A Target Market Determination (TMD) is required under section 994B of the Corporations Act 2001 (Cth) (Corporations Act). It sets out the target market for the product, triggers to review the target market and certain other information. It forms part of 1derful’s design and distribution framework for the product.
This document is not a product disclosure statement and is not a summary of the product features or terms of the product. This document does not consider any person’s individual objectives, financial situation or needs. Persons interested in acquiring this product should carefully read the terms and conditions at https://meetbree.com.au/bree-app-terms-conditions/ before deciding whether to buy this product.
Name of product
The Bree App is a digital, mobile app only, product which offers the ability to upload bills, and to have them paid instantly on credit, with the payment amount split over a number of instalments.
The tool is aimed at busy people who want to outsource some of the effort in remembering when to pay bills and to help them smooth out their bill payments over regular instalments as well as easing the financial impact.
The user chooses an instalment option for repayment, currently 4 equal fortnightly instalments or 8 equal weekly instalments. Upon the due date of each instalment, the instalment amount is automatically debited from the user’s nominated funding source (ie a debit or credit card linked to a bank account). The first instalment is taken prior to the bill being paid.
Key product attributes
1derful Pty Ltd
30 636 589 538
This product is issued pursuant to the continuous credit exemption under section 6(5) of the National Credit Code.
Under section 12BAA of the Australian Securities and Investments Commission Act 2001 (Cth), the provision of credit pursuant to that exemption remains subject to the design and distribution requirements of the Corporations Act.
The Target Market is the class of persons who are the type of customer set out below, who have the needs and objectives set out below and are in the financial situation set out below.
Type of Customer
This product is designed for people who are seeking a product to assist them in paying small bills (between $200 and $1,000) and wish to:
These people would have the following features:
This product is not suitable for:
Needs and objectives
The customer who is obtaining the product will have the following needs and objectives:
1derful considers that the product (including its key attributes) is likely to be consistent with the likely objectives, financial situation and needs of consumers as it provides the means for Consumers to access funds in the form of a short term loan to pay for bills.
The Bree App is distributed solely by Alectura Pty Ltd trading as Bree. Bree may only market and promote the product through:
It has been determined that the distribution conditions and restrictions will make it likely that consumers who purchase the product are in the class of consumers for which it has been designed. The distribution conditions are appropriate and will direct distribution towards the target market for whom the product has been designed (for example consumers with digital experience given this product is distributed and administered online).These distribution conditions are supported by 1derful’s application handling processes, which include checks to ensure the consumer is eligible for credit under the Bree App.
This TMD will be reviewed where 1derful determines that any of the following has occurred:
Maximum period for review
Every one year from the initial review
The review period allows for the collection of data for 1 year, plus three months for the completion of the review.
Distributor Information Reporting Requirements
1derful reserves the right to amend the TMD at any time if such amendment is needed as a result of any changes to the law or regulations, regulatory guidance or for any reason 1derful considers as a proper reason to amend the TMD.