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Quick Assessment

A vibrant and engaging illustration depicting a quiz on financial literacy, featuring elements like mortgages, loans, and a person pondering over financial documents.

Quick Assessment Quiz

Test your knowledge with our Quick Assessment Quiz! This quiz is designed for individuals seeking to enhance their understanding of financial concepts related to mortgages and loans.

Key features:

10 multiple-choice questions
Instant feedback on your answers
Perfect for both beginners and experienced individuals

10 Questions2 MinutesCreated by LearningFinance247

1. If a client is refinancing from ANZ to Bankwest. Which Bank’s discharge form will you need to fill out and send through?

A) Both ANZ and Bankwest

B) Bankwest

C) ANZ

D) Do not need a discharge form

2. When ordering a valuation, who’s contact details will you note down for the Valuer to gain access to a property?

A) Broker’s details

B) Client’s details

C) Bank’s details

D) Owner of the property or Real Estate Agency that manages the property

3. Mortgage Loan, Personal Loan, and Vehicle Lease are all examples of:

A) Liabilities

B) Assets

C) Expenses

D) All of the above

4. Rental appraisal is needed if a rental investment property is tenanted. True or False?

A) True

B) False

5. All Banks accept Electronically Signed documents. True or False?

A) True

B) False

6. Applicants for the Family Home Guarantee (FHG) must have at least one dependent. True or False?

A) True

B) False

7. A person is considered single if they don’t have a spouse and/or a de facto partner. True or False?

A) True

B) False

8. FHG applicants can be either first home buyers or previous homeowners who do not currently own a home. True or False?

A) True

B) False

9. The First Home Guarantee (FHBG) can only be used to purchase a residential property. True or False?

A) True

B) False

10. Taking into the account the following: Purchase price $2,450,000 Stamp Duty $120,000 Deposit $670,000. What will the loan amount be?

A) $1,900,000

B) $1,660,000

C) $2,570,000

D) $2,450,000

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