 800 words.
\nMartin and Luis are working together on project ( help with nursing paper writing from experts with MSN & DNP degrees) involving the preparation for a loan application for one of CCF & MB\u2019s most influential clients, a property developer. Martin missed a deadline and the whole project ( help with nursing paper writing from experts with MSN & DNP degrees) is now behind schedule by a week. This is the third time in a month that he has missed a deadline. Martin has had problems with meeting deadlines in the past and has already had a written warning.
\nAs the general manager you have been monitoring Martin\u2019s performance over the past month, providing informal feedback about his role in the project ( help with nursing paper writing from experts with MSN & DNP degrees). Although he has made several improvements regarding his performance, his inability to meet deadlines has forced the delay of the client\u2019s development a further month. CCF & MB made a commitment to the client that the loan application would be with prospective lender two weeks ago.
\nThe client is not happy that his he does not yet have an approval and is considering cancelling the agreement he has with CCF & MB and going elsewhere.
\n11. You have arranged to meet with Martin to talk about the project ( help with nursing paper writing from experts with MSN & DNP degrees) and his input. How would you go about providing constructive feedback to Martin?
\nYour answer should be no more than 500 words.
\nStudent response to Task 8
\nAnswer here
\nAssessor feedback:
\nTask 9 \u2014 Showing leadership in the workplace
\nLeadership is defined as the ability to influence others. This assessment task requires you to reflect on your own ability to positively influence others in the workplace and the negative aspects of poor leadership.
\n1. Reflect on a situation where you have had a positive impact in the workplace. Please include in the reflective writing the skills, decisions and or behaviours you demonstrated that contributed to this positive change and what the impact was for the team, clients and the organisation. (400 words)
\n2. Reflect on a situation which was or could have been damaging to the organisation. Please include the behaviours, standards or values that were demonstrated and explain why they were detrimental. (400 words)
\n3. In your role as the general manager of CCF & MB create your own personal performance plan.
\nYou may use your own personal performance plan or alternatively you can use the example below. In developing your personal performance plan you should ensure that your personal KPIs reflect CCF & MB\u2019s goals and objectives and how you can help in building CCF & MB\u2019s integrity and credibility.
\nWhat are my development objectives? Priority What activities do I need to undertake to achieve my objectives? What support\/resources do I need to achieve my objectives Target date for achieving my objectives Actual date of achieving my objectives<\/p>\n
Review date:
\n4. Feedback from colleagues, staff and management may be gathered informally and formally including performance review feedback. Why is it important to analyse and interpret all feedback? (400 words)
\nStudent response to Task 9
\nAnswer here
\nAssessor feedback:<\/p>\n","protected":false},"excerpt":{"rendered":"
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