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

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 June 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
VariableUnsecuredN/AN/AMore details
NO ONGOING FEES
  • 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 early exit charges
  • Apply online
CHECK YOUR RATE IN 2 MINUTES

Unsecured Loan (Excellent Credit)

  • No ongoing fees
  • No early exit charges
  • Apply online
FixedUnsecuredN/AMore details
FUNDING WITHIN 24 HOURS
  • 2-min rate estimate
  • Flexible repayments
  • No monthly, ongoing or early repayment fees
FUNDING WITHIN 24 HOURS

Liberty Personal Loan (Excellent Credit History)

  • 2-min rate estimate
  • Flexible repayments
  • No monthly, ongoing or early repayment fees

*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 June 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
FixedNew1 yearMore details
No ongoing fees
  • Interest rates ranked in the best 20%
  • No ongoing fees
  • Can apply online
No ongoing fees

Plenti Car Loan

  • Interest rates ranked in the best 20%
  • No ongoing fees
  • Can apply online
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 June 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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