1. Personal background
a. Client is single, 30 year old female with no dependents;
b. Client is Australian Citizen and a first home buyer;
c. Client is currently living with her parents in Glen Waverley (21 kms south east from the Melbourne CBD) and does not need to pay any rent;
2. Assets & Liabilities + Income & Expenses
a. Client is earning $120,000 AUD per year as pharmaceutical scientist in charge of a development laboratory;
b. Client does not have any credit card debt, personal debt or any HECS debt;
c. Client has saving $150,000 sitting in her saving account;
3. Purchase preference
a. Client would like to purchase an established property for Owner Occupied purposes;
b. She would like to look for a place within 10km near her parents suburb;
c. Client does not want to pay extra to the lender so the maximum Loan-Valuation Ratio (LVR) chosen will be without Lender Mortgage Insurance (LMI).
Property Selection –
i. Based on the assignment 1 figures each student needs to undertake an internet search of properties for sale and should look for 3 properties based on the criteria listed by the client, taking into account maximum borrowing amount and maximum purchase price.
ii. Each student should briefly explain why these 3 properties are the best choice for the client compared to other available properties (are they in the requested locality; have you suggested a unit, stand-alone villa, house, why/why not? Each student should choose and identify one of their three chosen properties as their preferred properties.
Also provide background information on the 3 properties and why each was selected (Demography, infrastructure, location…..any features, price, location etc.) and provide final analysis and discussion on which one property they chose from their 3 properties.