Standard Fixed Investment Home Loan

The issuer of this product is Illawarra Credit Union Limited ABN 14 087 650 771 AFSL/Australian credit licence 245576
Date of creation: 5/10/2021

Description of Target Market

Retail clients who:

are seeking a loan to purchase or renovate an investment property, refinance an existing investment loan, or top up an existing loan for any worthwhile investment purpose
are aged 18 years or more and meet the credit assessment criteria for the product
are willing and able to offer a registered mortgage over real property (or other acceptable security) as security for the loan
need the certainty of a fixed interest rate and fixed repayments for up to 5 years
do not need other features not included such as an offset account
need to make regular repayments of interest and principal over the term of the loan

Description of Product

This is an investment home loan secured over real property. The key attributes are:

loan amounts up to 5 million
repayment term up to 360 months
fixed rate of interest
able to make additional repayments (early repayment fee applies for amounts over 15% of the minimum monthly contractual repayment)
a redraw facility
no offset account
must provide a registered mortgage over real property or other acceptable security
repayment frequency is monthly
application, valuation, legal, and other fees may apply
split loan option available
interest only or principal and interest reducing
ability for progressive drawdowns (construction loans)
internet banking
banking app
telephone banking

Distribution Conditions

This product is distributed by the issuer through the following channels:

Branches
Call Centre
Online
Mobile lenders
Brokers

Distribution conditions for this product include:

Ensuring that retail clients meet the eligibility requirements
Ensuring that distribution through branches, call centres, and mobile lenders are by appropriately trained staff
There are no other distributors of this product
Ensuring that distribution is through accredited brokers which are approved by Illawarra Credit Union

Review Triggers

The review triggers that would reasonably suggest that the TMD is no longer appropriate include:

A significant dealing of the product to consumers outside the target market occurs,
A significant number of complaints are received from customers in relation to their use of the product that reasonably suggests that the TMD is no longer appropriate,
A material change to the product or the terms and conditions of the product occurs which would cause the TMD to no longer be appropriate.

The Product Governance Framework which includes the Product Policy and related policies includes regular consideration of whether there has been a review trigger following each distribution information report. That consideration is by reference to paragraphs 154 to 156 of RG 274 Product Design and Distribution Obligations published by ASIC.

Review periods: First Review Date: 05/04/2022 Second Review Date: Every two years after the initial and each subsequent review.

Distribution reporting requirements

The following information must be provided to Illawarra Credit Union by distributors who engage in retail product distribution conduct in relation to this product: *

*Type of Information	Description	Reporting Period
Complaints	Number of complaints	Every 6 months
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
Customers outside the target market	The number of customers who have an account but are not within the target market	Every 6 months

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