Elements and Performance Criteria

The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included.


financial reports and brochures

statistics from respected magazines and consumer reports

internet research

new company information about products, services and special features


verbal information presented immediately to client, but in a clear and understandable manner

a presentation prepared in advance in document format, using PowerPoint presentation software, or using overheads and other presentation methods

a written report or proposal


residential mortgage products

investment property products

fixed or variable rates features

additional payment features

redraw features

partial interest offset features

rate lock features

For finance brokers specifically:

commercial mortgage products

chattel products


commissions from lenders

interest payments

stamp duty

other relevant taxes and payments to secure a property

down payments

loan establishment fees

loan value fees

trailing commissions

commissions paid to franchisees


if products are those of the organisation

exclusivity of relationships with certain banks or lenders


risk

possible accrued debt

uncertainty about the product

price/interest resistance

timing issues

resistance to company or broker


collecting relevant information for loan processing

collecting support documentation for loan processing

signatures from relevant persons and officials

bank and finance information

accounting information

The evidence guide provides advice on assessment and must be read in conjunction with the performance criteria, required skills and knowledge, range statement and the Assessment Guidelines for the Training Package.
Overview of assessment

To achieve competency in this unit, a person must be able to demonstrate:

ability to identify relevant information based on their industry and product knowledge and match it to client needs
ability to present information effectively
ability to negotiate effectively and gain commitment from a client

Evidence required for demonstration of consistent performance:
Competence in this unit must be assessed over a period of time in order to ensure consistency of performance over the Range Statement and contexts applicable to the work environment.

Delivery/assessment relationship to other units:
This unit may be assessed on its own or it may be assessed with other units that cover related skills and knowledge.
It is recommended that this unit be assessed in conjunction with FNSFBRK402B Provide finance and/or mortgage broking services, especially if the two units tend to happen simultaneously within a workplace or situation.
Evidence is most relevant when provided through an integrated activity which combines the elements of competency for the unit, or a cluster of units of competency.

Method of assessment:
For valid and reliable assessment of this unit, evidence should be gathered through a range of methods to indicate consistent performance.
Assessment of this unit of competence will usually include observation of processes and procedures, oral and/or written questioning on underpinning knowledge and skills and other methods as required.

Context of assessment:
This unit may be assessed in the workplace or in a simulated work environment.

Resources required for assessment:
Assessment of this unit of competence requires access to a range of office equipment and technology and company and industry information materials.