This document describes the type of customers for whom Unloan is most appropriate, and how Unloan is made available to our customers.
What is a Target Market Determination?
A Target Market Determination (TMD) describes the cohort of customers that the product is targeted at (the Target Market) and any conditions around how the product is distributed to customers (the Distribution Conditions).
It also describes the events or circumstances where we are required to review the Target Market Determination for a financial product (the Review Triggers).
Start date: 17 May 2022
Next review due: 17 May 2023
Review period: At least every 12 months from the start date of this Target Market Determination.
To save a copy of this TMD, use the print function of your browser. If you’d like a PDF copy, please email firstname.lastname@example.org. We will send this to you free of charge.
Why does Unloan need to have Target Market Determinations?
We’re required to have Target Market Determinations under law. The purpose of the law is to make sure customers are at the centre of our approach when designing and distributing our financial products. This document is not a substitute for the product’s terms and conditions or other disclosure documents.
When making a decision about this product, customers must refer to the relevant Product Disclosure Statement (PDS), Terms and Conditions or other disclosure documents.
The table below matches the Product Attributes to the Objectives and Needs of the Target Market for this product. Unloan has assessed that the product including its Key Attributes are likely to be consistent with the Objectives and Needs of the Target Market.
Customers will need to satisfy certain eligibility criteria, including that customers must:
Applications for home loans are subject to the Unloan’s standard credit approval process.
Unloan will have oversight over how the product is promoted and issued. The product can only be distributed to customers in accordance with Unloan’s product and process requirements. All customers must satisfy Unloan’s credit assessment criteria which demonstrates the customer’s capacity to service the credit facility. In addition, the below table identifies the distribution channels which the product can be sold through and sets out the conditions that apply to each channel. Unloan views that the conditions specified are appropriate and are of a nature that it will be likely that the product will be distributed to the target market.
If any of the below review triggers occur, or if an event or circumstance has occurred that would reasonably suggest that the TMD may no longer be appropriate, Unloan will undertake a review of this TMD:
The following information must be provided to CBA by all third parties responsible for the retail product distribution conduct of this product in accordance with this TMD, within the required timeframes:
Product Issuer: Commonwealth Bank of Australia ABN 48 123 123 124 AFSL and Australian credit license 234945