Target Market Determination – SMSF
Product | SMSF – Fixed Investment |
Product Manager | Columbus Capital Pty Ltd ACN 119 531 252, Australian Financial Services Licence and Australian Credit Licence 337303 |
Issuer | This product will be issued by a Lender* which will be named in the loan agreement and these products are managed and serviced by the Product Manager.
The product could be issued by any of the Lenders* named below |
Effective Date of TMD | 15 December 2022 |
TMD Version | 2022.2 |
Product Features | SMSF Investment | SMSF Commercial Investment |
Interest Rate Type | Fixed | Fixed |
Repayment Options | Principal and Interest or Interest only for an agreed period. | Principal and Interest or Interest only for a period. |
Redraw | No | No |
Minimum Loan Size | $50,000 | $50,000 |
Maximum Loan Size (Subject to LVR and postcode policy) | $3,000,000 | $3,000,000 |
Maximum LVR (Subject to postcode eligibility criteria) | 90% | 80% |
Additional repayments without penalty | Yes up to $20k per annum | Yes up to $20k per annum |
Offset facility | Yes | Yes |
About this TMD | This Target Market Determination (TMD) document describes the class of consumers that Columbus has designed this product for, being the target market and the conditions (if any) around how the product is distributed to consumers. When considering the target market, Columbus focused on our consumer target market’s objectives and needs.
This TMD is not intended to provide you with financial advice nor is it a substitute for the product’s terms and conditions or other disclosure documents. Please refer to our Terms and Conditions and Credit Guide before deciding product suitability. Our product terms and conditions will be provided to you upon request. |
Description of the target market | The features of this product have been assessed as meeting the likely objectives, financial situation and needs of consumers who:
The financial situation of the Target Market are consumers that meet our credit assessment criteria which includes demonstrating serviceability of the loan, the capacity to make the required repayments and the ability to pay off the loan without substantial hardship. Upon application Columbus will undertake an assessment to determine the consumer’s ability to service the loan, which is our process of determining that the product is consistent with the financial situation of the Target Market. |
Ineligible consumers | This product may not be suitable for consumers who:
|
Distribution Channels | Columbus has oversight over how the product is promoted and issued. The following distribution channels and conditions have been assessed as being appropriate to direct the distribution of the product to the target market:
The distribution channels and conditions are appropriate because:
|
Distribution conditions | A distributor must:
This condition ensures distributors are appropriately authorised to provide the relevant regulated financial services and will comply with the commercial terms agreed between the distributor and Product Manager. This condition applies to all conduct by the distributor. |
Initial review | Within 12 months of the date of this TMD |
Periodic review | Each year on the anniversary of this TMD. |
Review triggers | Specific events will prompt Columbus to review this TMD, which includes:
If a review trigger occurs, Columbus will complete a review of the TMD within ten (10) business days. Meanwhile, it will cease to offer this product to our customers until our TMD review concludes and any necessary changes to the product or TMD, including distribution methods, are made. |
Type of information | Description | Reporting period |
Complaints | Number of complaints, details of the complaint, including name and contact details of complainant and substance of the complaint | As soon as practicable and within 10 business days following the end of a calendar quarter |
Significant dealing(s) | Date or date range of the significant dealing(s) and description of the significant dealing (eg, why it is not consistent with the TMD) | As soon as practicable, and in any case within 10 business days after becoming aware |
Feedback | Details of any suggested feedback and improvements | As soon as practicable, and in any case within 10 business days after becoming aware |
Information requested | Any other information requested by the Product Manager | As soon as practicable, and in any case within 10 business days after receiving such request |