Meetings Notes Examples

After your first meeting, it is important to make notes on everything you have learned in your client interview. These notes are not shared with the client so any concerns you have can be put here with a mention on how you have mitigated or become comfortable with the potential issue. This would include potential problems such as this application being from a vulnerable client.

Note: Use ChatGPT to capture your meeting notes.

While Trail does supply some headings to help guide you, these are not required to be followed. As long as there are good notes in this section, the headings can be ignored if preferred.

Example of a good MEETING NOTE

Goal 

XXXXX and her husband XXXXX were referred to me by some existing clients. They are currently living in XXXXX and wish to move to XXXXX and purchase a house there. They have recently sold a property and have around $500K to use as their deposit. They have 3 children and XXXXX works from home, can work from home, he works for the government. XXXXXX is a childcare teacher although she is working currently part-time she will not be working when they move to XXXXXX and we will have to submit an application on that basis. However, XXXXXX is looking for employment and we will have to see how that goes in the coming weeks. Otherwise we will have to submit the application for pre-approval based just on XXXXX’s income. We are waiting for some feedback regarding Working For Families which if XXXXX is not working then she might be entitled to that. They are currently renting in XXXXX at the moment and have no business circumstances they are just salaried employees. Based on my discussions with them during my client meeting on the 17th of November over the internet, I don’t see any foreseeable changes to their circumstances. They seem a very stable couple just looking to improve their financial position.

Plan

The clients are not working with any other professional people and they have not approached any other lenders directly.  Their existing plan is quite well thought out they will have quite a low LVR of around 50% based on the cash that they currently have from a property sale and they are quite willing to use as much cash as possible. We have discussed the need for them to possibly hold onto a little bit of cash post settlement for moving and costs. They potentially will use about $480K as their deposit. Their risk tolerances are reasonably high and they understand the need to use the cash money as their affordability is limited. It also reduces their lending and LVR so they have an acceptance of that. They are willing to accept that risk and are not looking for any support from Family or the Government. Although we did discuss the possibility of gifting which I have left them with if that would get them over the line to purchase the house that they wanted in the short term based on limited income.

Challenges

The challenges of this application are that the clients do have a limited income unless XXXXX can secure a job before moving to XXXXX. That would be the only challenge that I can see. The clients have had lending before and I don’t see issues with their application to the limit of their affordability. This may not meet their expectations of what they might want to spend and I have discussed this with them and they do understand the current lending rules and changes that have taken place as I have explained to them.

Timing

Although there is no time frame for the lending the clients would like to try and have a pre-approval as soon as possible to allow them to look properly, seriously. I am just waiting for them to complete the documents so I can complete an application and put it through to the bank in the next few days.

Example of a good DIARY NOTE

This Diary Note is related to the Meeting Note example above.

Purpose

Existing BNZ client XXXX is requesting lending to purchase an existing owner-occupied property in XXXX and is considering a purchase of up to $970,000. The client will be contributing $540,000 from a previous property sale and have gifting from XXXX’s (Wife) Mother of up to $100,000 if required, lending for this purchase as follows. PP $970,000 Cash Dep $480,000 Gifting $60,000 Lending required $430,000 – 44%LVR The client is requesting lending as a 25-year Principal & Interest term At this time client is negotiating to purchase XXXXXXXXXXX to a purchase price of $970,000 All lending is for the sole requirement to purchase an owner-occupied property

Client Background and Character

XXXX is married to XXXX with three school-aged children and are now ready to purchase a family home in the XXXX district, both XXXX & XXXXX are employed however XXXXX will leave her current position with XXXXX continuing his employment as is able to work from any location in New Zealand. XXXXX is a XXXXXXX XXXXXX for the Ministry for the Environment where he has worked for the past year his position is salaried and currently working with the XXXX team on the XXXXXXX act reforms, XXXXXX is a Learning assistant at XXXXXX XXXX School, she will be leaving this position to move and is currently investigating employment options, note that this application is based on XXXXX’s income only and working for families will increase with XXXXX leaving current employment however we are only using current income. Clients are in a stable and comfortable financial position with only a credit card as short term debt and show stability while having a complete understanding of their financial commitments with a willingness to use current assets to achieve their goals of homeownership, the term of 25-years suits their current position and once XXXX is working will allow them to look at a further commitment to repaying lending to reduce the proposed term, clients would also have the flexibility to downsize their property at a chosen retirement age should lending still be in place and based on their current position and KiwiSaver a 25-year term is suitable.

Recommendations

We are requesting conditional pre-approval for lending of $430,000 for the purchase of an existing property in XXXX with the clients considering existing properties with a purchase price of up to $970,000. Deposit as noted above of $540,000 offers an LVR of 44% Lending 25 years P&I A structure is yet to be determined

Additional Information

Future expenses are noted for rates & insurance, with no expected future expenses at the time of application