The Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 require SaleFunder to publish our Target market Determination.
Sale Funder is an Australian residential non-bank credit program open to Australian homeowners offering them a finance solution and access to capital tied up in their property to finance those expenses associated with listing their property for sale. Sale Funder Pty Ltd ACN 646 739 8808 (SaleFunder) is the lender on record for the Sale Funder program, and Deposit Release Fund Pty Ltd ABN 39 605 823 694 (Australian Credit Licence 526858) (Deposit Release), is the manager appointed to manage the loan. Deposit Release is also responsible for following up any arrears.
A Target Market Determination explains who our products are designed for and how they are distributed to our customers. This Target Market Determination also sets out the events and circumstances were we are required to review our determinations.
SaleFunder is a fixed term, fixed cost, financial product offered to real estate property vendors to prepare their property for sale including vendor paid advertising, styling and minor repairs/improvements. The product is only available to vendors who have selected and entered into a sales agreement with a licensed real estate agent.
A SaleFunder Customer has very narrow criteria. They must have entered into a sales agreement with a licensed real estate agent for the sale of their residential property. Each loan is assessed to ensure the amount is able to be paid back from the sale proceeds of the property.
The product is distributed either through the online portal or through licensed real estate agents. If a customer comes direct through the portal, a loan cannot be settled until they have entered into a sales agreement with a licensed real estate agent.
SaleFunder will do a review of the Target Market Determination on a yearly basis unless a trigger event occurs before that time. Trigger events are product changes, legislative amendments, material and relevant complaints, changes to the property sale process in any state of Australia or an ASIC Specific Dealing notification.