Professional athletes are already racing for a first prize of $11,500 or a share in a total prize pool of about $33,000.
The first athletes to beat times of 8hr 10min (men) and 9hr (women) will receive a $5000 bonus.
The course records were set last year by Marc Pschebizin of Germany (8hr 47min 50sec) and Gina Ferguson of Christchurch (9hr 33min 46sec).
Race director Victoria Murray-Orr said yesterday it was "going to take a stunning performance to earn the bonus but we believe it is attainable.
The times set are significantly faster than the current course records but are also significantly slower than the world records, which would be unrealistic on a course of this nature".
There will also be a trophy for the highest-placed club team, to encourage competition between triathlon clubs and participation in the ironman disciplines.
The highest-placed male, female and mixed teams from the Southern Lakes will each take home $900.
That is in addition to the cash prizes of $1000, $500 or $250 being offered by the organisers to the first three teams to finish in each category, regardless of abode.
A Southern Lakes team is defined as one comprising residents from Wanaka, Lake Hawea, Cromwell, Queenstown and Te Anau.
There were 104 teams and 125 individuals registered on Challenge Wanaka's website yesterday, with at least 100 people from the Southern Lakes area in teams, Murray-Orr said.
Adding further interest to the race will be the presence of New Zealand Olympian cyclists Joanne Kiesanowski and Brian Fowler, both competing for teams.
Professional athletes this year include Luke Dragstra (Canada), Justin Granger (Australia), Marc Pschebizin (Germany), Chris McDonald (Australia), Richard Ussher (Nelson, Merryn Johnston (Wanaka), Gina Ferguson (Christchurch) and Hillary Biscay (United States).
