Case Study 2 Background Mary has an existing home loan with an online lending provider. Lately Mary has been discussing her loan, the lender and interest rate with her friends and work colleagues

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Case Study 2

Background

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Mary has an existing home loan with an online lending provider. Lately Mary has been discussing her loan, the lender and interest rate with her friends and work colleagues. They all keep telling her she needs to shop around for a better deal. Mary is also getting tired of the lack of service available to her when she has a question and just wants to speak to someone who can help her. Another issue is that she cannot incorporate her existing banking facilities with her home loan causing her endless frustration.

Mary is currently single, after being divorced two years ago. Whilst she received sufficient funds from the settlement to purchase a home of her own, she still has a reasonably sized mortgage. Mary loves where she lives; and her four-bedroom, two-bathroom home is on a large corner block of land. While the property may seem large for one person, Mary does not want to downsize for at least another five years. She wants to be able to accommodate her young adult children until they are established in their own homes. Mary’s children are age 23 and 21. Both have good jobs and are financially independent of their parents.

Mary was referred to you by her work colleague, Adib Bursal, who has used your brokering services for several years. Adib rated your services highly and Mary is anticipating excellent service from you. While Mary has had several home loans in the past (with her now ex-husband), she is relatively new to making these big decisions on her own. She is looking for guidance and advice on the best solution for her to refinance her mortgage from Simply Home Loans Ltd. Your first meeting with Mary was via Zoom. After this meeting, Mary provided the basic information and documents — pay slips, tax returns, bank statements and property rates notice for verification. You have now undertaken your preliminary assessment and need to discuss and present her with a proposal covering the options and your recommendations.

The following is a summary of Mary’s personal information, financial and employment details, property details and the loan features she requires:

The loan Requirements

• 20-year term 
• premium option home loan features 
• variable interest rate (for this case, use 5.95% p.a.) 
• ability to make additional payments from time to time without penalty 
• fortnightly repayment option 
• redraw facility 
• offset account 
• funds access via card.

Other Information 

• Mary does not like to pay monthly servicing fees for several products and would like to know more about packaged loan products. 
• The residential property market has been improving in Perth and Mary believes her home has gone up in value since she purchased it two years ago. 
• Mary wants to stay in this property for another five years before considering down-sizing. 
• Mary has plans to take six months leave to travel around Australia in two years’ time. She will take three months long service leave and three months without pay.
• Mary works shift work every fortnight earning overtime. This can often equate to $1150 gross per month in overtime pay.

Assessment Requirements 

The assessment focuses on financial advising and mortgage broking, requiring the student to provide a professional recommendation to Mary, a client looking to refinance her home loan. Key pointers include:

• Personal information (single, divorced, adult children).
• Employment and income details, including regular and overtime earnings.
• Property ownership, value, and future plans (stay for 5+ years, travel plans).
• 20-year term, premium features, variable interest rate (5.95% p.a.).
• Additional repayment flexibility, fortnightly repayment option, redraw facility, offset account, and card access.
• Preference for minimal monthly service fees and packaged loan options.
• Analyze Mary’s current loan situation and needs.
• Consider refinancing options, product features, and lender suitability.
• Prepare a structured recommendation with justification.
• Use of preliminary assessment documents (pay slips, tax returns, bank statements, rates notice).
• Explain options clearly via a professional proposal.

Presentation & Client Engagement

Assessment & Proposal

Loan Requirements

Client Background & Financial Situation

Mentor-Guided Step-by-Step Approach

The Academic mentor guided the student through the assessment in a structured process:

Step 1: Initial Client Consultation

• Objective: Understand Mary’s personal and financial situation, her goals, and loan preferences.
• Mentor’s Guidance: Conduct a thorough Zoom meeting; take detailed notes and verify initial documentation.
• Outcome: Clear understanding of client’s needs and expectations.

Step 2: Preliminary Financial Assessment

• Objective: Evaluate Mary’s income, property, current loan, and repayment capacity.
• Mentor’s Guidance:
  • Analyze pay slips, tax returns, and bank statements.
  • Calculate repayment capabilities including overtime.
  • Consider potential impact of travel leave on repayments.
• Outcome: Comprehensive financial profile to inform loan recommendations.

Step 3: Market & Product Research

• Objective: Identify suitable lenders and loan products.
• Mentor’s Guidance:
  • Compare variable interest rates, loan features, fees, and packaging options.
  • Examine redrawing, offset accounts, and repayment flexibility.
• Outcome: Shortlist of appropriate loan options aligned with Mary’s requirements.

Step 4: Proposal Development

• Objective: Present tailored refinancing options with recommendations.
• Mentor’s Guidance:
  • Structure the proposal to clearly explain benefits, risks, and financial implications.
  • Include visual aids (tables, comparison charts) for clarity.
  • Justify recommendations based on Mary’s goals and market research.
• Outcome: Professionally prepared proposal ready for client discussion.

Step 5: Client Presentation & Follow-Up

• Objective: Communicate options and guide Mary in decision-making.
• Mentor’s Guidance:
  • Conduct presentation via Zoom.
  • Answer queries on product features, fees, and repayment strategies.
  • Adjust recommendation if needed based on client feedback.
• Outcome: Mary receives clear, actionable advice; client satisfaction is ensured.

Final Outcome & Learning Objectives Covered

Outcome Achieved:

• Student delivered a comprehensive refinancing proposal tailored to Mary’s financial situation, preferences, and lifestyle plans.
• Recommended an optimal loan product with clear explanation of features and flexibility.
• Demonstrated the ability to analyze client data, research market products, and communicate professional recommendations effectively.

Learning Objectives Addressed:

1. Apply financial and mortgage broking knowledge to a real-world client scenario.
2. Assess client needs and financial data to make informed recommendations.
3. Research and compare home loan products and features critically.
4. Develop structured, professional proposals for client presentation.
5. Enhance communication and client advisory skills for effective stakeholder engagement.

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