Case study 1 — Philip and Jennifer Brown Assignment

Case study 1 — Philip and Jennifer Brown

Background

Philip and Jennifer Brown are a young couple about to buy their first home. They have been married for five years and during that time have rented an apartment while saving for their own home.

Prior to moving in with Philip, Jennifer lived in a property she purchased with her sisters. They sold the property once they all finished university, albeit they did not make much profit from the sale.

Following a personal referral from Glenn Brown (Philip’s brother) you have already had a brief initial phone call with Jennifer to arrange a meeting. Jennifer advised they have little time to do much research of lenders, have limited knowledge of the loan products available and have approached you to guide them through the process as they are confused about the whole process.

They have been looking at properties for the past three months and have found a 10-year-old established apartment that has really caught their eye, although they have some concern over the kitchen which requires some minor renovations. It is important to get the proposal moving quickly, as the agent has indicated other parties are interested in the property.

They have not paid a deposit at this stage, but the real estate agent has provided some guidance on additional fees and charges.

Following is a summary of the details of the property they wish to purchase, the couple’s financial and employment details, and the loan features they require.

The property

AddressUnit 1, 92 Golf Links Way, Bundoora VIC 3083 Certificate of Title Volume 10120 Folio 456
Purchase price$490,000
Description2-bedroom, 2-bathroom strata title apartment, kitchen/family, lounge, 2 Car garage, golf course views.
Agent detailsStephanie Jones
Phone(03) 9123 1113
Mobile0412 880 088

The couple

Current addressUnit 12, 22 Wentworth Lane, Thomastown VIC 3074
Philip and Jennifer have both lived there for five years
Home phone0419 123 456

Funds position

Purchase price$490,000
Clients’ estimate of costs$25,000
Total required for the purchase$515,000
Loan amount$440,000 + LMI
Clients’ maximum contribution (including deposit of $50,000)$77,000

Use fees and charges applicable to the state of Victoria. If a servicing calculator you are using requires a postcode, input 3083.

Assets

Capital Bank savings account (joint)$82,000
Capital Bank transaction account (joint)$1,600
Holden Colorado 2012 (Philip)$25,000
Kia Cerato Sport 2015 (Jennifer)$9,000
Superannuation — Capital Bank (Philip)$28,000
Superannuation — Capital Bank (Jennifer)$62,000
Household effects (insured value)$40,000

Liabilities

Capital Bank personal loan (Philip)$5,600 (repayments $180 p.m.)
Capital Bank Visa card (Philip)$200 (limit $4,000)
Capital Bank Visa card (Jennifer)$1,600 (limit $5,000)

Payments have always been met on time and any prior loans repaid in terms of contracts. The minimum monthly commitment on each of the credit cards should be calculated at 3% of the credit limit.

Living expenses

Annual expenditure for living expenses — $35,000.

Employment and income

Philip (age 32)

PositionTeam Leader (full time)
EmployerACE Limited, 101 City Road Westside, Melbourne VIC 3000
Phone0419 123 456
Income (gross)$58,000 p.a., monthly gross income: $4,833
Employer contactPriya Kumar, HR Manager
Length of service12 years
Driver’s licence8855KL
Emailphilipb@ace.com.au

Jennifer (age 31)

PositionCompliance Manager (Full time)
EmployerTech City, 804 High Street, Docklands VIC 3008
Phone0412 987 654
Income (gross)$95,000 p.a., monthly gross income: $7,917
Employer contactDominic Mancini, HR Manager
Length of service11 years
Driver’s licence17016C
Emailjbrown@techcity.com.au

Solicitor’s details

Jones and Co

22 High Street, City East Melbourne VIC 3002 Phone: (03) 8281 1382

Email: jonesandco.net.au

The solicitor has quoted a fee of $1,500 for the conveyance.

The loan requirements

  • 30-year term
  • premium option home loan features
  • variable interest rate (for this case use 4.0% p.a.)
  • LMI premium to be capitalised onto the loan
  • proposed settlement date — six weeks from exchange of contracts
  • ability to make additional payments from time to time without penalty
  • redraw and offset facility
  • certainty of repayments in case interest rates rise
  • fortnightly repayment option
  • funds access via card.

Note: Loan application fee is waived under Special Offer.

Other information

  • They have advised that the real estate agent has indicated they need to make a formal offer within the next 10 days, however they are reluctant to do so until they obtain an approval.
  • Family plans are five years away.
  • They are planning to go overseas before they start a family.
  • Philip is hoping for a promotion within the next 12 months upon possible retirement of a long-term employee where he works.
  • They have also expressed a concern about the possibility of interest rates increasing.
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