Unit of competency Outline

Date retreived
23/07/2026 9:55 AM AWST

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Implement credit contracts in preparation for settlement

Implement credit contracts in preparation for settlement

Unit of competency
National Code
FNSFMB511
State Code
OCZ52
TGA Status
Current
DTWD Status
Approved
Current Release Number
1.00
Current Release Date
02/02/2021
View on TGA
State Implementation and Classification
Approved Date
22/04/2021
Field of Education
081101 - Banking And Finance
Original Release Date
22/04/2021
Nominal Hours
25
Description
This unit describes the skills and knowledge required to identify client needs and assist in the preparation of securities to implement a credit contract in preparation for loan settlement. The unit applies to individuals who use organisational skills to complete and coordinate tasks within agreed timelines and industry or organisational conditions.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Users are advised to check with the relevant state and territory regulatory authorities to confirm those requirements.
Notes
Elements and Performance Criteria
1. Identify client needs and prepare credit contract terms
  • 1.1 Discuss client needs and requirements
  • 1.2 Identify documents required for credit contract
  • 1.3 Agree on property settlement date and security
  • 1.4 Confirm client understanding of conditions of finance approval
2. Assist in preparation and registration of securities
  • 2.1 Communicate information on property, insurances and securities in credit contract to client
  • 2.2 Assist client to initiate steps to implement security as required
  • 2.3 Communicate with client, conveyancer and credit provider, and confirm all parties are prepared for settlement
  • 2.4 Assist client in preparing security documents prior to settlement according to lender’s policies and procedures, and legislative and regulatory requirements
  • 2.5 Confirm documents can be accepted and registered with required stakeholders
3. Execute credit contract and prepare for settlement
  • 3.1 Confirm with client that credit contract has been executed
  • 3.2 Assist client in submitting credit contract and required documents
  • 3.3 Communicate payment and stamp duty information to client
  • 3.4 Confirm client makes required payments prior to settlement
No information
No information
Replaces
State Code National Code Title Type
AUR01 FNSFMB501 Settle applications and loan arrangements in the finance and mortgage broking industry Unit of competency