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Target Market Determination

Chattel Mortgage Finance

Walker Stores Pty Ltd trading as MyMates Finance and WalletPay Australian Credit License 393023 ACN 007 973 962

1

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 for and its main attributes, 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 product’s terms and conditions and is not intended to provide financial advice. Consumers must refer to the relevant terms and conditions when making a decision about this product.
Terms and Conditions to which this TMD applies This TMD applies to the My Mates Finance Chattel Mortgage (Chattel Mortgage) referred to in the following Terms and Conditions:
  • My Mates Finance Chattel Mortgage Finance Terms and Conditions
Date from which this TMD is effective:
  • 1 October 2022

2

Class of consumers that is the target market

The information below summarises the overall class of consumers that is the target market for the Chattel Mortgage based on the product key attributes and the objectives, financial situation and needs of the target market with respect to which this Chattel Mortgage as a financial product was designed for.
This Chattel Mortgage has been designed for consumers whose likely objectives, financial situation and needs (as listed below) are aligned with the product (including the key attributes). The class of consumers the Chattel Mortgage is designed for is:
Chattel Mortgage is designed for customers who:
Are seeking a loan for personal purposes to purchase goods (including motor vehicles) and repay that loan under a fixed term fixed repayments agreement; Secured loan for personal or domestic purposes Require certainty around repayments and how much they need to pay Can demonstrate that they are able to afford and repay the loan
Key attributes of Chattel Mortgage that make the product appropriate for the target market: Amount: Loan amount of at least $5,000 and up to $250,000
Term: Term loan of at least 12 months up to 60 months
Repayments: Customers make regular, scheduled repayments to pay down the loan balance over the term.
Security: an encumbrance is taken over the goods until the loan or Agreed Value is paid in full.
Interest rate: a fixed interest rate means that the repayments will not change over the term of the loan should the conditions of the loan be met.
Credit Criteria: by meeting our credit criteria which will determine affordability of the loan for the customer and whether the loan is not unsuitable.
Objectives, Financial situation and needs

This product has been designed for individuals who, for personal and/or financial reasons, are not able or willing to acquire goods and/or services by paying for them upfront. These individuals:

  • Need credit to obtain goods and services.
  • Aim to have access to a loan value that covers the cost of the goods over a fixed term at a fixed interest rate (with fixed repayments).
  • Are capable of paying the repayment amount over their chosen periodic period based on the assessment of their financial situation, which we complete and the Applicant agrees with.
  • Are agreeable to provide security in the goods.
Consistency between target market and the product
This product is likely to be consistent with the likely objectives, financial situation and needs of the class of consumer in the target market. This is based on an analysis of the key terms, features and attributes of the product and a finding that these are consistent with the identified class of consumers.

3

How this product is to be distributed

Distribution channels product is designed to be distributed through the following means:
  • Online
  • Contact centres
  • By referral
Distribution conditions This product should only be distributed under the following circumstances:
  • to individuals that meet eligibility requirements; have the appropriate borrowing capacity, and in accordance with the credit criteria.
Adequacy of distribution conditions and restrictions

The distribution channels and the product attributes and terms and conditions will ensure that consumers who purchase the Chattel Mortgage are the designated class of consumers for which it has been designed for. This is based on an assessment of the distribution channels, product attributes and terms and conditions and restrictions and the assessment that they are appropriate and will assist the distribution being directed towards the target market.

4

Reviewing this TMD

We will review this TMD in accordance with the below:
Initial review
Within 6 months of the effective date.
Periodic reviews
At least every three years from the initial review.
Review triggers or events Any event or circumstances arise that would suggest the TMD is no longer appropriate. This may include (but not limited):
  • a material change to the design or distribution of the product, including related documentation;
  • occurrence of a significant dealing;
  • distribution conditions found to be inadequate;
  • external events such as adverse media coverage or regulatory attention;
  • changes in regulatory environment;
  • customer feedback; and
  • significant changes in metrics, including, but not limited to, customer queries, complaints, defaults and terminations.
Where a review trigger has occurred, this TMD will be reviewed within 10 business days.

5

Reporting and monitoring this TMD

We may collect the following information from our distributors in relation to this TMD.
Complaints
Distributors will report all complaints in relation to the product(s) covered by this TMD on a quarterly basis. This will include written details of the complaints.
Significant dealings
Distributors will report if they become aware of a significant dealing in relation to this TMD within 10 business days.

Target Market Determination

Line of Credit

Walker Stores Pty Ltd trading as MyMates Finance and WalletPay Australian Credit License 393023 ACN 007 973 962

1

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 for and its main attributes, 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 product’s terms and conditions and is not intended to provide financial advice. Consumers must refer to the relevant terms and conditions when making a decision about this product.
Terms and Conditions to which this TMD applies This TMD applies to the Line of Credit Terms (WalletPay) referred to in the following Terms and Conditions:
  • WalletPay Line of Credit Terms and Conditions
Date from which this TMD is effective:
  • 1 March 2023

2

Class of consumers that is the target market

The information below summarises the overall class of consumers that is the target market for WalletPay based on the product key attributes and the objectives, financial situation and needs of the target market with respect to which this WalletPay as a financial product was designed for. WalletPay has been designed for consumers whose likely objectives, financial situation and needs (as listed below) are aligned with the product (including the key attributes). The class of consumers the WalletPay is designed for is:
  • A consumer who, for personal and/or financial reasons, is wanting to acquire goods or services by paying for these goods or services by instalments and whose objectives to acquire goods or services is met by;
  • The consumer applying and obtaining a line of credit that is solely used for the purchasing of goods and/or services;
  • The goods or services are used predominantly for domestic household purposes;
  • The consumer being approved under the WalletPay terms and conditions for a line of credit;
  • The line of credit can be used by the consumer, at their discretion, for the purchase of goods and/or services through authorised WalletPay Merchants;
  • The line of credit is the maximum amount that the consumer can utilise to acquire goods and/or services with fixed monthly repayments depending on the term the consumer applied for;
  • Once the consumer pays part or the whole of the credit utilised to acquire the goods and/or services, the consumer will be able to use the available credit to acquire additional goods and/or services to the value up to the approved credit limit.
Product description and key attributes Product description and key attributes
  • That an Applicant must be a subscriber to WalletPay, reside in Australia, be at least 18 years of age, have a consistent and ongoing form of income, provide a verifiable form of identification, meet WalletPay lending criteria including providing information and substantiation of their financial situation, income and expenses as well as objectives (responsible lending obligations) and agree to the WalletPay terms and conditions.
  • That an Applicant will establish a line of credit with a maximum monthly credit limit with WalletPay to be used to purchase goods and services where the WalletPay is accepted and pay by instalments over a fixed term with repayments due monthly by direct debit.
  • The available credit in WalletPay can be used for additional purchases that are within the credit limit or as the debt is reduced.
  • Interest is charged on the total purchase price of the goods and services obtained for a fixed term with additional fees and charges limited to dishonouring a direct debit payment, duplicated documents, paper statements and enforcement expenses.
  • If the consumer does not use the WalletPay line of credit, the consumer will not be charged.
Objectives, financial situation, and needs

This product has been designed for individuals who, for personal and/or financial reasons, want to acquire goods and/or services by paying for them in instalments and who:

  • Need credit to obtain goods and services where WalletPay is accepted;
  • Have the objective to have access to a line of credit that they can use now, in the future, or reuse as the debt is reduced and pay by instalments over a fixed term at a fixed interest rate;
  • Are able to pay the instalment amount over their chosen periodical period based on the assessment of their financial situation that we complete, and the Applicant agrees with, to establish the line of credit.
Consistency between target market and the product

This product is likely to be consistent with the likely objectives, financial situation and needs of the class of consumer in the target market. This is based on an analysis of the key terms, features and attributes of the product and a finding that these are consistent with the identified class of consumers.

3

How this product is to be distributed

Distribution channels

This product is designed to be distributed through the following means:

  • Online and mobile applications
  • Contact centres
Distribution conditions

This product should only be distributed under the following circumstances:

  • To individuals that meet eligibility requirements; have the appropriate borrowing capacity, and in accordance with the credit criteria.
Adequacy of distribution conditions and restrictions
The distribution channels and the product attributes and terms and conditions will ensure that consumers who purchase WalletPay are the designated class of consumers for which it has been designed for. This is based on an assessment of the distribution channels, product attributes and terms and conditions and restrictions and the assessment that they are appropriate and will assist the distribution being directed towards the target market.

4

Reviewing this TMD

We will review this TMD in accordance with the below:

Initial review

Within 12 months of the effective date.

Periodic reviews

At least every three years from the initial review.

Review triggers or events Any event or circumstances arise that would suggest the TMD is no longer appropriate. This may include (but not limited):
  • A material change to the design or distribution of the product, including related documentation;
  • Occurrence of a significant dealing;
  • Distribution conditions found to be inadequate;
  • External events such as adverse media coverage or regulatory attention;
  • Changes in regulatory environment;
  • Customer feedback;
  • Significant changes in metrics, including, but not limited to, customer queries, complaints, defaults, and terminations.
Where a review trigger has occurred, this TMD will be reviewed within 10 business days.

5

Reporting and monitoring this TMD

We may collect the following information from our distributors in relation to this TMD.
Complaints
Distributors will report all complaints in relation to the product(s) covered by this TMD on a quarterly basis. This will include written details of the complaints.
Significant dealings
Distributors will report if they become aware of a significant dealing in relation to this TMD within 10 business days.
My Mates Finance PO Box 8562, Gold Coast MC 9726
Walker Stores Pty Ltd trading as MyMates Finance and WalletPay, Australian Credit License 393023, ACN 007 973 962