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Interest rate announcement - 12 August 2022. Bank Australia will increase variable home loan and commercial variable rates in response the RBA’s recent decision to raise the official cash rate. From 18 August 2022, interest rates will increase by 0.50% for variable rate owner-occupier and investor loans, while commercial variable rate loans will also increase by 0.50%. For existing home loan customers, repayment changes will be effective from 1 October 2022. Read more here.

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2022-04-28 10:05 am
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Target market determinations

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).

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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, please contact us.

Banking accounts

TMD
Date of TMD
5 Oct 2021
5 Oct 2021
15 Jun 2022
1 Jun 2022
5 Oct 2021
5 Oct 2021
5 Oct 2021
5 Oct 2021
5 Oct 2021
5 Oct 2021
TMD
Date of TMD
5 Oct 2021
5 Oct 2021

Credit cards

Allianz insurance

Contact us

If you need help understanding your Target Market Determination document, or require an archived version, call us on 132 888 or email us through secure mail in internet banking or your app.

Contact us