About this document
This target market determination (TMD) seeks to offer consumers, distributors, and staff with an understanding of the class of consumers for which this product has been designed, having regard to the objectives, financial situation and needs of the target market.
This document is not to be treated as a full summary of the terms and conditions of our personal loan product., which are set out in our loan terms and conditions which are available on request. You must refer to the relevant loan terms and conditions applicable to the product when deciding about whether or not to take a loan from us. Different terms and conditions apply depending on the amount of the loan you take from us.
When we refer to “us” or “we” in this document it is a reference to us, Realty Assist Australia Limited which is the issuer of the personal loan product.
|Name of Product
|Name of Issuer
|Realty Assist Australia Limited trading as ‘Settlement Advances’ (“Realty Assist”)
|Date of this Target Market Determination
|5 October 2021
|Overview - Description of Target Market and Product
SettlementCollect is a lending product offered by Realty Assist which offers vendors of Australian real estate early access to part of the settlement proceeds of sale of their property. The loan is only made available after the date on which sale of their property becomes unconditional.
This product is suited to a vendor who wishes to access a portion of the equity in their property between the date the sale of their property becomes unconditional and the date on which settlement of the sale of their property takes place.
The loan proceeds may be used for the purpose of assisting in buying another property and for any other approved purpose.
The product is only provided to consumers who are assessed as eligible to receive it. All consumers must provide required documentation and supporting evidence in their application for the product. Unless the lender’s criteria are met, consumers will not be eligible to receive the product.
|Eligibility criteria for our loans
To be eligible for one our loans, you must:
This product is consistent with the needs and objectives of customers who are seeking fast, flexible and short-term finance.
|Exclusion criteria for loans
|We will not give you one of our loans if we determine that you are not in our target market or do not meet our eligibility criteria set out above.
|When we will take security for repayment of the loan
We may ask for security for repayment of the loan at any time. The loan contract gives us this right.
When we take security for repayment of a loan, we do this by registering a mortgage against your property and/or a caveat.
|Consistency between target market and the product
The personal loan products have been designed to suit a wide target market of consumers are property vendors who wish to access a portion of their contractual settlement proceeds early.
The loan term is consistent with the purpose of the loan, namely to give early access to settlement proceeds and means that the customer is not paying for the loan beyond it’s expected benefit date.
|How we distribute the loan product and who are the Distributors
The SettlementCollect product is distributed via estate agents who have been appointed as our distributors and also direct to consumers who submit an application through our digital portal.
Where the product is distributed via real estate agents, then the product is only offered to property vendors who have appointed real estate agents that are distributors of the SettlementCollect product on behalf of Realty Assist.
The method of distribution of the product makes it likely that a customer using the SettlementCollect product is in the target market and meets our eligibility criteria.
We have distribution conditions in place which are designed to help ensure that our loan product is only sold to consumers in the target market and are likely be consistent with the likely objectives, financial situation and needs of the consumers.
We ensure that:
|Adequacy of distribution conditions and restrictions
We will ensure that:
We will take reasonable steps to ensure that our distribution conditions will, or will be reasonably likely to, result in distribution of our loan product in a manner consistent with this target market determination.
|Timing and process by which we review our TaConsistency between target market and the productrget Market Determination
We will review this target market determination as follows:
|Reporting by Distributors
We require our distributors to report to us within thirty (30) days of the end of each quarter (March, June, September and December) each year and provide us with information about the number of complaints received about the product during the immediately preceding quarter.
We require our distributors to report to us within thirty (30) days prior to the Initial Review, each Periodic Review and each Annual Review as detailed above on matters specified by us.
We require our distributors to report to us within seven (7) days if they receive any complaints about the product.
|Description of events which constitute a “Trigger Event”
A trigger event is any event or circumstance that should objectively give rise to a reasonable belief on our part that this Target Market Determination is no longer appropriate having regard to a variety of factors, including (but not limited) to any of the following:
|Annual Review Event
The following matters constitute an annual review event but do not of themselves necessarily indicate that a trigger event has occurred, namely an event or circumstance has occurred that reasonably suggests that the TMD is no longer appropriate. The occurrence of the following events may merely indicate a change in economic circumstances. However, an annual review of the following matters is to be conducted to determine as accurately as possible the underlying cause of the event. The annual review events are:
|Availability of this Target Market Determination
We will ensure that this target market determination is made available on our website and available to prospective consumers prior to distribution of this loan product.