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Follow the links below to find material targeted to the unit's elements, performance criteria, required skills and knowledge

Elements and Performance Criteria

1. Gather relevant information
   • Review lender products, services and features, and research additional industry information where necessary for relevant lender products and services that could suit client needs
   • Acknowledge and compare client needs to most appropriate lender product and service
2. Prepare appropriate options
   • Gather relevant lender information, product information and support material
   • Organise all information clearly and concisely, in a manner appropriate to client needs and level of understanding
3. Present options to clients
   • Explain each suitable product option and its features to clients in a clear and unambiguous way
   • Discuss impact of each option clearly and comprehensively with clients, including benefits and risks
   • Explain fees, charges and commissions clearly to clients
   • Communicate to clients the strategic and commercial relationship of representative and organisation with each product provider
4. Negotiate effectively
   • Identify and respond appropriately to client concerns, if any, and present alternatives when required
   • Support clients to make informed choice using relevant information and documentation presented
5. Obtain agreement to proceed
   • Obtain agreement to proceed from client once concerns and issues are resolved
   • Discuss, clarify and confirm implementation actions between client and broker
   • Create or appropriately update client records in a clear and concise format in anticipation for preparation of loan application

Performance Evidence

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.

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Knowledge Evidence

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.

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