Commerce Assignment Personal Finance - 852 Words

Commerce Assignment: Personal Finance By Edmund Tan Contents Executive summary Page 3 Product 1 Page 4 Product 2 Page 5 Product 3 Page 6 Bibliography Page 7 Executive summary Nature of the organisation: Kadi Bank is an organisation that provides financial services to the public. The financial services that Kadi Bank currently provides are savings accounts, home loans and superannuation. It was founded in 2014 by Edmund Tan. Kadi Bank works in the best interest of the customer meaning we won’t direct you to a product because of incentives or commission. Kadi Bank is registered with ASIC. Ethical and/or legal obligations: Kadi Bank’s ethical and legal obligations are†¦show more content†¦So we have decided to create a savings account with a high interest rate of 3.5%. However, you must have at least $5000 in your savings account to get the 3.5% interest rate. Product’s target market: This product is targeted at adults aged 18 – 30 who are saving up for big and small purchases such as a house, clothing, car, entertainment or holiday. This product may also be targeted at adults aged 18 – 30 who need a secure place to store their money. How does the product meet the needs of the target customers? This product meets the need of the targeted customers because it allows them to reach their savings goal faster and purchase the items they have been saving up for sooner. This high interest savings account is also a good place to store emergency money in case unexpected events occur such as medical bills or funeral costs. Product 2: Low Interest Home Loan 5% Description: A home loan is money borrowed from someone to buy a house. The borrower has possession of the property, but the lender owns the property until the loan is completely paid off. If the borrower is unable to pay off the loan, the lender will sell the property to get back the money owed. There are many different types of home loans such as standard variable rate loans, fixed rate loans, combination loans and more. Home loans may run for as long as 30 years. Home loans require a 10% deposit. Here at Kadi Bank, we know that