Krone | New Zealandnz
Krone New Zealand

Target Market Determination

Target Market Determination previewTarget Market Determination

The law requires Kubota to issue this target market determination to describe its consumer loan product, and how and to whom it is made available. It assists Kubota dealers and consumers in deciding the circumstances in which the loan may be relevant.

 Our Consumer Loan Product
Product Name Consumer Loan Contract – Secured
Customer Class Kubota supplied equipment customers only. We only provide consumer finance to consumers who wish to purchase new Kubota supplied equipment through an authorised Kubota dealer.
Distributors Our consumer loan is only available through:

  • Our authorised Kubota dealers or
  • Kubota Australia Pty Ltd – directly through customer service staff

This ensures consumers are always dealing with trained Kubota staff or dealers who are very familiar with both the equipment and our consumer loan product’s terms and conditions.
Third Party Distribution Channels Our consumer loan is not available through third-party channels, other than authorised Kubota dealers.
Consumer’s objective The consumer wants to own the Kubota supplied equipment of their choice for personal, household or domestic use.The consumer does not intend to use the equipment for predominantly business purposes.
Consumer’s Requirements The consumer wants the certainty of a fixed interest rate loan at an agreed repayment amount over an agreed loan term.
Target Market & Product Consistency Consumers actively seek to purchase Kubota supplied equipment, so initiate both the sale and the request for finance, as both the equipment and finance can only be obtained through Kubota Australia Pty Ltd and/or its authorised dealers.
Finance Exclusions We do not finance:

  • equipment other than Kubota supplied equipment
  • insurances
  • extended warranties
Our Application Criteria To apply for our consumer loan, consumers must:

  • be an Australian resident
  • have an Australian residential address
  • be at least 18 years old
  • be able to prove their identity
  • be able to show they have been in regular employment with a regular income for at least 12 months
  • have some money left over at the end of each month, after their expenses are paid, including their loan repayments, to help manage any variations in expenses
  • meet our credit criteria
  • pay to the authorised Kubota dealer the minimum deposit, or part purchase price, we specify as a condition of loan application

Our Loan Features
Interest rates: Our interest rates are fixed for the loan term, based on promotion by us or an authorised Kubota dealer.
Loan amount The minimum amount to be financed is $4,000 for new machinery
Loan terms Our loan terms are 1 to 5 years, to suit the consumer’s needs, or as stated in a relevant promotion by us or an authorised Kubota dealer
Loan type SecuredWhile the consumer owns the financed equipment from the beginning of the loan, we take a mortgage over the equipment to be financed.We release our security interest when the loan is finalised
Our Fees and Charges We may charge:

  • an establishment fee, payable at settlement and which can be included in the loan amount
  • a late payment fee, if the consumer is late making a scheduled payment
  • a document fee, if we are asked to provide additional copies of documents during the loan term
  • enforcement expenses if we need to enforce our rights

 

Our Governance

Complaints Consumers can lodge a complaint:

  • directly with us at any time via phone, email or mail or
  • through an authorised Kubota dealer

Dealers must let us know about a consumer’s complaint within one (1) business day of receiving it.
Product Review  

 Target Market Determination Review

 We review our consumer loan product:

  • whenever significant market conditions, or regulatory requirements, trigger changes to our fees, terms or conditions
  • if early termination or hardship applications or complaints increase disproportionately to loan volumes
  • if AFCA or ASIC raise any concerns about our consumer loan product
  • when the business determines a change is required
  • if this product has been mis-sold in any way, requiring ASIC to be informed

Unless a product review necessitates changes to the product, we will review the product’s target market determination every 3 years.
Product Changes With the exception of cost increases affecting fees, any changes to our consumer loan product will only apply to new loans, not existing loans.

 

Date effective April 2023
Date ceased To be advised
Date reviewed March 2023

 

Kubota Australia Pty Ltd ABN 72 005 300 621 trading as Kubota Australia Finance

Australian Credit Licence Number 442007

Kubota Contact details –

  • Email: clientrelations@kafinance.com.au
  • Telephone: 1800225990
  • Postal address: 25-29 Permas Way Truganina VIC 3029