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What’s a Target Market Determination?

A Target Market Determination (TMD) is a document which describes who a product is intended to be appropriate for based on a consumer’s needs, financial situation and objectives (target market).

Why does Bank Australia need to have Target Market Determinations?

It helps us make sure we’re keeping customers at the centre of our approach to the design and distribution of our financial products.

The Treasury Laws Amendment (Design and Distribution Obligations and Product Intervention Powers) Act 2019 was passed on 5 April 2019.

In December 2020, ASIC issued Regulatory Guide 274 which outlines ASIC’s view and expectations of the Product Design and Distribution Obligations.

Issuers and distributors of financial products must comply with these design and distribution obligations as set out in Pt 7.8A of the Corporations Act 2001 (Corporations Act) from 5 October 2021.

The design and distribution obligations are intended to help consumers obtain appropriate financial products by requiring issuers and distributors to have a consumer-centric approach to the design and distribution of products.

A TMD describes any conditions around how the product can be distributed to customers. It also describes the events or circumstances where we may need to review the TMD.

Target Market Determinations (TMDs) – Where do I find?

This is where you will find our currently published TMDs.  If the date of your agreement precedes the date of the published TMD contact us.

Banking accounts
TMD Date of TMD
Bonus Saver 5 Oct 2021
Christmas Saver 5 Oct 2021
Everyday Access 5 Oct 2021
Mortgage Offset 5 Oct 2021
MySaver 5 Oct 2021
Online Saver 5 Oct 2021
Basic Access Account 5 Oct 2021
Pension Access Account 5 Oct 2021
Term Deposit 5 Oct 2021
Visa Debit Card 5 Oct 2021
Car and Personal loans
TMD Date of TMD
Personal Loan - Car Loan 5 Oct 2021
Personal Loan 5 Oct 2021