Unit of competency Outline
Date retreived
23/07/2026 7:05 AM AWST
23/07/2026 7:05 AM AWST
Whilst all efforts are made to provide accurate and timely information from the relevant source/documentation, please be aware that the information supplied may not be the most current version. The accuracy of the detail has not been confirmed by the Department and therefore should not be relied upon without first confirming the contents.
Provide advice on First Home Saver Account Deposit Products and Non-cash Payments
Provide advice on First Home Saver Account Deposit Products and Non-cash Payments
Unit of competency
National Code
FNSASIC303A
FNSASIC303A
State Code
D4015
D4015
TGA Status
Replaced
Replaced
DTWD Status
Replaced
Replaced
State Implementation and Classification
Approved Date
20/03/2013
Field of Education
081101 - Banking And Finance
Original Release Date
20/03/2013
Nominal Hours
45
Description
This unit describes the performance outcomes, skills and knowledge required to satisfy the training requirements for authorisation by an Australian ASIC registered License (AFSL) holder to provide advice on First Home Saver Account Deposit products at Tier 2 level.This unit is applicable to individuals working within enterprises and job roles subject to licensing, legislative, regulatory or certification requirements including legislation administered by ASIC.
Notes
Elements and Performance Criteria
1. Develop appropriate strategies and solutions
- 1.1. An appropriate strategy to provide for identified needs and outcomes is determined from analysis of First Home Saver Account Deposit product risk profile and assessment of client information
- 1.2. Relevant research, analysis and product modelling is conducted and an appropriate transaction is drafted for presentation to the client demonstrating understanding of the ASIC identified generic and specialist knowledge relevant to the products being offered
2. Present appropriate strategies and solutions to the client
- 2.1. The proposed transaction is explained and discussed with the client in a clear and unambiguous way demonstrating product knowledge appropriate for the service or product offered
- 2.2. Relevant details, terms and conditions of First Home Saver Account Deposit product or service are reinforced to client with impacts and possible risks of the solution disclosed in a clear and concise manner
- 2.3. Client is provided with written supporting documentation and guided through the key aspects of the documentation
3. Negotiate financial transaction with client
- 3.1. Concerns or issues the client has regarding the proposed transaction are discussed and clarified
- 3.2. Confirmation is sought from client that they understand the proposed transaction
4. Coordinate implementation of agreed transaction
- 4.1. The client's formal agreement to the proposed transaction is gained
- 4.2. Associated fee and cost structures and timeframes for execution and processing are clearly explained and confirmation of understanding gained from the client
5. Complete and maintain necessary documentation
- 5.1. Proposal and all other statutory and transactional documents are completed and signed off by the client
- 5.2. Copies of appropriate documentation and the signed agreement are exchanged
6. Provide ongoing service where requested by client
- 6.1. Type and form of ongoing service including reporting on performance and review of the First Home Saver Account Deposit product is agreed with the client
- 6.2. Fees and costs for ongoing and specifically defined service are clearly explained and confirmation of understanding gained from the client
- 6.3. Ongoing service is provided as required
RANGE STATEMENT
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.
Client needs, objectives and financial situation may include:
debt position
expectations of access to product
expectations of income from this product
expectations of life cycle and length of product
family income
security.
Product risk profile may include:
access restrictions on product
borrowing risk
economic market and sector risks:
economic cycle
fixed interest
property
stock market
risk factors and return expectations
specific product risk
volatility of income.
The type of information to be obtained from the client may include:
details of liabilities and potential liabilities of the client
details of the clients' needs and objectives for income, security, liquidity, and the time period the client is planning for
individual investment preferences and aversion or tolerance to risk
other client details such as:
employment security
likely events and their impact on the client
age
other products they have.
Documentation may include:
disclaimers
disclosures
product application forms
written advice.
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.
Client needs, objectives and financial situation may include:
debt position
expectations of access to product
expectations of income from this product
expectations of life cycle and length of product
family income
security.
Product risk profile may include:
access restrictions on product
borrowing risk
economic market and sector risks:
economic cycle
fixed interest
property
stock market
risk factors and return expectations
specific product risk
volatility of income.
The type of information to be obtained from the client may include:
details of liabilities and potential liabilities of the client
details of the clients' needs and objectives for income, security, liquidity, and the time period the client is planning for
individual investment preferences and aversion or tolerance to risk
other client details such as:
employment security
likely events and their impact on the client
age
other products they have.
Documentation may include:
disclaimers
disclosures
product application forms
written advice.
EVIDENCE GUIDE
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
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
interpret and comply with industry regulations and codes of practice
analyse client needs and advise them ethically and accurately on First Home Saver Account Deposit products and services
assess the impacts of taxation on client's financial requirements for specific products offered.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to First Home Saver Account Deposit product information.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills
setting and reviewing business scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
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
Critical aspects for assessment and evidence required to demonstrate competency in this unit
Evidence of the ability to:
interpret and comply with industry regulations and codes of practice
analyse client needs and advise them ethically and accurately on First Home Saver Account Deposit products and services
assess the impacts of taxation on client's financial requirements for specific products offered.
Context of and specific resources for assessment
Assessment must ensure:
competency is demonstrated in the context of the financial services work environment and conditions specified in the range statement either in a relevant workplace or a closely simulated work environment
access to and the use of a range of common office equipment, technology, software and consumables
access to First Home Saver Account Deposit product information.
Method of assessment
A range of assessment methods should be used to assess practical skills and knowledge. The following examples, in combination, are appropriate for this unit:
evaluating an integrated activity which combines the elements of competency for the unit or a cluster of related units of competency
verbal or written questioning on underpinning knowledge and skills
setting and reviewing business scenarios
evaluating samples of work
accessing and validating third party reports.
Guidance information for assessment
Replaced By
| State Code | National Code | Title | Type |
|---|---|---|---|
| AUQ34 | FNSASIC303 | Provide advice on first home saver account deposit products and non-cash payments | Unit of competency |
| State Code | National Code | Title | Type |
|---|---|---|---|
| D702 | FNS30111 | Certificate III in Financial Services | Qualification |