Target Market Determinations
for home loan products issued by HomeStart Finance.
Design and Distribution Obligations
HomeStart is required to have Target Market Determinations under the Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019.
This is to make sure we’re keeping customers at the centre of our approach to the design and distribution of our regulated credit products.
What is a Target Market Determination?
A Target Market Determination is a document which describes who a product is appropriate for (the target market), and any conditions around how the product can be distributed to customers and describes:
- the class of customers who comprise the product’s target market
- any conditions and restrictions on how the product can be distributed to customers
- events or circumstances that will require us to review the Target Market Determination for a financial product
- (for some products) the information that third party distributors (mortgage brokers) must provide to HomeStart
It also describes the events or circumstances where we may need to review the Target Market Determination for any of our home loans.
Target Market Determinations
- HomeStart Home Loan
- Graduate Loan
- Low Deposit Loan
- Shared Equity Option
- Advantage Loan
- Starter Loan
- Seniors Equity Loan
Protecting our financial system
Know your Customer (KYC)
Why we are getting to know you better
At HomeStart we are committed to providing home loans to our customers with the highest levels of integrity and in compliance with all applicable laws, regulations and compliance obligations.
HomeStart is a reporting entity under the Australian Anti Money Laundering and Counter Terrorism Financing Act 2006 which requires HomeStart to better understand our customers from the very start of your home loan journey with us and throughout the time you have a HomeStart home loan with us.
This is called Know your Customer or KYC.
Why do we ask for this information?
HomeStart has a role to play to in protecting Australia’s financial system and has an obligation to identify, manage and mitigate the risk of money laundering and terrorism financing occurring through our home loan products and we are required by law to put in place a KYC Program to get to know our customers better.
HomeStart provides home loans to customers, and as for all financial institutions in Australia that provide credit products such as home loans, we must comply with the AML/CTF laws.
You can read more about this here.
What KYC means for you?
KYC means that we need to collect and check each of our customers information and keep it current.
You may already be familiar with the KYC requirements when you opened your bank account with a bank or credit union.
- You will be asked to provide certified identification documents such as your Passport, Birth Certificate, Drivers Licence, Proof of Age, Medicare, Centrelink or Department of Veterans Affairs card, Change of name or Marriage certificate.
- HomeStart will ask you to provide information about yourself when you enquire or apply for a home loan and we will also contact you from time to time while you have a HomeStart home loan with us until you pay it out.
- When we contact you will ask you to confirm that your information is up to date, and you can tell us if any of your details have changed.
KYC FAQ’s
Important Information about KYC when you apply for a home loan.
- Before we can provide you with a home loan, HomeStart is required to verify your identity under the AML/CTF Act.
- You will need to provide us with your identification documentation so we can verify it.
- We protect your identity information with high levels of system security to protect your privacy.
- You can read HomeStart’s Privacy Policy here.
Checking your credit history
- Your application for a HomeStart home loan will appear on your credit file and we will conduct a credit check as part of your home loan application process.
- You can read about this by visiting moneysmart.gov.au
What is KYC?
- Know Your Customer is what we need to do to identify who you are and verify your details to ensure they are accurate.
- KYC isn't just for new customers, it is for of our all customers regardless of how long you have had your home loan with us.
- We will also re-verify this your information when we discuss your current loan with you to ensure your details are current and up to date.
- It is an important part of the way HomeStart manages the risk of money laundering and terrorism financing under the law to protect you and us.
What information do I need to provide?
• The personal information we need to collect and re-verify each time we discuss your loan details are:
- Your full legal name, including any middle names or other names you are known by
- Date of birth
- Residential address
- We also require you to provide you identification documents to us so we can verify your identity, when you apply for a loan and you also need to tell us when any of this information changes.
What information does HomeStart verify?
- HomeStart will verify the identification documents before we can offer you a home loan or continue to provide you with service for your existing home loan.
- This helps HomeStart play it’s part to prevent identity theft, money laundering and financial fraud and comply with the law.
Why is HomeStart Contacting me about my personal information?
- We need to ensure we hold your current and correct information and we will contact you from time to time to confirm your information even if it hasn't changed.
- We will also contact you if we've noticed that your personal information is either incomplete, incorrect or out of date and we need you to re-verify your current information.
How will HomeStart contact me?
• We will communicate with you through one or more of these methods;
- SMS
- Phone
- Email
- Letter
- You can also contact us when your details have changed by calling us on 1300 636 878 or email us via the KYC Inbox: customerservice@homestart.com.au
What are the laws?
- HomeStart is required to comply with The Australian Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and AUSTRAC'S AML/CTF Regulatory Rules
What will happen if I don't provide my information to HomeStart and keep it up to date?
- If your details cannot be confirmed and we cannot verify your information, we will not be able to provide you with a home loan or provide ongoing services to you if you already have a home loan with us
How will I know it is HomeStart calling me?
- It is wise to be cautious and if you are concerned you should verify who you are speaking to before providing your personal details.
- You can ask for the Customer Service Team member's name, and then call us back on 1300 636 878 and ask to speak with them so you can provide the information we need.
We are here to help
- If you have any questions about KYC, you can contact us between 9 am - 5pm, Monday to Friday on 1300 636 878.
- Our Customer Service Team is always here to help and if you have questions you can also contact us via the KYC Inbox: customerservice@homestart.com.au.
