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.
All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.
The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.
Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of April 20, 2024. View disclaimer.
See how OMM personal loans compare with some of the lowest rate personal loans on the market.
All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.
The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.
Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of April 20, 2024. 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.
All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.
The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.
Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of April 20, 2024. 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.
Brooke Cooper
Rachel Horan
