OurMoneyMarket (OMM) is an online-only lender that offers personal loans of up to $100,000. It says it offers lower interest rates to borrowers with good credit histories.
OurMoneyMarket is not a bank or a credit union. Instead, it's a non-bank lender. That means it can’t offer deposit products, like traditional offset accounts.
Beyond its core brand, OurMoneyMarket also operates Handy Finance, which provides personal loans and Handypay—a tool letting businesses offer payment plan options to their customers.
How do OurMoneyMarket Personal loans work?
OurMoneyMarket offers personal loans of between $5,000 and $75,000, or up to $100,000 if you’re borrowing to pay for the likes of a home improvement project or car purchase.
These loans can either be secured or unsecured, meaning you can use a car as security against a car loan, for instance. This could see you with a lower interest rate, as the lender can repossess that car if you default on the loan. Unsecured personal loans don't require you to own an asset, though interest rates tend to be higher as they’re a greater risk for a lender. You’ll also risk fees and, in serious cases, legal action if you don’t repay the loan, even if it’s unsecured.
When assessing your loan application, OMM will look at your credit history and assign a grading to your loan request, between A++ (exceptional) and D (below average). The interest rate you’re offered will be based on this grading, alongside other factors. If you have previously managed credit well, perhaps by making other loan repayments on time, you may be more likely to be offered a lower interest rate.
OMM personal loans have fixed interest rates, so your repayments—which can be made weekly, monthly, or fortnightly—will always stay the same.
What's the eligibility criteria for an OMM personal loan?
To get a personal loan from OurMoneyMarket, you’ll need to meet this eligibility criteria:
- Be at least 18 years or older
- Be an Australian citizen or permanent resident
- Have a job or receive a pension
- Not have any outstanding loan defaults or active payday loans
- Must not have ever been bankrupt or be a party to a court judgement
Other terms, conditions, and eligibility criteria may also apply.
Loan terms on OurMoneyMarket personal loans
OurMoneyMarket loan terms generally range from one to seven years, though its green personal loans (which can be taken out to buy things like solar panels or EV chargers) can have terms of as long as 10 years.
When choosing a loan term, keep in mind that a longer term can mean lower monthly repayments, but you’ll likely end up paying more interest over the life of the loan.
What fees are involved with an OurMoneyMarket personal loan?
While OurMoneyMarket doesn’t charge monthly or early repayment fees, it does sometimes charge an establishment fee. This is calculated as a percentage of your loan amount, the size of which is based on your OurMoneyMarket loan grade, and can range from nothing to 6% of your loan amount.
OMM may also charge the following non-standard fees:
- A loan variation fee: if you need to vary your loan’s terms
- A document production fee: If you request a hardcopy of any documentation relating to your loan
- A loan cancellation fee: If you cancel your loan after accepting a loan offer but before the loan funds have been provided.
Other fees that may be charged under certain situations include:
- Late or overdue payment fees
- Direct debit dishonour fees
- Enforcement expenses, if you breach your contract terms
If you’re considering a loan, check the comparison rate. This number combines the interest rate with standard fees and charges to give you a truer picture of how much the loan could cost you each year.
How to apply for an OurMoneyMarket personal loan
You can apply for a personal loan from OurMoneyMarket on its website. There, you can fill out a form and receive a quote detailing the interest rate you may be offered without impacting your credit score.
If you’re happy with your quote, you can complete the full loan application online, with OMM claiming it can provide you with a final decision in under a minute.
Once you’ve been approved and all paperwork has been finalised, the money should arrive in your account within one business day, though it can take up to three.
FAQs on OurMoneyMarket personal loans
OurMoneyMarket offers personal loans that can be used to cover a variety of costs, including:
- Home renovations
- Debt consolidation
- The purchase of a new of used vehicle
- Holidays
- Weddings
- Education
- Medical expenses, like dental work or cosmetic surgery
OurMoneyMarket is not a payday lender. Payday lenders typically provide smaller loans—up to a few thousand dollars—that must be repaid within a short window—often up to a year.
OurMoneyMarket offers loans with terms of between one and seven years and loan amounts of between $5,000 and $100,000. Also, OMM only facilitates loans to creditworthy borrowers that meet its lending standards.
No, OurMoneyMarket is not a bank, as it does not have a banking licence and therefore, isn’t supervised by the Australia Prudential Regulation Authority (APRA).
However, like all non-bank lenders, OMM holds an Australian Credit Licence and must abide by the National Credit Act and other laws.
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