Target Market Determination – Inheritance Advance

Description of target market

The features of the Inheritance Advance have been assessed as meeting the likely objectives, financial situation and needs of consumers who:

(a)  meet the eligibility criteria, namely:

• (i)   individuals who are 18 years of age or above; and
• (ii)  are an Australian resident or citizen; and

(b)  have the following objectives, financial situation and needs:

• (i)   the consumer requires access to funds for up to a maximum of 24 months before receiving their inheritance;
• (ii)  the consumer requires a loan where standard loan documentation, such as employment status and income, is not a pre-requisite;
• (iii) the consumer requires no repayments (principal or interest) until they receive their inheritance; and
• (iv) the consumer requires a simple interest loan.

The product meets the likely objectives, financial situation and needs of consumers in the target market (set out above) because it allows them to access funds in advance of receiving their inheritance, where the funds are charged simple interest only and payable on receipt of the inheritance.

Description of product, including key attributes

The Inheritance Advance is a bridging loan that provides funds to consumers who are entitled to, but have not yet received the proceeds of, an inheritance.

The Inheritance Advance has the following key attributes:

• Bridging loan designed to provide short-term finance before the consumer receives their inheritance
• The consumer is required to assign the distribution of their inheritance to Trivaro
• Simple interest
• Maximum loan term of 24 months. Loans that exceed 24 months will only be accepted in special circumstances
• Minimum loan amount is $25,000
• Maximum loan amount is 50% of the consumer's expected inheritance (maximum loan amount $1 million)
• No repayments (principal or interest) throughout the term of the loan. The consumer is liable to repay the loan once their inheritance is distributed (ie bullet payment)
• Application fee payable

Classes of consumers for whom the product is clearly unsuitable

This product is not suitable for consumers who:

• will not receive an inheritance;
• do not meet the eligibility requirements;
• want regular repayments throughout the term of the loan; and
• are seeking a long-term funding solution.

Distribution conditions

The following distribution channels and conditions have been assessed as being appropriate to direct the distribution of the product to the target market:

The distribution channels and conditions are appropriate because:

• our distributors have been adequately trained to understand the product and our regulatory obligations, including our design and distribution obligations; and
• our approval system has controls in place to flag applicants who may be outside the target market.

The following review triggers would reasonably suggest that the TMD may no longer be appropriate:

• A significant dealing of the product to consumers outside the target market occurs.
• Complaints are received from more than 10% of our customers in relation to the product in a calendar month.
• More than 10% of our customers default in relation to the product in a calendar month.
• Applications for hardship are received from more than 10% of our customers in relation to the product in a calendar month.
• There is a material change to the product or the terms and conditions of the product which may suggest that the TMD may no longer be appropriate.

First review date: 2 June 2026

Periodic reviews: every 12 months, after the initial and each subsequent review

Trigger reviews: review to be completed within 10 business days of the identification of a trigger event.

The following information must be provided to Trivaro by distributors who engage in retail product distribution conduct in relation to this product: