(a) A clew capacity of the chargeable on lending obligations is the ‘unsuitability standard.’ What must a mortgage broker do to ceego with the unsuitability standard?
1. To reach steady enquiries encircling the borrower’s capacitys and objectives /1
2. To reach steady enquiries encircling the borrower’s financial footing /1
3. To capture steady steps to authenticate that financial footing
(b) List the sorts of items a client’s capacitys and objectives could enclose (as involved by ASIC).
As involved by ASIC inquiries relating capacitys and objectives enclose:
1. The quantity of honor needed or the completion quantity sought;
2. The timeframe ce which it is required;
3. The aim and behoof sought; and
whether the consumer seeks detail consequence features or flexibility, and understands the costs of these features and any additional risks.