OMM Car and Personal Loans Review

author-avatar By
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

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

Low Rate Personal Loan Unsecured (Outstanding Credit)

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

Low Rate Personal Loan Unsecured (Very Good Credit)

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

*Comparison 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 May 25, 2022. View disclaimer.

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

Lender

FixedUnsecuredN/AMore details
APPLY ONLINE
  • No extra repayment or early exit fees
  • No ongoing 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
  • No ongoing fees
  • Up to $75,000 in loan amounts
  • Funding approved within 24 hours
FixedUnsecuredN/AMore details
CHECK YOUR RATE IN 2 MINUTES
  • No ongoing fees
  • No application fees
  • Apply online
CHECK YOUR RATE IN 2 MINUTES

Unsecured Loan (Excellent Credit)

  • No ongoing fees
  • No application fees
  • Apply online
FixedUnsecuredN/AMore details

Low Rate Personal Loan (Excellent Credit)

    FixedUnsecuredN/AMore details

    Liberty Personal Loan (Very Good Credit History)

      *Comparison 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 May 25, 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.

      OMM car loan benefits

      OMM car loans benefit from having no account keeping fees, no prepayment fees and no early exit fees. On top of that, OMM caters towards a variety of borrowers' credit ratings, detailed further below.

      OMM doesn't stop at car loans - automotive finance can be used for anything from cars to motorbikes to motorboats. Loan applicants can borrow up to $75,000, which gets you a lot of car, many more motorbikes, or a nice-sized boat.

      The application process is 100% online, with conditional approval offered in minutes. It starts with getting a free quote, followed by a five minute application, and a decision can usually be delivered in one minute.

      To see how OMM's car loans compare to others, refer to the table below.

      Lender

      VariableNew1 yearMore details
      NO ONGOING FEES
      • Unlimited extra repayments
      • Flexible repayment options
      • Can apply online
      • You could win a $1,000 fuel gift voucher. Open to customers who settle a car loan with loans.com.au. Terms and conditions apply.
      NO ONGOING FEES

      New - Prime Special

      • Unlimited extra repayments
      • Flexible repayment options
      • Can apply online
      • You could win a $1,000 fuel gift voucher. Open to customers who settle a car loan with loans.com.au. Terms and conditions apply.
      FixedNew, Used99 yearsMore details
      APPLY ONLINE
      • No ongoing fees
      • No early exit penalty
      • Flexible repayment options
      APPLY ONLINE

      Car Loan

      • No ongoing fees
      • No early exit penalty
      • Flexible repayment options
      FixedNew2 yearsMore details
      NO ONGOING FEES
      • No ongoing fees
      • No early exit penalty
      • Apply online
      NO ONGOING FEES

      New Car Loan

      • No ongoing fees
      • No early exit penalty
      • Apply online
      FixedNew2 yearsMore details
      QUICK APPLICATION PROCESS WITH NO FEES
      • Quick application process and no monthly fees
      • Low fixed interest rates with terms of up to seven years
      • New car loans cover cars up to 3 years old
      QUICK APPLICATION PROCESS WITH NO FEES

      New Vehicle Fast Loan Low Rate

      • Quick application process and no monthly fees
      • Low fixed interest rates with terms of up to seven years
      • New car loans cover cars up to 3 years old
      VariableNew1 yearMore details
      APPLY ONLINE
      APPLY ONLINE

      Electric and Hybrid Car Loan

        *Comparison 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 May 25, 2022. View disclaimer.

        OMM interest rates

        OMM offers tiered interest rates based on your credit score, using credit reporting bureau illion for its credit assessment process. 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.

        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

        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

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        author-avatar
        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 strives to deliver and edit news and guides that are engaging, thought-provoking, and simple to read.

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