OMM Car and Personal Loans Review

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on January 05, 2022 Fact Checked
OMM Car and Personal Loans Review

What you should know about OMM's personal and car loans.  

Whether you need a personal loan to fund some home renovations, a car, a wedding or other life expenses that pop up, finding the right provider can be tough. The interest rate is just one thing you need to look at - loan terms and flexibility are other big factors, too.

OurMoneyMarket, or OMM, is one of the more prominent personal loan providers in the Aussie marketplace. Find out what the brand has to offer below.

Who is OMM?

Founded in 2017, OurMoneyMarket, or OMM, is one of Australia’s newest and largest personal loan providers with more than $300 million in loans on its books. OMM has more than half a billion dollars in loan facilities and sources wholesale funding from the likes of Bendigo Bank, Commonwealth Bank and others.

OMM Personal Loans

OMM offers unsecured fixed-rate personal loans that can be repaid weekly, fortnightly, or monthly over a period of one to seven years up to a maximum of $75,000. OMM provides personal loans for debt consolidation, home improvements, medical/dental bills, education, weddings, holidays, cars, caravans, motorcycles, and boats.

Here's a snapshot of OMM's personal loans.

Lender
Advertised rate Comparison rate* Monthly repayment Interest TypeSecured TypeEarly Withdrawal FeeOngoing FeeApplication FeeTotal RepaymentEarly RepaymentInstant ApprovalOnline Application

FixedUnsecuredN/AMore details
APPLY ONLINE

Low Rate Personal Loan Unsecured (Excellent Credit)

  • No extra repayment or early exit fees
  • Up to $75,000 in loan amounts
  • Funding approved within 24 hours
APPLY ONLINE

Low Rate Personal Loan Unsecured (Excellent Credit)

  • No extra repayment or early exit fees
  • Up to $75,000 in loan amounts
  • Funding approved within 24 hours
FixedUnsecuredN/AMore details

Low Rate Personal Loan Unsecured (Outstanding Credit)

FixedUnsecuredN/AMore details

Low Rate Personal Loan Unsecured (Very Good Credit)

Rates based on a loan of $30,000 for a five-year loan term. *Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate, Rates correct as of January 17, 2022. View disclaimer.

See how OMM personal loans compare with some of the lowest rate personal loans on the market.

Lender
Advertised rate Comparison rate* Monthly repayment Interest TypeSecured TypeEarly Withdrawal FeeOngoing FeeApplication FeeTotal RepaymentEarly RepaymentInstant ApprovalOnline Application

FixedUnsecuredN/AMore details
APPLY ONLINE

Low Rate Personal Loan Unsecured (Excellent Credit)

  • No extra repayment or early exit fees
  • Up to $75,000 in loan amounts
  • Funding approved within 24 hours
APPLY ONLINE

Low Rate Personal Loan Unsecured (Excellent Credit)

  • No extra repayment or early exit fees
  • Up to $75,000 in loan amounts
  • Funding approved within 24 hours
VariableUnsecuredN/AN/AMore details
NO ONGOING FEES

Plenti Personal Loan (Excellent Credit Rating) (Variable)

  • No application fees
  • No ongoing fees
  • Apply online
NO ONGOING FEES

Plenti Personal Loan (Excellent Credit Rating) (Variable)

  • No application fees
  • No ongoing fees
  • Apply online
FixedUnsecuredN/AMore details
CHECK YOUR RATE IN 2 MINUTES
  • No ongoing fees
  • No application fees
  • Apply online
CHECK YOUR RATE IN 2 MINUTES
FixedUnsecuredN/AN/AMore details
NO ESTABLISHMENT, ACCOUNT OR EARLY REPAYMENT FEES

No Fee Personal Loan

  • No security required
  • Can apply online
  • Fast time to funding
NO ESTABLISHMENT, ACCOUNT OR EARLY REPAYMENT FEES

No Fee Personal Loan

  • No security required
  • Can apply online
  • Fast time to funding
FixedUnsecuredN/AMore details

Liberty Personal Loan (Very Good Credit History)

Rates based on a loan of $30,000 for a five-year loan term. *Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate, Rates correct as of January 17, 2022. View disclaimer.

OMM Car Loans

On top of personal loans, OMM also offers car loans. OMM will finance new or used vehicles up to seven years old.

  • Loan terms vary from one to seven years, with anywhere from $2,001 to $75,000 able to be borrowed.
  • Loans can either be secured or unsecured.
  • Repayments can be made either weekly, fortnightly or monthly.
  • Interest rates are fixed, meaning repayments won't fluctuate like they could with a variable rate.

On top of that, there are no account keeping fees, no prepayment fees and no early exit fees.

OMM interest rates

OMM offers tiered interest rates based on your credit score, using credit reporting bureau illion for its credit assessment process. illion’s credit score breakdown is as follows:

Rating

illion

Excellent

800-1000

Very good/Great

700-799

Good

500-699

Average/Fair

300-499

Below average/weak

1-299

Checking your credit score is generally free. You can use our credit score calculator to get a rough idea of what your credit score might be.

Why choose OMM for personal loans?

OMM has several standout features on its personal loans beyond just competitive interest rates. Some features include:

  • Fast Application: Totally digital and takes five minutes, with a decision in under a minute.

  • 'Free Quote': A no-obligation quote gives borrowers an indication of their interest rate, without an application showing up on or affecting a credit report.

  • No Hidden Fees: No account keeping fees, no exit fees and no early repayment fees.

OMM personal loan criteria

  • Be at least 18 years old

  • Be an Australian citizen or permanent resident

You will also need to provide personal and financial information as part of your application as well as three months' worth of bank statements.

OMM Important People

  • Steve Lambert - Chairman

  • Adam Sutherland - Founder & CEO

  • Crystal Anderson - Co-Founder & COO/CFO

  • Bruce Sutherland - Co-Founder & Director

  • Chris Kok Wan Chun - Non-Executive Director

  • Roger Lee - CTO

Frequently Asked Questions

How long does OMM take to approve a personal loan?

Loan applications can take as little as five minutes, with approval in as little as a minute.

What other loans does OMM provide?

OMM provides unsecured fixed-term loans for anything from debt consolidation to the purchase of a vehicle.


Photo by Avel Chuklanov on Unsplash

Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

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Harrison is Savings.com.au's Assistant Editor. Prior to joining Savings in January 2020, he worked for some of Australia's largest comparison sites and media organisations. With a keen interest in the economy, housing policy, and personal finance, Harrison is passionate about breaking down complex financial topics for the everyday consumer.

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