• Seeking a property loan with a range of features including repayments that can vary over the life of the loan for any of the following purposes:
  • purchasing, refinancing, or renovating a residential owner occupied or investment property;
  • purchase of house and land package;
  • building and construction finance;
  • consolidation of personal debt;
  • personal needs or personal investments; and / or;
  • off the plan purchase;

• The property loan account has a variable interest rate, meaning that repayments will vary based on changes to the interest rate.
• The loan amount can be used for any one or more of the listed purposes.
• Fees, charges, and third-party costs will be payable.

• Flexibility to make additional payments more than the required monthly repayment amount and switch between Principal & Interest, Interest Only repayments.

• Unlimited additional repayments (including the ability to pay the loan out early) can be made without additional charge.
• A customer can switch between Principal & Interest and Interest Only repayment methods (T&C apply).

• Option to link an Offset Account for the purposes of reducing the amount of interest payable under the loan.

• Credit balances in the Offset Account will reduce the balance on which interest is charged.
• Customers can deposit, withdraw, or transact on the account via a broad range of channels by using:
  • Visa Debit Card (if the customer qualifies and it is not a construction loan);
  • Online and Mobile Application access;
  • Direct Debit and BPAY repayment facility;
  • consolidation of personal debt;
  • Staff assisted channels; and
  • ATMs;

• be at least 18 years of age and above;
• are individual borrowers (as single or joint borrowers);
• is either an Australian Citizen or a Permanent Resident of Australia;
• meets our lending eligibility criteria;
• provide sufficient security in accordance with our lending eligibility criteria; and/or
• a guarantor who supports the loan also meets our lending eligibility criteria.

• meet our lending eligibility and credit assessment criteria, which includes demonstrating serviceability of the loan;
• demonstrate the capacity to make the required repayments and the ability to pay off the loan without substantial hardship;and
• where determined by us to be required, (based on the customers’ deposit size, security, applicant, and loan attributes), will pay Lenders Mortgage Insurance or have an acceptable guarantor;

Upon application we 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.

• Staff assisted channels (e.g., via email or phone)

• Our staff have the necessary training, knowledge, and accreditation (if required):
  • to understand and can discuss the features and rates of our products;
  • to understand and can discuss the key differences of our products;
  • to assess whether the consumer is within the Target Market;
  • to assess whether the consumer meets our lending eligibility lending criteria; and
  • have access to product resources such as borrowing and repayment calculators, stamp duty and upfront cost calculator, and pricing tools
    etc.
• Our staff are part of assurance programs, and we rely on existing distributors, methods, controls, and supervision already in place.
• We have approval control systems and processes in place to check and flag applicants who may be outside the Target Market.

• Online channels (e.g., website and the mobile app)

• The product cannot be distributed through online channels however the application process may commence online.
• Applications commenced through an online channel will be directed through to a staff assisted channel.

• Third party – Mortgage Managers and Accredited mortgage brokers subject to their Best Interests Duty (BID) obligations

• A distributor must:
  • hold an Australian Credit Licence or be a Credit Representative authorised to engage in credit activities on behalf of a credit
    licensee;
  • comply with the terms and conditions of any relevant distribution agreement or arrangement with the Product Manager; and;
  • comply with their legal obligations;
• Third party brokers must also:
  • hold appropriate qualifications, industry membership and authorisations to engage in credit activities; and
  • comply with their obligation to act in the best interests of their client when providing credit assistance.
• These conditions ensure distributors are appropriately authorised to provide the relevant regulated credit services and will comply with the commercial terms agreed between the distributor and Product Manager.

• Unexpected trends in consumer outcomes which are significantly inconsistent with the intended product performance;
• Unexpected early-stage arrears are detected;
• A significant number of defaults occur;
• A significant number of late repayments are being recorded; and
• Evidence that the product or distributor conduct are significantly different to the Target Market.

• A significant number of material complaints are received from consumers in relation to the product.

• A material incident or significant number of incidents in relation to the product’s design or distribution that identify breaches of our legal or regulatory obligations.

• The material alteration of the product or product terms and conditions (e.g., adding to, removing, or changing a key product attribute; significant change to distribution channel and distribution strategy).

• A significant dealing of the product to consumers outside the Target Market occurs.

• The receipt of a product intervention power order from ASIC requiring us to immediately cease retail product distribution conduct in respect of the product.