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Frequently Asked Questions

Invest or Borrow

It’s the new way to borrow and invest. Individuals can apply for a loan via the OurMoneyMarket website and if approved the loan request will be posted on the OurMoneyMarket website for investors to review. Investors then fund those loans through the purchase of Loan Units at their selected risk grades. The borrower will have the funds deposited into their nominated bank account and the investor will receive the contractual loan repayments made by the borrower less OurMoneyMarket’s service fee.

It’s better value for all. Creditworthy borrowers can obtain lower rates and investors gain access to a new fixed income asset class at a competitive rate of return.

In short, a loan from a marketplace lender differs to a bank loan in the following ways:

  1. The loan is not provided by a traditional financial intermediary, like a bank or credit union. Instead investors, both retail (e.g. “mums and dads”) and wholesale (e.g. high net-wealth individuals and institutions), fund your loan through the purchase of Loan Units in the OurMoneyMarket Investment Trust, which all occurs via a marketplace on OurMoneyMarket’s online platform.
  2. Unlike the banks, marketplace lenders don’t apply a “one size fits all” approach to lending. If a borrower has demonstrated good credit behaviours they will be rewarded with a lower interest rate. Furthermore, marketplace lending allocates risk to those that are willing to take it, meaning that a lot of creditworthy borrowers who aren’t able to get a loan from a bank, perhaps due to the banks rigid credit policies, could be successfully funded through the OurMoneyMarket platform. It’s a credit where credit's due approach.
  3. We offer a seamless and paperless online loan application process. Plus, when you receive your loan we provide you with a personalised online account, so that you can track and manage your loan. We look to take the hassle out of both applying for, and managing, money.
About Us

OurMoneyMarket is an innovative financial technology company that has big plans to make significant improvements to financial services and is looking to create better value for borrowers and investors alike. OurMoneyMarket acts as an originator, underwriter, servicer and investor of loans provided through the OurMoneyMarket Investment Trust. OurMoneyMarket Lending is the Lender of Record for loans provided through the OurMoneyMarket Investment Trust and is the holder of Australian Credit Licence Number 488228 and therefore regulated by ASIC.

OurMoneyMarket is not a bank. OurMoneyMarket is not authorised under the Banking Act, is not supervised by the Australia Prudential Regulation Authority, and your investment in loans made available through the OurMoneyMarket Investment Trust is not covered by the Financial Claims Scheme or depositor protection provisions in section 13A of the Banking Act. Any cash you hold in your personal OurMoneyMarket account will however be covered by the Financial Claims Scheme, as this is held with a reputable Australian authorised deposit-taking institution.

OurMoneyMarket is also a branchless operation. Our entire business is online, operating off the latest cloud-based technology, meaning we’re open 24/7.

A 'Payday' lender is typically a lender of last resort. A payday loan is a loan of up to $2,000 that must be repaid between 16 days and 1 year.

OurMoneyMarket only facilitates loans to creditworthy borrowers that meet our lending standards. Unlike payday loans, OurMoneyMarket loan terms range between 36 months and 84 months, and include loan amounts of between $5,000 and $35,000.

OurMoneyMarket is required to separate investor money from its own resources. This money is held by AET Structured Finance Services Limited (the "Custodian") on behalf of the investors. We are not permitted to use investor money for our day to day operating expenses and in the unlikely event of our insolvency your money would be ring-fenced and held by the Custodian on your behalf.

Melbourne Securities Corporation Limited (the "Trustee") and the Custodian will take steps to protect members in the OurMoneyMarket Investment Trust by seeking to obtain control over the loans for which they hold security. They will then seek to administer the outstanding loans, with the assistance of any loan servicer or other person who may be engaged by the Trustee to assist.

The Trust in this instance would be in run off. Run off would involve collecting remaining scheduled repayments on existing loans to borrowers and making distributions to investors with corresponding Loan Units. No further new loans to borrowers would be completed during run off.

Administration

Simply click on the unsubscribe link at the bottom of the email if you don’t wish to receive marketing and promotional material from us.

You cannot, however, unsubscribe from emails that are specific to your OurMoneyMarket account and transactions.

If you would like to make a complaint, please send us an email at info@ourmoneymarket.com, or call us on 1300 990 115.

We will have sent an email to your nominated email address. In this email there will be a click-through link that will allow you to verify your email address. If you’ve checked your inbox and it’s not there, please check if the email is in your spam filter, or alternatively you can request a new email be sent through your account settings or by contacting us on 1300 990 115.

We get this question all the time. You can change your password by logging into your OurMoneyMarket account and clicking on ‘My Account’, you will notice a sub-heading titled ‘New Password’. Enter your new password and your current password under ‘Current Password’. Confirm your new password under ‘Confirm New Password’ and then click ‘Save’.

If you have forgotten your password and can’t log into your account, click the “Forgot your password?” link located under the Login page. You will then have to answer your Security Question to reset your password.

You can change your contact details by logging into your OurMoneyMarket account and clicking on ‘My Account’, and then clicking on 'Contact Details' where you will be able to edit the required fields, before clicking on 'Save'. Alternatively, you can call 1300 990 115.

Getting Started

Individuals (both single accounts and joint accounts), companies and trusts can invest in the OurMoneyMarket Investment Trust.

To invest you must be over the age of 18 and sufficiently meet our identity verification checks. This is done electronically, though we may contact you directly from time to time to confirm details with you.

Yes. OurMoneyMarket accepts investments through self-managed superannuation funds ("SMSFs"). SMSFs are generally structured as trusts. Please ensure you select the appropriate investment entity when registering to invest in the OurMoneyMarket Investment Trust.

Contact us on 1300 990 115 or email us via info@ourmoneymarket.com

To register simply do the following:

  1. Register to Invest – click the ‘Register to Invest’ button available on the OurMoneyMarket home page once you click ‘Calculate’ under the ‘Invest’ option, or via the ‘Invest’ option on the main homepage or just below to start.
  2. 5-Minute Registration Form – Complete a simple online registration form that is about you and the investment entity (whether it’s in your personal capacity or as a company or trust) that will invest in the OurMoneyMarket Investment Trust.
  3. 2-Minute ID Verification – Complete a quick and easy online verification of you. This is done in order to satisfy our anti-money laundering requirements.
  4. Approval – subject to us needing to contact you directly to verify your identification, we will notify you instantly of your success in becoming a member of the OurMoneyMarket Investment Trust.
  5. Transfer – Once you’re approved as a member login into your personal investor dashboard and click “Transfer Funds”, then click the “Transfer Funds In” option where you will be provided with the BPAY details that relate to your personal OurMoneyMarket Account. You will then need to login to your internet banking account and transfer funds to the BPAY details you’ve been provided. The funds may take a business day to arrive in your OurMoneyMarket Account. The minimum amount that can be deposited is $50.
  6. Invest – Once the funds appear in your OurMoneyMarket Account as ‘Available Funds’ you can start investing.

You can invest in loans that have a term of 3 years, 5 years or 7 years, or such other term that may on occasion be made available.

Instead of investing in one loan where your investment exposure is then at risk to one individual borrower, our fractionalization facility lets you invest as little as $50 in potentially thousands of borrower loans, thus reducing the risk of loss in the event of a borrower default.

For example, if we assume every loan in the OurMoneyMarket Investment Trust has an estimated default rate of 2% and an investor has $10,000 to invest. If the investor invests in one loan, there is a 98% probability that they will receive all their principal and interest back and a 2% probability that they will lose $10,000. However, if they elect to invest in increments of $50, then they can invest in 200 different loans, meaning that there is a probability of 4 out of 200 loans defaulting. This would mean that the investor would lose only $200 of his initial $10,000 invested and receive all principal and interest back on the other loan investments. As a result, fractionalization helps investors receive their desired rate of return by spreading their risk.

We strongly recommend that investors take advantage of our capability to fractionalize your investment across a diverse set of loans. This is likely to result in a superior investor experience.

The minimum deposit is $50 to get started as an investor in the OurMoneyMarket Investment Trust.

You can invest as little as $50 in Loan Units linked to any single loan, and there is currently no maximum, however OurMoneyMarket reserves the right to cap your investment at its discretion.

A $50 minimum investment also applies to any automatic reinvestment settings.

You are investing in Loan Units, where one unit is equivalent to $1. These Loan Units are linked to loans you have selected and give you an economic interest in the loans that are provided by OurMoneyMarket Lending Pty Ltd to creditworthy borrowers. The loans are unsecured personal loans.

OurMoneyMarket opens up the personal loan market to you, the investors, allowing you to pick and choose the loan investments you would like to make and allowing you to set the risk and return profile you’re comfortable with.

Please refer to the Statistics page for more detail on the performance and loans originated through the platform.

Read the Product Disclosure Statement

Currently all loans are unsecured.

As common with most investments there are risks, in relation to the OurMoneyMarket Investment Trust there is the risk that a borrower is late in making their repayments or the borrow defaults on their loan. Please refer to the “Risks of Investing” Section of the Product Disclosure Statement for more details.

OurMoneyMarket looks to mitigate any unexpected losses in the following ways:

  • By applying well-tested credit policies and following a robust credit assessment process. We believe that the best way to minimize any unexpected losses to investors is to ensure that we maintain the highest standards when assessing loan applications. This means having experienced credit professionals reviewing each loan application and applying the latest technologies to track and monitor the performance of approved loans.
  • We have on hand experienced consumer credit collection specialists to manage any borrowers who are late in making repayments.
  • All your investments and Available Funds are held on trust by an independent custodian. All funds are held in a bank account with an Australian authorised deposit-taking institution.
  • In order to satisfy our obligations as an authorised representative of an Australian Financial Services Licence (“AFSL”) holder and as an Australian Credit Licence (“ACL”) holder ourselves, the OurMoneyMarket Investment Trust undergoes a number of external audits each year to ensure that investor funds are being properly accounted for and the OurMoneyMarket Investment Trust is liquid and operating appropriately.

Currently if you hold Loan Units that relate to a loan in which a borrower has defaulted on, it is likely you will lose your outstanding investment in that loan.

Should OurMoneyMarket conduct legal proceedings against the borrower 100% of the legal and associated third party collection costs can be recovered before any remaining proceeds are provided to the relevant investor.

No. Investors will not know the personal identity of the borrowers whose loans they have invested in.

Investors will however be provided with demographic and geographic information about the borrowers, as well as a summary of their financial information and historical credit performance.

Each member of the OurMoneyMarket Investment Trust has their own personal OurMoneyMarket Account. Use the account details relating to your OurMoneyMarket Account to deposit money into your account to start investing.

To transfer money into your OurMoneyMarket Account, first, login to your personal dashboard and click “Transfer Funds” from the menu. Then click on the “Transfer Funds In” option. You will be provided with BPAY details that are specific to your OurMoneyMarket Account. You can then simply login to your internet banking account and transfer funds to your OurMoneyMarket Account using these details. The funds will usually appear in your OurMoneyMarket Account the following business day.

No. You do not earn interest on uninvested cash (Available Funds) held in your OurMoneyMarket Account. Any interest earned on funds not invested in Loan Units is retained by OurMoneyMarket as a management fee.

All borrowers obtaining loans through OurMoneyMarket must agree to a direct debit arrangement against their bank account that their primary income source is paid into.

All loan repayments are based off a fixed rate of interest and include a principal and interest component.

The repayment schedule from which you will receive loan repayments is based off the term of the investment you have elected to invest in.

You may receive funds back into your OurMoneyMarket Account earlier than expected and in some circumstances you may receive your funds back later than initially indicated by the term of the loan. See our Product Disclosure Statement for more details.

Prior to an investor logging into their OurMoneyMarket account, rates are displayed on the website on an annualised basis after any applicable fees. The rates may assume payments received are continually reinvested at the rate of return advertised at the time of initial investment and assume no borrower late payments or defaults.

As an investor you have a responsibility to declare your earnings as taxable income. OurMoneyMarket requests your Tax File Number ("TFN") on the application form. If you don’t provide a TFN, we must deduct withholding tax at the maximum rate applicable currently 49%. If you are a US resident for tax purposes, you must advise OurMoneyMarket and supply your TIN number to ensure FATCA compliance.

Yes. Investors pay a service fee, which is 12.5% of the gross interest received from the borrower at every loan repayment. OurMoneyMarket also retain as a fee any interest that is earned on Available Funds held in the investors OurMoneyMarket Account. Refer to the Product Disclosure Statement for more details.

Please note that the rate of return displayed on our website prior to logging in includes OurMoneyMarket’s service fee.

Managing Your Investments

A loan status of “charged-off” means that the borrower has defaulted on its loan obligations. This may be due to a number of unforeseen circumstances including, but not limited to, the borrower experiencing bankruptcy, loss of job and/or a serious illness. It also means that despite its best efforts OurMoneyMarket may have been unable to collect on any outstanding debts due by the borrower, which ultimately results in a capital loss to the investor.

OurMoneyMarket will attempt to sell any loans that have been charged-off to a debt collection agency of OurMoneyMarket’s choice. In such circumstances investors may recover some of the initial capital loss on the loan. This will appear as a payment in an investor’s OurMoneyMarket Account.

A loan that is displaying a status of “arrears” or “delinquent” means the borrower has missed a repayment on their loan. Any borrower that misses a payment is immediately contacted by OurMoneyMarket with the expectation that the amount in arrears will be repaid.

No. At present OurMoneyMarket does not offer investors the ability to sell their investments in Loan Units. Meaning that once an investor has committed funds to a Loan Unit, these funds can only be redeemed at the earlier of the loan being repaid or maturity of the loan.

We are however working on this and will notify investors via our Product Disclosure Statement, on our website, and here, if this changes.

If a borrower repays their loan early you will receive your invested funds back earlier than expected. The funds will appear in your OurMoneyMarket Account as Available Funds for re-investment or withdrawal.

OurMoneyMarket takes it responsibilities for managing the day to day operations of the OurMoneyMarket Investment Trust very seriously, which is why OurMoneyMarket has put in place a clearly defined and proactive process with regards to debt collection. This includes, but is not limited to, proactive SMS notifications on upcoming scheduled repayments, mandatory direct debit arrangements on borrower’s primary income accounts and real-time analytics on loan performance.

In the event that a loan is in arrears for greater than 120 days OurMoneyMarket will consider the loan to be in default and a “charged-off” status will appear on that Loan Unit. In some cases, the loan may be sold to a third-party debt collection agency after 90 days in which case any proceeds from the sale (after deducting OurMoneyMarket’s expenses) will appear as a payment in the investors OurMoneyMarket Account.

In the unlikely event that your funds are committed for a longer term, you will continue to receive repayments of principal and interest over the course of the extended period. In some cases, you may be rewarded with a higher rate of return due to the extended term of your investment.

It can take between 1 and 14 days for an investment order to be completed. In the event that after 14 days a borrower is still unsuccessful in attracting 100% funding for their loan request. OurMoneyMarket will return these funds to your OurMoneyMarket Account.

To withdraw funds simply login to your personal OurMoneyMarket investor dashboard and click "Transfer Funds" from the main bar. Then click “Withdraw”. You can withdraw some or all of the funds identified as Available Funds. The minimum amount for any withdrawal is $50, or the remaining balance of your account.

You are not able to withdraw any funds that are currently committed to an outstanding Loan Unit or have been committed to a Loan Unit, but has not yet received 100% funding.

Please read our Product Disclosure Statement for more information on how to withdraw investor funds.

OurMoneyMarket has provided all investors with a free OurMoneyMarket Auto Invest feature. To use this feature simply login to your personal OurMoneyMarket investor dashboard and click on the “Auto Invest” option in the menu bar.

You can then configure the automatic reinvestment criteria so that it suits your investment portfolio needs.

Applying for a Loan

OurMoneyMarket offers unsecured personal loans to Australian-resident individuals. You can request a loan for a variety of purposes, such as to purchase a car, go holiday, consolidate existing debts, or make those home renovations you’ve been dreaming of for a while now.

To be eligible for an unsecured personal loan with OurMoneyMarket you must at a minimum satisfy the following:

  • You are an Australian citizen or permanent resident;
  • You are aged 18 years or older;
  • Your gross income is greater than or equal to $25,000 per annum;
  • You have an acceptable credit history with OurMoneyMarket’s credit bureau of choice, as determined at OurMoneyMarket’s discretion;
  • You are not in hardship with another financial provider;
  • There are no undischarged bankruptcy listings on your credit file;

or retrieve an existing quote
This won't impact your credit score

Depending on your current income and expenses, OurMoneyMarket can provide loans between $5,000 and $35,000.

or retrieve an existing quote
This won't impact your credit score

You can borrow for a term of 3 years, 5 years or 7 years, with weekly, fortnightly or monthly repayments.

or retrieve an existing quote
This won't impact your credit score

OurMoneyMarket offers borrowers a personalised interest rate that is based on their unique circumstances and credit history. To find out what your personalised interest rate is, please take 5 minutes to complete our ‘Quick Rate Quote' form.

OurMoneyMarket’s Quick Rate Quote is a free, no obligation, interest rate estimate that is based off your credit history as reported by OurMoneyMarket’s Credit Bureau of choice.

Completing the Quick Rate Quote form won’t impact your credit score.

or retrieve an existing quote
This won't impact your credit score

OurMoneyMarket currently only offers fixed rate loans. This means that you will have an affordable fixed scheduled loan repayment that will never increase. In other words, your repayments are set from the day you accept the loan. Surprises belong in parties not in loans.

To apply simply do the follow:

  1. Click ‘Get Started’ or ‘Apply Now’ – click the ‘Get Started’ or ‘Apply Now’ button on the websites home page or just below;
  2. 5-Minute ‘Quick Rate Quote’ Form – complete our 5 minute ‘Quick Rate Quote’ form. This is a free, no obligation, interest rate estimate that is based off your credit record with OurMoneyMarket’s Credit Bureau of choice.
  3. Finalise Your Loan Application in Minutes – If you’re satisfied with the interest rate we’ve provided proceed to finalise and submit your loan application.
  4. 1-Minute Decision – We will let you know if you’ve been conditionally approved for a loan in under a minute, subject to verification of the details in your loan application.
  5. Funding Process – Your loan will then be placed on the marketplace for investors to fund. This process can take between 1 day and 14 days depending on the level of investor interest for your loan.
  6. Get Your Money – 24 hours – Once your loan has been 100% funded you will receive a Loan Offer the same day. Upon your approval of the Loan Offer you can usually have the funds in your account within 1 business day, but may take up to 3 business days.

or retrieve an existing quote
This won't impact your credit score

OurMoneyMarket charges borrowers a simple once off establishment fee which is added to your loan amount, meaning that it is included in your scheduled loan repayments and the comparison rate that we advertise.

There are no monthly fees, prepayment fees or early exit fees.

For further details, please go to our Rates and Fees page.

In order for us to complete our credit assessment of your loan application we will need to review at a minimum your last 3 months’ bank statements. This can be done electronically through our trusted service provider Yodlee in under a minute.

In order for us to complete our credit assessment of your loan application we will need to review at a minimum your last 3 months’ bank statements. This can be done electronically through our trusted service provider Yodlee in under a minute.

  • Trusted by 11 out of 20 of the largest U.S. banks
  • Strong track record of exceeding the most rigorous security and compliance requirements relating to the protection of consumer information
  • Secure, simple, fast and hassle-free.

To learn more please visit www.yodlee.com

There are two options:

  1. You can provide your internet banking credentials through the Yodlee gateway. This is a safe and secure gateway in which your internet banking credentials will be encrypted and passed to your bank so that we can be provided with details of your recent transaction history. Your credentials are then permanently deleted. If you are still concerned about the security of internet banking password, you can simply change your password after using the service.
  2. You can manually upload your last 3 months’ bank statements. This however will increase the time in which you will receive a decision on your loan application.

Yodlee will be provided with read-only access. Neither Yodlee or OurMoneyMarket are able to make transfers on your bank account.

We only seek access to your bank statements once in order to assist in the credit assessment process for your loan application.

If you elect to use the Yodlee service, please provide the internet banking credentials for the account in which you receive the majority of your income.

If you use more than one bank account, please click the 'Link Another Account' button on the Yodlee page of the application process

Loan Management

Yes, absolutely. You can pay off your loan at any time without incurring any penalty or fees. Also, you can also make additional repayments ahead of schedule, without any penalty or fees.

To be eligible for an unsecured personal loan with OurMoneyMarket you must at a minimum satisfy the following:

  • You are an Australian citizen or permanent resident;
  • You are aged 18 years or older;
  • Your gross income is greater than or equal to $25,000 per annum;
  • You have an acceptable credit history with OurMoneyMarket's credit bureau of choice, as determined at OurMoneyMarket's discretion;
  • You are not in hardship with another financial provider;
  • There are no undischarged bankruptcy listings on your credit file;

or retrieve an existing quote
This won't impact your credit score

OurMoneyMarket offers you repayment flexibility with the options of weekly, fortnightly or monthly loan repayments. All scheduled loan repayments must be made via direct debit.

If you wish to make any additional loan repayments ahead of schedule or pay off your loan completely, please login to your personal borrower dashboard and select 'Transfer Funds'. You will be provided with BPAY details for your account. If you then log into your internet banking account, you can make an additional loan repayment on your OurMoneyMarket loan by using these details.

If you are experiencing financial hardship and are having difficulty meeting your scheduled loan repayments, please contact us as soon as possible on 1300 990 115 or email us at info@ourmoneymarket.com

Your Loan Offer will set out your contractual loan obligations including your scheduled repayments. In the event you wish to make a change to the repayment schedule, please contact 1300 990 115 or email info@ourmoneymarket.com

Yes. Please contact us on 1300 990 115 or email info@ourmoneymarket.com to discuss how.

Marketplace Loans

No. We do not share any information with investors that would allow them to identify who you are. They will only be provided with demographic information about you, your financial information and historical credit performance.

OurMoneyMarket operates off a lower operating cost model than many of the traditional bank lenders. These savings are effectively passed onto borrowers in the form of lower rates.

Contact Us

Don't hesitate to contact us if you have any concerns or questions

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