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PAS 365 Product TMD

Target Market Determination

NEXT PERIODIC REVIEW DATE: 9 DECEMBER 2025

Elevare Pay Easy Pty Ltd A.C.N. 634 728 591 (Elepay) (we, us or our) issues products to Australian Property Owners and we are committed to maintaining a consumer-centric approach throughout our product design phase, distribution and sales channels, and monitoring and review process.  This Target Market Determination (TMD) is effective as at 10 June 2025.

1.  Purpose of this TMD

This TMD has been prepared by Elepay for its ‘PAS 365 Product’ in compliance with our Design and Distribution Obligations under Part 7.8A of the Corporations Act 2001  (DDO). 

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This TMD sets out the class of consumer for which the PAS 365 Product has been designed having regard to the objectives, financial situation and needs of consumers in the product’s target market. It includes the following:

  • product features and class of consumers that fall within the target market; 

  • distribution conditions, restrictions and sales practices that are likely to direct distribution of the product to the target market; 

  • information relating to reviews and monitoring of the product and this TMD, including specifying timing for periodic reviews and review triggers (i.e., the events or circumstances which would trigger a review);   

  • how we deal with significant dealings. 

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This TMD does not offer a comprehensive outline of the PAS 365 Product’s terms and conditions, nor is it a substitute for obtaining independent legal or financial advice. Consumers should read the full terms and conditions before applying for the PAS 365 Product. 

2.  Background to the Product

The PAS 365 Product is part of a suite of Products Elepay offers to Australian Property Owners who anticipate that a monetisation event will occur in the foreseeable future (primarily, the sale of real property but may also include the refinance with a third-party lender). 

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An “Australian Property Owner” includes:​

  • any person or entity who is a registered proprietor to real property held in Australia (Owner);

  • any person or entity who is an appointed representative of an Owner (e.g. appointed attorney or executor of a deceased estate); or  

  • any person or entity who has the express consent of the Owner to acquire the PAS 365 Product relating to the Owner’s property (for example, Elepay may require the registered proprietor to sign a Deed of Consent).    

 

The primary objective of the PAS 365 Product is to allow these property owners the opportunity to better manage their cash flow by allowing them to defer any upfront costs relating to their property until the occurrence of the monetisation event. 

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To offer the PAS 365 Product, we have partnered up with a number of styling companies, pre-listing companies, renovation companies and real estate agents to allow property owners to defer payment of expenses relating to:

  • home renovation and improvement; 

  • property styling (to sell) and interior design; and 

  • other property-related works,

      (Sale Costs).

3.  Class of consumers that comprises the Target Market

Elepay’s PAS 365 Product is designed exclusively for consumers who meet our Eligibility Criteria and who wish to defer payment of their upfront Sale Costs associated with Elepay’s approved PAS 365 Partners on the basis that there is a foreseeable monetisation event (Target Market).

3.1.  CLASS OF CONSUMERS WITHIN THE TARGET MARKET

The PAS 365 Product is for the class of consumers who:     

  • falls within the definition of Australian Property Owner (see above) and require short-term lending solutions to pay Sale Costs;

  • are seeking finance with flexible payment options, with payment upon sale of their Property and the ability to make early repayments without additional charges; 

  • are receiving product or services and incurring Sale Costs through our Partners which is for their benefit;

  • otherwise meets Elepay’s Eligibility Criteria (set out below);

  • are not currently experiencing financial hardship;

  • are able to make a single lump sum payment for the loan amount (via the funds received from the monetisation event) without causing financial hardship.

3.2.  EXCLUDED CLASS OF CONSUMERS

The PAS 365 Product is not suitable for consumers who: 

  • do not fall within the definition of Australian Property Owner; 

  • are not receiving products or services and incurring Sale Costs through our PAS 365 Partners;

  • do not otherwise meet Elepay’s Eligibility Criteria; 

  • are going through bankruptcy or are experiencing, or are likely to, suffer from financial hardship;   

  • are considered vulnerable persons (e.g. suffering from any form of cognitive impairment);

  • require an ongoing line of credit;

  • require a redraw facility; 

  • are not comfortable with providing security over their real property.

3.3.  ELIGIBILITY CRITERIA 

To be eligible for the PAS 365 Product, a consumer must satisfy the following requirements: 

  • be an individual aged 18 years or above; 

  • fall within the definition of Australian Property Owner (see above);

  • be incurring Sale Costs through our approved Partners of a minimum amount of $3,000;

  • have an anticipated monetisation event (for example, proposes to sell their property within the foreseeable future). Elepay may offer the product based on other monetisation events (e.g. refinance from a third-party lender) subject to an individual assessment of the consumer’s circumstances; 

  • if the consumer confirms the monetisation event is the sale of the consumer’s property, and meets Elepay’s Property Sale Equity Analysis, which ensures that the consumer has sufficient net equity to repay the loan upon the sale of the consumer’s property without causing financial hardship.

Elepay will request details to ensure the consumer is receiving a benefit from the loan and that there is sufficient net equity for the consumer proposes, and are actively taking steps, to sell their property. This includes, but is not limited to: 

  • ​details of the proposed sale – e.g. listing date and expected sale price; 

  • details of the appointed real estate agent and conveyancer or solicitor; 

  • details of any registered co-owner(s); 

  • a copy of a recent mortgage statement;

  • a copy of the real estate agent sales appointment form;  

  • a copy of the contract of sale (if available); 

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  • meet Elepay’s standard lending criteria including: 

    • conducting a credit check on the consumer; 

    • conducting an identity verification check on the consumer; 

    • conducting an ownership check (e.g. title search of the property); 

    • conducting an online property valuation report (for the property);

3.4.  OTHER KEY PRODUCT ATTRIBUTES

Other key attributes of the PAS 365 Product are: 

  • Structure – the PAS 365 Product is structured so that the Consumer enters into a loan for a period of 365 days, under which Elepay disburses funds directly to the Partner for payment of the agreed Sale Costs incurred by the consumer (from the Partner);

  • Purpose of loan – the Partner must be providing products or services to the Consumer for their benefit and the loan must be for the payment of the Partner’s Sale Costs (whether partial or in full); 

  • Repayment– the consumer is not required to make instalment payment, but is required to repay the loan (in full) on the earlier of: (a) the settlement date (if the property is sold) and (b) the scheduled repayment date (being 365 days from the Elepay Start Date), though early repayment is possible without penalty (see below);

  • Partner’s goods or services - the Partner will be solely liable for the products and services provided by the Partner to the Consumer;  

  • Fee Structure – the Fee structure for the PAS 365 Product is as follows: 

    • No Establishment or Administration fee – the Consumer is not required to pay any establishment or administration fee for the provision of credit;

    • Interest – the interest is charged as simply interest and fixed for the term of the loan.   Interest commences on day 121 after the Start Date of the loan.  This means, if the sale of the consumer’s property settles within 120 days from the Start Date of the loan (and the loan is repaid in full), the customer pays no interest under the loan. 

    • Partner Fee – the Partner is required to pay a partner fee of up to 4.95% of the consumer’s total loan amount. This fee is payable under a separate agreement between Elepay and the Partner and this fee is not passed onto the consumer (either directly or indirectly); 

    • Default/Late fees – the consumer may be liable to pay fees or default interest if the repayment is not made by its due date. 

  • Minimum Credit Limit – the minimum amount of funding provided is $3,000; 

  • Maximum Credit Limit – subject to an individual credit and lending assessment for a particular consumer, the amount of funding provided will generally be capped at the Sale Costs agreed between the consumer and the Partner; 

  • Early repayments – Consumers have the ability to make an early repayment of the loan without any additional charge or exit fee; 

  • Security – the consumer will be required to provide a charge over the consumer’s real property (which may or may not be registered against title to the property).

4.  Consistency between the Target Market the PAS 365 Product Key Attributes

Set out below is our assessment of the likely objectives, financial situation and needs of the Target Market, and the key product attributes of the PAS 365 Product.   

CONSUMER OBJECTIVES, FINANCIAL SITUATION AND NEEDS
180 PRODUCT ATTRIBUTES

Require short-term lending solutions to pay Sale Costs 

  • Designed to provide consumers with short-term lending to fund the consumer’s Sale Costs (once these costs have been agreed between the consumer and our Partner). 

  • Payment is made directly to the nominated Partner for payment of expenses (payable by the consumer to the Partner). 

Redraw Facility

  • Redraw facility is not available.

Funds to be used for Sale Costs

  • Funds must be used for upfront Sale Costs associated with our Partners.  

Repayment and Term

  • Repayment of the whole loan is required on the earlier of: (a) settlement date (if the property is sold) and (b) the scheduled repayment date. 

  • The maximum term of the loan is 365 days and the repayment date is 365 days from the Elepay Start Date.

Ability to make early repayments 

  • Consumers have the ability to make an early repayment of the loan without any additional charge or exit fee. 

Credit Limit

  • Subject to an individual credit and lending assessment for a particular consumer, the amount of funding provided is capped at the Sale Costs agreed between the consumer and the Partner. 

Full transparency over any registered security

  • Elepay will discuss and obtain the owner’s consent prior to registering any security over the consumer’s property and approving the consumer’s loan application. 

  • Elepay will disclose any related costs (e.g. estimated registration costs) before attending to the registration of the security.   

5.  Distribution Channels and Conditions

5.1.  APPROPRIATENESS STATEMENT 

Elepay considers it is reasonable to conclude that if the PAS 365 Product is issued to a consumer in accordance with the distribution conditions in this TMD it would be likely that the consumer is in the Target Market and it would likely be consistent with their likely objectives, financial situation and needs. This determination is based on the assessment above regarding the consistency between the Target Market and the PAS 365 Product Key Attributes, which incorporates past outcomes and feedback of the PAS 365 Product consumers and PAS 365 Partners. 

5.2.  DISTRIBUTION CHANNELS AND CONDITIONS  

Distribution Channel: A consumer may only apply for our PAS 365 Product via our accredited Partners (Referrers). 

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We regularly monitor our Partners’ websites and marketing material to ensure they contain:

  • no misleading information;

  • all relevant disclosures and warnings required by law;

  • an easy to follow process during which the consumer is given informed choices at every stage.

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Our own website and marketing material contains:

  • no misleading information;

  • all relevant disclosures and warnings required by law;

  • an easy to follow process during which the consumer is given informed choices at every stage.

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The distribution conditions relating to the marketing and promotion of the PAS 365 Product are specified in the table below.   

Condition

Approved referrer

Approved Partner, the referrer (partner) must: 

  • be providing products or services related to real property – e.g. property staging, renovation, real estate agent marketing or interior design; 

  • be accredited by us and must be familiar with our products and the relevant target market determinations; and 

  • satisfy our verification and compliance assessment criteria.

Factual information

A Partner may provide general factual information relating to our PAS 365 Product (provided that it is consistent with this TMD) (for example, about the customer application process).  

No Financial Product Advice:

A Partner must not provide specific advice (e.g. financial advice) relating to product or the terms of the loan and must redirect any queries to Elepay. 

Redirection to Elepay’s customer application page

The consumer is required to submit an individual online application and satisfy Elepay’s Eligibility Criteria in order to receive our product. In certain circumstances, the consumer may be required to complete paper form loan documentation.   

DISTRIBUTION CONDITIONS – VIA OUR PARTNERS

6.  Periodic Review and Review Triggers 

To ensure that the PAS 365 Product continues to meet the objectives and needs of its Target Market, it is necessary that we regularly review this TMD. This includes consideration of: 

  • PAS 365 Product and Target Market; 

  • Eligibility Criteria; and 

  • distribution channels and conditions.

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In reviewing the above, we collect and analyse data relating to: 

  • our eligibility and application phase; 

  • partner feedback and our online partner portal; 

  • disputes between the partner and consumer relating to the partner’s services and products; 

  • sales information; 

  • customer information; 

  • payment information (including funds recovered and not recovered); 

  • feedback and complaints (from consumer and partners);   

  • default information and extended repayment terms; 

  • property sale status (including the amount of property withdrawn from sale); 

  • market conditions (including the effect of interest rate changes and market sentiment).

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These reviews will be conducted periodically and in response to review triggers and other events or circumstances that would reasonably suggest this TMD is no longer appropriate.

PERIODIC REVIEW PERIOD

Periodic reviews of this TMD will be conducted at least each six months. 

REVIEW TRIGGERS

In addition to periodic reviews, we will review this TMD in response to a review trigger or other event or circumstance that would reasonably suggest this TMD is no longer appropriate. The occurrence of a review trigger or other such event or circumstance will trigger an immediate review of this TMD and may result in Elepay changing the Target Market, the design or distribution of the product or ceasing to offer this product. 

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These review triggers are:  

  • we receive a substantial number of complaints from consumers or partners about the PAS 365 Product (i.e., if complaints about the product from active PAS 365 Product consumers or partners increases by 10% or more in a six month period); 

  • a substantial number of consumers are: 

    • if the monetisation event is the sale of the property, withdrawing their property from sale and no longer intends to sell the property (i.e., if over 15% of active PAS 365 Product consumers fall within this category); 

    • if the monetisation event is the sale of the property, unable to sell their property within the loan term period and seek extension of the repayment date (i.e., if over 15% of active PAS 365 Product consumers fall within this category); 

    • experiencing negative repayment history, including missing a scheduled repayment (i.e., if over 15% of active Consumers fall within this category); 

    • seeking financial hardship relief (i.e., if over 10% of active PAS 365 Product consumers fall into this category); 

  • there are material changes to the key attributes of our products which may result in the product no longer being appropriate for our Target Market; 

  • there is a material change in our distribution channels such that our distribution conditions requires variation;  

  • there are a substantial number of complaints relating to the products or services provided by the Partner (e.g. delay in works completed by the Partner) (i.e., if complaints about our partners from active PAS 365 Product consumers increases by 10% or more in a six month period); 

  • change in regulatory, legislative or market conditions which may materially affect the product or any matter relating to this TMD; 

  • the use of Product Intervention Powers, regulator orders or directions about or relating to the PAS 365 Product’s key features, target market or distribution strategy; 

  • a significant dealing has occurred (or is likely to occur). A significant dealing occurs when the distribution of our product (including conduct by our referrers) significantly differs from any condition or expectation set out in this TMD; 

  • any other matter that may result in this TMD not being appropriate. 

7.  Reporting 

We will report to ASIC within ten (10) business days should we have reasons to believe that a significant dealing has occurred either by us or via our referrers. Our referrers are also obliged to inform us of any significant dealing events, and we have arrangements in place to monitor and review our referrer’s compliance with this obligation. 

REPORTING REQUIREMENT
REPORTING PERIOD

Complaints (as defined in section 994A(1) of the Corporations Act 2001) relating to the product. The referrer should provide all the content of the complaint, having regard to privacy.

As soon as practicable but no later than 10 business days following end of calendar quarter.

Significant dealing outside of target market, under section 994F(6) of the Corporations Act 2001.

As soon as practicable but no later than 10 business days after distributor becomes aware of the significant dealing.

We will also monitor other consumer and referrer feedback on a monthly basis. 

8.  Records

We will keep records of any complaints, action taken or review of any matters related to this TMD.

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This includes, but is not limited to: 

  • Product design and development matters; 

  • Data collected and analysed for TMD reviews;

  • TMD review meetings; 

  • Consumer and distributor feedback; and 

  • Review of distribution channels and conditions. 

9.  Contact 

Should you have any queries regarding this TMD, please contact us at legal@elepay.com.au or 1300 019 417.

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