Refinance clinic · Pre-work scenario sheet
Scenario A · Mark & Sarah
Enter into MyCRM before the session
Applicant 1
| Name | Mark Thompson |
| Age | 36 |
| Occupation | Electrician |
| Employment type | PAYG, full-time |
| Time in role | 4 years |
| Gross income | $105,000 |
Applicant 2
| Name | Sarah Thompson |
| Age | 34 |
| Occupation | Teacher aide |
| Employment type | PAYG, part-time |
| Time in role | 3 years |
| Gross income | $48,000 |
Existing loan
| Current lender | [Major bank] |
| Loan balance | $468,000 total across two splits |
| Split 1 | $310,000, variable, 6.59% |
| Split 2 | $158,000, variable, 6.64% |
| Offset account | None |
| Repayment type | P&I, minimum on both splits |
| Time with lender | 5 years |
Property
| Property type | Owner-occupied, house |
| Purchase price (2021) | $540,000 |
| Estimated current value | $720,000 (comparable sale at $720,000 three doors down) |
| Estimated LVR | 65% |
Other debts
| Debt |
Balance |
Rate |
Remaining term |
| Personal loan 1 | $18,000 | 11.9% | 3 years |
| Personal loan 2 | $14,000 | 12.5% | 2.5 years |
| Credit card | $6,800 (limit $9,000) | 21.9% | Revolving |
What the client wants
A better rate. They have not asked about consolidation, cash-out, or restructuring. They do not know what an offset account is. Their bank has indicated it may match the rate but has not made a formal offer.
Pre-work
Enter this scenario into MyCRM as a new fact find before the session. Complete the applicant details, existing loan, property, and liabilities. Come ready to discuss what you would do with this file.
Given Finance Pty Ltd trading as Lendology · Credit Representative via LMG Broker Services · Australian Credit Licence 517192A
Refinance clinic · Pre-work scenario sheet
Scenario B · Leanne
Enter into MyCRM before the session
Applicant
| Name | Leanne Mitchell |
| Age | 52 (turns 53 in two months) |
| Dependants | None |
| Occupation | Senior Constable, South Australia Police |
| Employment type | PAYG, full-time |
| Time in role | 11 years |
Income breakdown
| Component |
Annual |
Notes |
| Base salary | $96,000 | Fixed, per enterprise agreement |
| Shift allowances | $14,000 | Regular, consistent each year |
| Overtime | $8,000 avg | 2 year average. Last 12 months was $12,000 due to an operation |
| Operation loading | $4,000 | One-off, not recurring |
| Group certificate total | $118,000 | Assess what a lender will actually use |
Existing loans (cross-collateralised, single facility)
Property 1 · Home (owner-occupied)
| Estimated value | $840,000 |
| Loan balance | $285,000 |
Property 2 · Investment
| Estimated value | $510,000 |
| Loan balance | $375,000 |
| Interest claimed | Yes, tax deduction |
What the client wants
Release $110,000 equity from the home for a kitchen and bathroom renovation. Her current bank said no. She wants to refinance to a lender who will say yes. She has not mentioned the investment loan deductibility or her age in relation to loan term.
Other debts
None disclosed.
Pre-work
Enter this scenario into MyCRM as a new fact find before the session. Pay close attention to how you enter the income components. Think about what usable income figure you would use and why. Come ready to present your assessment to the room.
Given Finance Pty Ltd trading as Lendology · Credit Representative via LMG Broker Services · Australian Credit Licence 517192B