INVESTSMART FINANCIAL SERVICES PTY LTD
FUNDLATER LOANS
Non-recourse Fundlater Loan
Effective date: 30 September 2021
This Target Market Determination (TMD) is required
under section 994B of the Corporations Act 2001 (Cth). It sets out the target
market for the product, triggers to review the target market for this product
and certain other information. It forms part of InvestSMART’s product
governance framework for the product.
This document is not a Product Disclosure Statement (PDS)
and is not a summary of the product features or terms of the product. This TMD
does not take into account any person’s individual objectives, financial
situation or needs.
Target Market
InvestSMART Fundlater Loans are designed for customers who
want to borrow money for a short term on a limited recourse basis, specifically
to invest in a limited choice of portfolios through the InvestSMART
Professionally Managed Accounts managed investment scheme.
Non-recourse Fundlater Loan
The Non-recourse Fundlater Loan is designed for people
looking to borrow a specific amount of money over a fixed period of time to
invest in a limited choice of portfolios in a InvestSMART Professionally
Managed Account (i.e. Â Conservative, Balanced Growth or High Growth portfolios)
and prefer the certainty of a fixed repayments over 20 months and a fixed
facility fee.
This product is suitable for people who:
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·
seek funds for a to increase their investment in a portfolio of
Exchange Traded Funds available through the InvestSMART PMA, with minimum
loan amount of $1,000 up to maximum of $6,000.
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·
want a short-term loan over a fixed term of 20 months.
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·
want consistency and certainty in 20 equal repayments over the
term of the loan.
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·
want low a low fixed facility fee to maintain the loan.
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·
may want the option to repay the loan more quickly. Unlimited
free extra repayments are permitted and there are also no early payout fees.
Distribution conditions
This product must only be distributed to customers who
meet the eligibility requirements in relation to the product.
Eligibility Criteria
All applicants must be:
·
at least 18 years of age.
·
a permanent resident of Australia.
Applications are only available via the InvestSMART
website.
Reporting
InvestSMART as issuer and distributor of this product will
record details of:
·
product related complaints received each month from its
customers and distributors.
·
any significant dealing which is not consistent with this TMD.
Reporting must be within 10 business days of becoming aware of such dealing.
·
sales data including number of accounts opened and cancelled on
a monthly basis.
Reviewing this document
We will review this TMD within
1 year from the first effective date to ensure it remains appropriate.
Thereafter, regular reviews will be completed within 12 months from the
completion of the last review.
We will also review this TMD
if:
·
we
make a material change to the product or the terms and conditions of the
product.
·
a
change in our acceptance criteria impacts on the suitability of the product
for the target market.
·
a
material change to the distribution conditions of the product.
·
the
discovery of a relevant and material deficiency in the products’ disclosure
documentation.
·
a
significant number of complaints are received from customers about the
product which indicate that the TMD is no longer appropriate.
·
material
and relevant changes in key product metrics which indicate that the TMD is no
longer appropriate. Such metrics include: negative trends across sales,
complaints, and product usage data;
·
rates of default or hardship.
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