Once the PC has been completed and merc has been updated with all the necessary information, it is time to prepare the PA. Firstly, you will need to ensure that the income, living expenses, asset & liability sections are updated correctly and that there is no missing information (as this all flows through to the PA). Also ensure the PC & funding position is complete.
In the clients merc file, click on the blue “disclosure box” & select 4. Preliminary Assessment
Select “Michael N-Preliminary Assessment doc” and then click “choose” (this will open into a word doc)
Now its time to format and make any comments against the personal information.
If the “Personal Information” is sitting on page 2, push this to a new page by using CTRL+ENTER (as this info should all sit on the same page)
Make any amendments to income section:
Check income from servicing calculator and make the amendments if incorrect.
If they have a bonus – enter this as 2023 Bonus
Make any amendments to the expenses section:
If it’s a credit card, note the bank i.e CBA Credit Card
If it’s a loan, note the bank i.e CBA Home Loan (against suburb). When the loan is against 2 applicants, the repayment comes as 50/50 for both, we will need to add up both repayments and enter for primary applicant as Joint and delete the loan from secondary applicant.
If it’s a car loan, note the finance company
You have the living expenses against one client (if joint) and comment “Living expenses – Joint.
If any loans are the be refinanced you need to make a comment next to them i.e CBA Home Loan (against suburb) – to be refinanced
“Security Property & Funding Position” this should sit on the same page and will need to be formatted CTRL+ENTER
“Product Recommendation” should sit on the same page and will need to be formatted CTRL+ENTER
You will need to format the table by making some columns smaller/bigger to ensure words etc fit correctly. You will need to remove the $0 ongoing fees so that the correct annual fee is showing.
Under the table there is a paragraph about the preferential relationship. You will need to add NAB and Bankwest in the first sentence so it reads: As disclosed in my Credit Guide, I have a preferential relationship with NAB & Bankwest.
Remove NAB & BANKWEST that are in capitals underneath as you are mentioning them in the above sentence.
If the table does not have both NAB & Bankwest, remove the entire paragraph below the table.
Ensure that Appendix A is on a new page as well as Appendix B for each product
Save to DB as a word doc and the filename should be YYYY-MM-DD Preliminary Assessment
Once Mike has checked, this can be saved as a PDF