Initial Review: Within 6 months of the effective date
Periodic Review: At least annually from the initial review
Review Triggers: A review of the TMD will be triggered when the issuer determines a material event or circumstance has occurred in relation to:
Financial hardship – a material number of customers experiencing financial hardship as a result of obtaining the product.
Material complaints – receiving material complaints regarding the terms of the product or its manner of distribution.
Material product changes – a material change to the product or the manner of distribution that is likely to result in the determination not appropriate for the target market.
Evidence of fraud – evidence of fraud by customers and or their real estate agents (for example, funds not being used for the intended loan purpose or the discovery of non-complying eligibility documentation).
Changes in applicable laws and regulations – changes to applicable laws and regulations that result in the design of the product no longer being appropriate for the target market.
Large number of vendors applying for the product who are not eligible.
Significant Dealing – Notify ASIC in writing as soon as practicable, and in any case within 10 business days after becoming aware of a significant dealing that is inconsistent with this determination.