FNSFMB412 - Jack Palmer - Role Play (Scenario Instructions) v1.2 (1)

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FNSFMB412 – Identify client needs and present broking options Jack Palmer (Role Play - Scenario Instructions) Jack Palmer – Role Play Scenario Instructions © Real Estate Academy Australia RTO 32436 Version 1.2 –September 2022

FNSFMB412 – Identify client needs and present broking options Jack Palmer (Role Play - Scenario Instructions) You are required to participate in a Role Play Video as per the following instructions. Please ensure you have booked your Role Play Session via the Role Play (Group Session) Bookings area in your dashboard, then read the information below in preparation for your role play in a group session with a trained staff member. In this section, you will participate in a recorded consultation with a company team member. How to Submit your Assessment: Refer to your instructions for this assessment within your student learner portal. What you need to submit: Your recording must be uploaded as per the instructions in your student learner portal © Real Estate Academy Australia RTO 32436 Version 1.2 –September 2022

FNSFMB412 – Identify client needs and present broking options Jack Palmer (Role Play - Scenario Instructions) Scenario Instructions To set the scene for this role play, you are required to: ● Confirm client (Jack Palmer’s) needs, financial and personal histories (friend or colleague) ● Explain the loan application process to your client, the role of a mortgage broker and confirm understanding of fees & charges & commissions ● Mention the confidentiality requirements according to the MFAA codes of practice ● Explain the selected products to the client in the Product Comparison Summary, including the impact, risks, and benefits of them short and long-term ● Respond to question if any and obtain agreement from client to proceed with a product ● Confirm what actions you will implement as the broker regarding the client new loan application There are no rules regarding the format of your presentation, however it must be presented so that it is succinct and easily understood by the client. Please use the Product Comparison Summary to help you. Remember, you are not being judged on your acting ability. Your assessment is about how you communicate and interact with the customer. This is how you will be assessed: Assessor checklist completed after observing the audio recording of the role play Satisfactory or Not Satisfactory 1 Confirm client needs and objectives 2 Present and develop lending options 3 Use interpersonal skills to establish rapport with the client 4 Use active listening and questioning to elicit information and respond to queries and concerns 5 Use tone, pace, and gestures appropriate for audience and purpose © Real Estate Academy Australia RTO 32436 Version 1.2 –September 2022

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FNSFMB412 – Identify client needs and present broking options Jack Palmer (Role Play - Scenario Instructions) 6 Adapts personal communication style to show respect for the values, beliefs, and cultural expectations of others Agent: Good morning, Jack! It’s great to see you today. How are you doing today? Jack: Good morning. I am doing very well. Thanks for asking. How are you? Agent: I'm great, thanks. I understand that our today's meeting is regarding your concern for Home Loan Health check to see if we can get you a better product with lower interest rates. Jack: Yes please. I think that I am paying way too much interest already and I want to have a product with lower repayments without having to increase the length of remaining term on a variable interest rate. Agent: Sure thing. Providing you with the best of our services is our top most priority. I will definitely be assisting you to provide the best available loan product for you. I appreciate that you have already completed the online questionnaire from our website and the results will help us to provide you with the best alternative. Jack: Thank you so much for that. Agent: No worries. Before we discuss about the other products, I would like to go through your financial and personal histories with you so that we can identify your needs and requirements from the product and provide you with the best advice. Is that okay with you? Jack: Yes, that sounds good. Agent: Perfect. I will begin with your basic information followed by your financial information such as your income, expenses, assets and liabilities etc. On the basis of the information provided by © Real Estate Academy Australia RTO 32436 Version 1.2 –September 2022

FNSFMB412 – Identify client needs and present broking options Jack Palmer (Role Play - Scenario Instructions) you so far, it is evident that you are a home owner with no dependent. As far as your financial commitments are concerned, everything is up to date which is a very big plus point. Your yearly base income is $98,000 as a PAYG employee with XYZ Pty Ltd as a Sales Representative. You have assets of total worth $197,380 and you have liabilities of worth $14,000. Your total monthly expenses cost you $1,960. Is this correct? Jack: Yes, that is absolutely correct. Agent: Alright. As per your last email to us, you would like to have some renovations in your 10-year-old unit worth about $400,000 that include a new kitchen installation that will cost around $20,000 and bathroom upgrade that will cost around $10,000. Currently, your mortgage balance is $211,215 and you are having home loan from Westpac at Variable interest rate of 4.2% with P & I. Is this information correct? Jack: Yes, that is correct and also as I mentioned that I would like to lower the interest rate with remaining term of 156 months. Also, I do not want to have any complicated product with more features but I do want to access an offset account. Agent: Yes, I totally understand that. We will definitely take care of your requirements and will help you find the best product that fulfils your expectations. In order to do so I would like to discuss the loan application process, role of your mortgage broker and any relevant fees and charges with you. I want to ensure you understand the fees, charges, and commissions involved in the process. Our discussions will be kept confidential, in line with the MFAA codes of practice. Jack: Thank you. I would be pleased to get that information from you. Agent: Thank you. I would like to inform you that when you apply for a loan, we will need your financial records such as your bank history, payslips, assets and liabilities information, your monthly expenses etc. This information will remain highly confidential and safe in our company's database so that no third party has the © Real Estate Academy Australia RTO 32436 Version 1.2 –September 2022

FNSFMB412 – Identify client needs and present broking options Jack Palmer (Role Play - Scenario Instructions) access over it. In the loan application phase, the mortgage broker will work with you directly to gather all information that is needed to prequalify your loan request. Jack: That sounds good. So have you gone through any suitable product for me? Agent: Yes I would like to present information regarding 2 home loan products for you. Both provide almost same features with lower interest rates. Shall I explain to you? Jack: Yes please. Agent: Sure. The first one is Commonwealth Bank Extra Home loan at variable interest rate of 6.84% and monthly repayment of $2,301 for 13 years term. Your loan amount will be $242,000. The benefits of this product are lower rate with no establishment or monthly loan service fee. The redraw facilities are flexible and you can split your loan between fixed and variable if you like. You can also have an additional offer of $2000 cashback if you switch your current home loan with Commonwealth bank but it does not provide access to an offset account. Whereas the other product by NAB which is basic variable rate P & I home loan, allows access to an offset account, with 6.84% rate and monthly repayments of $2,301. There will be no monthly service fees, no fees for making additional repayments and you can borrow upto 95% of the property's value. You will be having flexible repayments, weekly, fortnightly or monthly as per your convenience. This also provides the same offer of $2000 cashback on refinancing. Jack: That is brilliant. I am interested for the NAB home loan product. I believe that it will help me to save money with the features of my choice. Agent: Absolutely. I would also recommend you the same product since it suits all of your requirements. Once we get the written agreement from your side I will be proceeding with your loan application process and we will be in touch with you during the whole process. © Real Estate Academy Australia RTO 32436 Version 1.2 –September 2022

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FNSFMB412 – Identify client needs and present broking options Jack Palmer (Role Play - Scenario Instructions) Jack: Yes please. Agent: It is my pleasure. I hope that I was able to answer all of your concerns today. If you have any other questions or concerns please do not hesitate to contact. I would advise you to take your time and go through the loan terms and conditions that I will be sending you via email. Once you have decided we will finalise your choice. Jack: Sure, thank you. I'll definitely get back to you soon. Agent: Thank you and take care © Real Estate Academy Australia RTO 32436 Version 1.2 –September 2022

FNSFMB412 - Jack Palmer - Role Play (Scenario Instructions) v1.2 (1)

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