TERM INVEST ACCOUNT. What You Need to Know. Product Disclosure Statement June Product Disclosure Statement 1

Transcription

1 TERM INVEST ACCOUNT What You Need to Know Product Disclosure Statement June 2014 Product Disclosure Statement 1

2 CONTENTS General information Purpose of a Product Disclosure Statement (PDS) What is the Term Invest Account? What are the product features? Term Invest Maturity Why choose a Term Invest Account? The difference between Term Invest and a bank account? What are the significant risks? What if I have a complaint? Privacy of your personal information For further information Term Invest: What You Need to Know Product Disclosure Statement June 2014 Issued by Christian Outreach Centre trading as International Network of Churches Invest. ARBN ABN You should read all sections of this Product Disclosure Statement before making a decision to acquire this financial product. 2 Term Invest Account: What You Need to Know Product Disclosure Statement 3

3 General Information In 2004, the International Network of Churches (INC) commenced a new treasury service to local churches and colleges within the INC Movement. This treasury service, called INC Invest, has enabled local church and college groups to apply for loans which support the vision of the INC Movement. Currently over $50 million in loans are managed through the INC treasury office. The Operations Board of International Network of Churches approves all loans. To help support local churches and colleges who are seeking funding when undertaking projects, INC Invest has introduced a product for individual church members called the Term Invest Account. Funds raised through this product help support the financing of existing and future church and college facilities and other charitable projects within Australia. Purpose of a Product Disclosure Statement (PDS) A PDS aims to provide you with enough information to help you decide whether the product will meet your requirements. The PDS is made up of general information that governs INC Invest products and services. If you decide to open a Term Invest Account, it is recommended that you keep this PDS for your future reference. What is a Term Invest Account? The Term Invest Account is a personal investment account designed for investors who want to support the financing of local church and college projects and the charitable ministry aims of. What are the product features? The features of the product are as follows: Interest* Fees and Charges Terms Availability of Funds Prepayment Regular Statements Internet Access Cheque Book Investment Book ATM access Fixed rate for the duration of the term account keeping fees From 31 days up to 6 months At maturity of term Subject to INC Invest approval Yes & initial Certificate of Investment For viewing balances only *Current interest rates are advertised on the INC Invest website. The advertised rate at the time your funds are received or rolled will be the rate applied. Interest will be paid at the maturity of the term. Interest will either be: a) added to your investment at the maturity of each term; b) credited to your nominated account or c) paid by some other form as agreed by INC Invest. Term Invest Maturity You may provide INC Invest with instructions about the maturity of your term investment at any time and these instructions can be updated prior to your term investment maturing. Instructions may include: Credit the term investment to a nominated account; Repay the term investment by cheque or some form agreed by INC Invest; Invest the term investment for a further term with or without additional funds. If you choose to re-invest your term investment, with or without additional funds, the interest rate that will apply during the further term will be the advertised interest rate as at the day of maturity. If maturity instructions are not provided prior to the maturity date of the term investment then INC Invest will automatically reinvest the term investment for a further period of the same length as the term that has ended. The new maturity date will be the date of the end of the further term. 4 Term Invest Account: What You Need to Know Product Disclosure Statement 5

4 Why choose a Term Invest Account? By opening a Term Invest Account you will be contributing to the vision of International Network of Churches. By building an investment base to supplement its external borrowings, INC Invest can lower the cost of funding on loans to local churches and colleges. INC Invest does not loan outside the Group. 95% of all loans are given for the purchase and/or development of landed property for church and college use. All landed property is purchased in the name of Christian Outreach Centre, the legal entity of the INC Group. How is the Term Invest Account different to a bank account? INC Invest is not a bank. This means neither the International Network of Churches nor its charitable investment fund, INC Invest, is prudentially supervised by the Australian Prudential Regulatory Authority (APRA). Contributions to the Fund do not obtain the benefit of the depositor protection provisions of the Banking Act The fund is designed for investors who wish to promote the charitable purposes of the fund. What are the significant risks? The security of funds invested is limited to the financial position and strength of the International Network of Churches movement in Australia. International Network of Churches is however subject to financial covenants with its principal bankers, which require International Network of Churches to manage its financial position within acceptable financial benchmarks. The most recent audited financial report of the International Network of Churches Group can be obtained on request. As at 31 December 2012, the audited figures of in Australia reported a net asset position of $133 million dollars (AUD). International Network of Churches Invest is a trading name of Christian Outreach Centre and operates within the same legal entity. What if I have a complaint? It is the aim of INC Invest to provide the highest levels of customer service. If for any reason you believe that we have not delivered our services to your expectations you should let us know as soon as possible so we can investigate the matter and have it resolved. Obtaining your comments and feedback will also enable us to continually improve our services. You may contact our staff by: invest@inc.org.au Telephone: (07) Fax: (07) Writing to the address below: INC Invest Customer Service C/- Highpoint Business Centre PO Box 775 Springwood QLD 4127 We expect most issues will be resolved within 48 hours. However, some issues requiring resolution could entail retrieving information from third parties, which may take longer than 48 hours. In this event and the grievance takes an extended time to resolve, we undertake to keep you informed of our progress weekly. Dispute Resolution If the staff of INC Invest cannot resolve your grievance to your satisfaction, you may wish to contact the: Chief Operations Officer, International Network of Churches, PO Box 6917, Tweed Heads South NSW 2486 or phone Privacy of your personal information Collection of Personal Information In order to establish the account arrangements, the information that Invest will require includes full names, identification documents, addresses and contact details. This information will enable us to satisfactorily manage your account with us. International Network of Churches may take steps to verify the information collected to satisfy that the customer information provided is accurate and true. If you provide incomplete or inaccurate information, we may not be able to provide you with the services you have requested. All information obtained to manage your account relationship will be held confidentially by INC Invest and will not be supplied to other members of the International Network of Churches Group including local churches or colleges. We may be required to disclose information by law such as Statutory tices pursuant to taxation or social security laws. Access to your personal information You may obtain details of the personal information INC Invest holds for your account by contacting: INC Invest Customer Service C/- Highpoint Business Centre PO Box 775 Springwood QLD Term Invest Account: What You Need to Know Product Disclosure Statement 7

5 Further Information If you would like further information about this product or the work of INC Invest, please contact us: Telephone: (07) Fax: (07) Web: incinvest.com.au 8 Term Invest Account: What You Need to Know