Brooke has two personal loans and 1 credit card. Brook defaulted on a payment of $450 six years ago. She has been able to manage her personal financial affairs to date. Her income is $70,000. [before tax] No Mortgage at this stage. Margin loan of $20,000 Share Value: $30,000 yield 7% Interest on loan 8.99% Brooke is a 33 year old single mother. Rents at $255 a week. Other expenses $220 a week. Job History 18 months with Government department prior to those 12 months with AMP and prior to that 2 years with ANZ. Brooke son is 10 years old and goes to public school. The Problem Brooke’s minimum monthly repayments are $1,050 per month. These payments make it difficult for her to save. Her Statement of Position reveals the following: Assets $ Liabilities $ Motor Vehicle Furniture/personal Share Portfolio Statement Savings 10,000 15,000 30,000 1,111 Personal Loan Personal Loan Credit Card Margin Loan 10,000 4,000 16,000 20,000 Surplus 6,111 Total 56,111 Total 56,111 Loan Account Interest Rate (%) Balance Min. Monthly Repayment Personal Loan 1( Unsecured) 27.00 10,000 395 Personal Loan 2( Secured) 13.50 4,000 175 Credit Card 18.25 16,000 480 Total $30,000 $1,050 **All loans are up to date. Brooke’s wants to consolidate her debts and therefore applied for a $30,000 debt consolidation loan with you and attempt to save for a deposit for a future home loan. The margin loan is not to be touched at this stage. Students will need to calculate monthly income and expenses in order to assess Brook’s capacity to repay. Discuss all Compliance documents required for you to lodge the loan and the 6 c’s of lending to see if they qualify for the loan. When presenting the product comparison report explain in detail why you have chosen the bank you have? For a custom paper on the above topic, place your order now! What We Offer: ¢ On-time delivery guarantee ¢ PhD-level writers ¢ Automatic plagiarism check ¢ 100% money-back guarantee ¢ 100% Privacy and Confidentiality ¢ High Quality custom-written papers
