List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.
ELEMENT | PERFORMANCE CRITERIA |
Elements describe the essential outcomes. | Performance criteria describe the performance needed to demonstrate achievement of the element. |
1. Gather relevant information | 1.1 Review lender products, services and features, and research additional industry information where necessary for relevant lender products and services that could suit client needs 1.2 Acknowledge and compare client needs to most appropriate lender product and service |
2. Prepare appropriate options | 2.1 Gather relevant lender information, product information and support material 2.2 Organise all information clearly and concisely, in a manner appropriate to client needs and level of understanding |
3. Present options to clients | 3.1 Explain each suitable product option and its features to clients in a clear and unambiguous way 3.2 Discuss impact of each option clearly and comprehensively with clients, including benefits and risks 3.3 Explain fees, charges and commissions clearly to clients 3.4 Communicate to clients the strategic and commercial relationship of representative and organisation with each product provider |
4. Negotiate effectively | 4.1 Identify and respond appropriately to client concerns, if any, and present alternatives when required 4.2 Support clients to make informed choice using relevant information and documentation presented |
5. Obtain agreement to proceed | 5.1 Obtain agreement to proceed from client once concerns and issues are resolved 5.2 Discuss, clarify and confirm implementation actions between client and broker 5.3 Create or appropriately update client records in a clear and concise format in anticipation for preparation of loan application |
Evidence of the ability to:
identify and document relevant industry and product information that meets client needs and present suitable options to clients at a level of their understanding
negotiate effectively and gain commitment from clients to proceed
discuss and document implementation actions in anticipation of a loan application.
Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.
To complete the unit requirements safely and effectively, the individual must:
identify and categorise key lending products available in the finance and mortgage industry
explain accounting and mathematical formulas to calculate:
interest rates
mortgage repayments
term of a loan
identify and describe current government assistance for:
first home buyers
disadvantaged or low income earners
detail borrowing risk factors
identify and describe the key features of different presentation techniques, including technology supported presentations
identify and outline the key products and services provided by different lenders
explain key features of relevant codes of practice in regards to disclosure
explain the features and applications of relevant fees, charges and commissions
describe the negotiation process
explain the loan application process.
Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the finance and mortgage broking field of work and include access to:
office equipment, technology, software and consumables
lending product information
relevant software system and data.
Assessors must satisfy NVR/AQTF assessor requirements.