Fnscrd301 Process Applications For Credit Assessment Answers
Question
Scenario
Task
- You do not need to improvise further comments from your first home buyer
- You must incorporate at least one selling message at the end of your script
- We encourage you to type your script, however you may handwrite if you do not have access to a computer.
Answer
Loan Options, and their Benefits and Disadvantages
To decide on the best home loan product is sometimes tricky. Wong, et al. advises the home purchasers to engage the mortgage brokers to help them in ascertaining the different home loan products, which might suit their requirements.
No-Frills Loans
This loan’s interest rate is quite low. The price remains small as the loan has little bells and whistles (Sarma).
Benefits
The home purchaser pays an interest rate that is quite low, which translates to low repayments. Hence, the buyer can complete paying the loan earlier when he or she pays in high quantities.
Disadvantages
No-frills loans are not flexible like the others because their terms can be excessively restrictive and can result in penalties.
Selling Message
No-frills loans are the best for the first home purchasers, since, their interest rate is moderately low.
Professional Packages
Banks provide professional packages’ loans to the individuals in certain professions or to the people who borrow more than $150,000 but mostly more than $250,000 (Parker).
Benefits
Professional packages have reduced rates both for the home loans and other products that the banks offer.
Disadvantages
The annual charges for the professional packages are usually $300 and above, hence, the advantage of the cheap rates becomes smaller.
Selling Message
Professional packages’ loans are the best for the professional groups’ members, individuals that borrow bulky amounts, and those requiring a collection of banks’ products.
Line of Credit
The line of credit loans allow a home buyer to use the money he or she saved for a home on other investments such as securities (Haurin and Stephanie).
Benefits
When a home buyer needs the line of credit loans, he or she does not look for special authorization and repayments are not set.
Disadvantages
The line of credit loans are at times costly than the other loans and a home buyer can be tempted to pay the interest only and forget to lessen the principal, hence, have the mortgage perpetually.
Selling Message
The line of credit loans are best for the people who think of investments and are good at budgeting.
Honeymoon Rates
This loan’s interest rate is quite low, although, for an agreed time then it goes up as other mortgage products of the bank increase (Ferreira).
Benefits
The loan gives the home buyers the chance to prepare for the high-interest rates’ repayments after paying most of the loan, hence, saving a lot of interest.
Disadvantages
Once the agreed time for the low interest rate elapses, the interest rate, which is higher than the market rate affects the homeowner.
Selling Message
The honeymoon rates’ loans are best for those buying the homes for the first time as the individuals get the chance to pay the mortgage effortlessness, hence, understand the best way to manage the credit.
When a home buyer requires any kind of a home loan, he or she should research appropriately and commit, once, he or she gets the assurance that it is the correct mortgage for his or her situations.
Reference
Ferreira, Renata Ribeiro. "Stepping Stones to an Exclusionary Model of Home Ownership in Australia." Journal of Australian Political Economy, the 77 (2016).
Haurin, Donald, and Stephanie Moulton. "International Perspectives on Homeownership and Home Equity Extraction by Senior Households." Journal of European Real Estate Research 10.3 (2017).
Parker, Lesley. “The Pros and Cons of Professional Packages.” The Sydney Morning Herald 29 Aug. 2007. Web. 3 Oct. 2018. <https://www.smh.com.au/lifestyle/the-pros-and-cons-of-professional-packages-20070829-gdqzc6.html>.
Sarma, Shruti. "Meaningful Financial Inclusion." Journal of Rural Development 34.1 (2016).
Wong, Shi Yee, et al. "Improving Information Gathering and Distribution on Sustainability Features in the Australian Residential Property Market." Journal of Cleaner Production 184 (2018).
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