Target Market Determination

Home Target Market Determination

Product Overview

The Synergex Personal Loan is a secured personal loan designed to finance the installation of solar panels and/or battery systems at residential premises. The loan has a primary term of 10 years, with fixed weekly repayments and no annual fees.

Target Market Description

The target market for this product includes:

  • Homeowners, business owners, or long-term house occupiers
  • Consumers who want to finance the supply and installation of a solar and/or battery system
  • Consumers who want to split the cost over weekly repayments via a secured personal loan

Key Objectives, Financial Situation, and Needs

The product has been designed for consumers with the following objectives and needs:

  • Wanting to install a solar and/or battery system to generate and store clean energy
  • Looking to finance the supply and installation of the system
  • Wanting to split the cost over weekly repayments

Eligibility Criteria

To be eligible for the product, consumers must meet the following criteria:

  • Be an individual over 18 years of age
  • Be employed, self-employed, retired, or a pensioner
  • Have their identity successfully verified by the issuer
  • Have an Experian credit score of at least 700
  • Not be a current or prior bankrupt or have a court judgment against them

Product Features and Benefits

The key features of the product include:

  • No annual fees
  • Fixed weekly repayments
  • Ability to apply as a single or joint applicant
  • Primarily a 10-year term, but can also be 4, 5, or 7 years
  • Ongoing customer service support
  • Financing available for amounts ranging from $5,001 to $66,400

Distribution Strategy

The product is designed to be distributed by Synergex Holdings Pty Ltd via its website, social media channels, and sales staff. Sales staff are required to undergo training and follow documented procedures to ensure that consumers are within the target market.

Review and Monitoring

We will review this target market determination at least every 12 months or as triggered by certain events, such as material changes to the product or distribution conditions. We will also collect information from Synergex regarding complaints and significant dealings in relation to the product.

Reporting Requirements

Synergex will report complaints details, general information about complaints, and significant dealings to the issuer in writing. This will include:

  • Details of any complaints in relation to the product
  • General information about complaints, including the number of complaints and feedback relating to the product
  • Significant dealings in the product that are not consistent with this target market determination