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Target Market Determinations


What is a Target Market Determination (TMD)?

It’s a document that describes the type of customer who may suit one of our products, and the conditions and circumstances for how the product can be distributed. It also outlines when each TMD will need to be reviewed (generally every 1 to 2 years).

Why do we need Target Market Determinations?

We're required to have Target Market Determinations under the Treasury Laws Amendments (Design and Distribution Obligations and Product Interventions Powers) Act 2019. This framework ensures that we have a customer-centric approach to how we design, market and distribute our financial products. You should also consider our General Terms and the Product Disclosure Statement (if applicable), your personal position, objectives, financial situation and needs before deciding if this product is right for you.

Current Target Market Determinations

The current Target Market Determinations (TMD) for our products can be downloaded as a PDF using the below links. As Target Market Determinations are reviewed regularly, all archived Target Market Determinations are made available for reference.

Deposit products

Lending products

Archived Target Market Determinations

Target Market Determinations (TMD) are reviewed regularly. When a new version is provided, the archived TMD will be made available for reference.


*All depositors are protected by the Government guarantee. For further details, please refer

This information is intended to be general only and has been prepared without taking into account your objectives, financial situation or needs. Because of that, you should consider its appropriateness, having regard to your objectives, financial situation and needs before acting on any such information. You should obtain and consider the relevant Target Market Determination (TMD), General Terms, Product Disclosure Statement (PDS), Fees and Charges Schedule and Interest Rate Schedule before making a decision about whether to acquire or continue to hold the relevant product.

Issued by Challenger Bank Limited (ABN 54 087 651 750, AFSL/Australian Credit Licence 245606) which is an authorised deposit-taking institution (ADI) regulated by the Australian Prudential Regulation Authority. Challenger Bank Limited is a part of the group of companies constituted by Challenger Limited and its subsidiaries (Challenger Group). No other entity in the Challenger group apart from Challenger Bank Limited is an ADI, and that entity's obligations does not represent deposits or other liabilities of Challenger Bank Limited. Challenger Bank Limited does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.