Home News OMM cuts car loan rate

OMM cuts car loan rate before RBA move

Personal loan specialist OMM has dropped its fixed car loan rate to 6.28% p.a., getting in ahead of next week's widely anticipated cut to the RBA cash rate.

By Denise Raward

First published on 16 May 2025

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OurMoneyMarket (better known as OMM) is cutting the fixed rate for a new car loan to a competitive 6.28% p.a. (6.28% p.a. comparison rate*), a 29 basis point drop on its old rate.

OMM is one of Australia's largest personal loan providers offering finance for new and used cars, home renovations, debt consolidation, holidays, weddings, education, and medical or cosmetic treatment.

See also: Personal Loan News

The company's latest car loan offer applies to secured new car loans of between $5,000 to $100,000 taken out over one to seven years for eligible borrowers.

The online loans comes with no monthly fees and more notably, no exit fees or early repayment penalties.

Repayments can be made weekly, fortnightly, or monthly depending on the borrower's preference.

It's worth noting that not all borrowers will be automatically qualify for the new rate as rates offered will depend on individual credit assessments.

See also: Secured vs unsecured car loans

Rate pre-empts RBA cash rate cut

OMM's lowest fixed rate for both car and personal loans has dropped in the lead up to next week's Reserve Bank of Australia decision on the cash rate.

Analysts are widely expecting the cash rate to drop from 4.10% to 3.85%, a 25 basis point cut.

It's forecast to be the first of a run of cash rate cuts until the end of 2025 - at least three according to major bank economists.

While the OMM rate is an attractive fixed rate in the car lending market where fixed rates dominate, some borrowers are looking to variable rate car loans to ride the interest rate cycle lower.

Online lender loans.com.au is currently offering a variable rate car loan of 5.99% p.a. for borrowers purchasing new or demo models.

It's expected more car buyers will look to variable rate loans in the falling interest rate environment.

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If you're looking for a car loan, the table below features some of the lowest rate car loans on the market.

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Lender	Car Loan	Interest Rate	Comparison Rate*	Monthly Repayment	Interest Type	Vehicle Type	Maximum Vehicle Age	Ongoing Fee	Upfront Fee	Total Repayment	Features	Link	Compare	Promoted Product	Disclosure
loans.com.au	loans.com.au Variable Car Loan - New/Demo	5.99% p.a.	7.12% p.a.	$580	Variable	New	No Max	$8	$400	$34,791	Available for purchasing new and demo vehicles $5,000 to $150,000 loan amount Redraw facility available up to $5000/day Required: Good credit history, stable employment history. Aus citizenship or PR.	More details	Compare	Promoted	Disclosure
Stratton Finance	Stratton Finance Car Loan (5 Years)	6.52% p.a.	6.95% p.a.	$587	Fixed	New, Used	No Max	$0	$350	$35,236	A leading Australian Finance Broker with proven experience you can trust We've assisted more than 150,000 customers access over $8 billion in finance! We are the experts at getting the keys in your hands	More details	Compare	Promoted	Disclosure
OurMoneyMarket	OurMoneyMarket Car Loan ($5k-$100k \| Fixed, Secured) (New) (5 Years)	6.28% p.a.	6.28% p.a.	$584	Fixed	New	No Max	$0	$0	$35,034	No vehicle age limit No ongoing or early exit fees 1-7 years loan terms. Pay monthly, fortnightly, or weekly	More details	Compare	Promoted	Disclosure

Important Information and Comparison Rate Warning

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 for car loans and secured personal loans for the relevant amounts and terms are for secured loans unless indicated otherwise. The comparison rates for unsecured personal loans are applicable for unsecured loans only. 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 . View disclaimer.

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Denise Raward

Denise Raward is a senior journalist with an interest in macroeconomics, property, and personal finances. She has worked extensively across mainstream media organisations and lectured at Queensland University of Technology, Griffith University, and Bond University. She holds a Bachelor of Business - Communication, a Master of Arts, and RG 146 financial certification in Generic Knowledge, Securities, and Regulation. Joining Savings.com.au in January 2024, Denise strives to deliver financial information in everyday language to help Australians to better understand how to manage their own – and their families' – ongoing financial health.

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For home loans, the base criteria include a $500,000 loan amount over 30 years. For car loans, the base criteria include a $30,000 loan over 5 years. For personal loans, the base criteria include a $20,000 loan over 5 years. These rates are only examples and may not include all fees and charges.

*The Comparison rate is based on a $150,000 loan over 25 years. 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.

Monthly Repayment Figures

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Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you.

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