OurMoneyMarket, or OMM as it’s commonly known, promotes itself as a fast and efficient lender, with a five-minute application process.
It offers secured and unsecured loans for a range of purposes, including renovations, further education, holidays, cars, wedding costs, debt-consolidation loans and even cosmetic enhancements.
As with other lenders, the lowest interest rates are reserved for those with excellent credit scores. Rates start at 6.57%, with a comparison rate of 7.19%, which is the cost of the loan when fees are taken into account.
You can borrow between $5,000 and up to $100,000 depending on your financial circumstances and what you intend to use the loan for (more on this below).
We like the fact that there are minimal fees, provided you stay on top of repayments. While there is an establishment fee, there are no account fees or early repayment fees. There is, however, a late repayment fee of $35 and a payment dishonour charge of $25.
Customer reviews are largely positive, too, with the lender receiving an average score of 4.5 stars for more than 1,000 reviews on ProductReview.
Pros
- No early exit fees
- No prepayment fees
- No account keeping fees
- Funds can be deposited as soon as the next day
Cons
- $25 dishonour fee if cannot process direct debit
- $35 late payment fee payable 5, 14, 21 and 30 days after the payment date
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Key Features
OurMoneyMarket, or OMM as it’s referred to, is an online-only lender, offering a choice of secured or unsecured personal loans to Australian customers. These loans can then be used to fund cars, renovations, holidays and even a wedding.
The key features include:
- Loan amounts of $5,000 to $100,000
- Loan terms of one to seven years
- Fixed rate from 6.57% to 18.99% depending on credit history
- Comparison rate from 7.19% to 21.78% per annum
- Choice of weekly, fortnightly or monthly repayments.
What is OurMoneyMarket?
Key to OurMoneyMarket’s stated philosophy is ensuring borrowers with good credit history are rewarded with better rates. Borrowers with excellent credit are offered interest rates from 6.57% and a comparison rate from 7.19% per annum. The latter combines the interest rate, fees and charges, and is used by lenders to provide a more accurate picture of the total cost of the loan.
Regulated by the Australian Securities and Investments Commission (ASIC), OMM provides personal loans through the OurMoneyMarket Investment Trust. The business is operated fully online using cloud-based technology. It was founded in 2017, and uses a low-cost operating model compared to many traditional banks, which it argues, enables it to pass on savings to its customers in the form of lower rates.
Customers have scored the lender 4.5 out of five stars across more than 1,000 reviews on ProductReview. Positive reviews cited the smooth loans process and excellent customer service, while a handful of negative reviews complained of loan refusals and difficulty getting in touch.
Will I Be Eligible For a Loan With OurMoneyMarket?
As typical of lenders in Australia, OurMoneyMarket requires borrowers to be at least 18 years of age, and an Australian citizen or permanent resident.
They must be in active employment or receive a pension, although Centrelink may be used as a second income to supplement regular income. They must have no paid or unpaid defaults or active payday loans, must not have previously experienced, or be currently experiencing bankruptcy, or be party to a court judgement.
What Kind Of Loan Can I Get?
OurMoneyMarket offers personal loans to help consolidate debt and help fund a range of projects and purchase.
You can borrow up to $75,000 for:
- a holiday
- a wedding
- medical and cosmetic costs
- vet expenses
- education.
- Green loans for sustainable projects, such as solar panels, EVs and rainwater tanks.
- Boats
You can borrow up to $100,000 for:
- A new or used car
- Pool and spa
- Motorcycle
- Home renovations.
- Caravans
OurMoneyMarket offers fixed rate unsecured and secured loans, which can be repaid over a term of one to seven years. Secured loans require you provide an asset, such as your car, as security for the loan. If you don’t pay back the loan on time, OurMoneyMarket could repossess it and sell it. Repayments can be made weekly, fortnightly or monthly. All loans are fixed, which means the interest rate won’t change.
How Do I Apply To Borrow Through OurMoneyMarket?
You can first use OurMoneyMarket’s quotation tool to find out what your repayments could be based on the amount you wish to borrow and the amount of time you need to pay it back.
Once you’ve ensured the estimated repayments are affordable, you can fill out the online application, which is the only way to apply for finance. OurMoneyMarket claims the application takes five minutes, while applicants can expect a decision in under a minute after completion. Funds can then be deposited into your account as early as the next day.
Is Borrowing Through OurMoneyMarket Right For Me?
If you’re paying a high interest rate on debt that you already have, and wish to roll your debt into one consolidated loan, then OMM’s debt consolidation may appeal. You can run a quote on the lender’s website to work out if you will in fact repay less with one of its consolidation loans, compared to what you currently repay on your debt, before deciding whether it’s worth it.
A personal loan from OMM may also appeal if you have a healthy credit score and are offered one of its lower interest rates. There are minimal fees to pay if you stick to making repayments in full and on time, which helps keep costs low. You are not financially penalised for paying off your loan early, either. However, bear in mind that OurMoneyMarket operates online only, which may not suit everyone.
Alternatives to OMM
It cannot be overlooked that while OurMoneyMarket’s lowest interest rate is competitive, there are other lenders currently offering loans starting with lower interest rates. However, a loan’s interest rate is only one of a number of variables you would need to consider before deciding whether it’s right for your personal circumstances. Other considerations include the amount you can borrow, the loan term and any fees. There may be a one-off establishment fee to take out the loan, a monthly account-keeping fee, a charge for late repayments and more. You can find the full terms and conditions of a loan and the fees charged on the lender’s website.
You may be able to take out a no-interest loan with another lender, if you want to borrow a smaller sum of money, such as $2,000. Equally a line of credit may be a more suitable choice if you need to borrow a large sum of money, without the restriction of a loan term, but you’ll likely need a super healthy credit rating to be accepted for this product.
Key to finding the right form of credit for you, and a deal which could save you thousands in interest rates and fees, is to shop around. In any scenario, you’ll likely be able to get a free online quote on the lender’s website. This usually involves a ‘soft credit check’, which won’t affect your credit score. However, when you formally apply for the credit product, a lender will assess whether you can afford to repay it by running a credit check, which can negatively affect your credit rating if your application is not accepted, and you reapply for credit soon after. Equally, submitting multiple applications at the same time can also be damaging to your credit file.
If your application is accepted, make sure to make repayments in full and on time. Doing so can boost your credit score, but of you fall behind it could harm your credit file, and you could incur missed payment fees. Also, ensure a lender doesn’t charge an exit early fee if you intend to pay off your debt early.
If you’re struggling with repayments, you can call the National Debt Helpline on 1800 007 007 for advice.
Frequently Asked Questions (FAQs)
Who founded OurMoneyMarket?
OurMoneyMarket was founded in 2017, by Steve Lambert, Adam Sutherland, Crystal Anderson and Bruce Sutherland, who all still play major roles within the company, which is based in Adelaide.
Is OurMoneyMarket safe?
OurMoneyMarket is a reputable lender, regulated by ASIC, which is responsible for enforcing laws to protect Australian consumers.
All reputable lenders should hold a credit licence number that you can find on its site. OurMoneyMarket’s is: 488228. You can verify a credit licence number by checking ASIC’s professional registers site.
How do I contact OurMoneyMarket?
You can contact OurMoneyMarket’s customer service team on: 1300 990 115, Monday to Friday, between 11am and 4pm CST. It closes for state-based and national public holidays.
Written enquiries can be sent to: info@ourmoneymarket.com or:
GPO Box 11046, Adelaide, SA, 5001.
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