Subject Code : FSC521
Assignment Task

 

Case Study:

Wiremu and Marama Wiremu (30) and Marama (31) are a de facto couple with two children at primary school. Marama works part-time as a dental nurse and earns $20,000 per annum. Wiremu is business analyst and earns $85,000 per annum. He also benefits from his employer’s fullysubsidised health insurance scheme, which provides comprehensive health insurance cover for all the family.

Both make contributions to a ‘default’ KiwiSaver Scheme, into which they were automatically enrolled when they started their current jobs. Neither has any knowledge about financial markets and do not understand the benefits KiwiSaver offers as a vehicle for retirement provision. Currently they rent a two-bedroom house.

They have contents insurance which covers their personal possessions and public liability for any damage caused to the landlords property. They own a car valued at $25,000, for which they have third party property damage car insurance. There is $11,000 outstanding on a personal loan they took out to help finance the car purchase. They have no other financial products except a transactional account with their bank.

Currently they have no savings. Wiremu has just received an unexpected $30,000 inheritance. He wants to put the money on term deposit for 12 months, and then use it as part of the deposit for the couple’s first home.

They have two financial goals: 1. Purchase their first home in 12 months’ time. 2. Save at least $10,000 over the next 12 months to put towards the house deposit. While Marama is well-disciplined with her money, Wiremu tends to overspend. Both will have to be very disciplined when the new home is purchased, as the new mortgage will stretch their budget, money will be tight, and they will have very limited savings to fall back on in the short-term.

Task

 Advise Wiremu and Marama on financial goal 1: Purchase their first home in 12 months’ time. You are required to:

a. choose a New Zealand based home loan lender and provide a URL link to their website

b. compare five features of three different home loan types offered by your chosen lender for Wiremu and Marama.

 

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  • Uploaded By : Brett
  • Posted on : August 09th, 2019

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