Frequently Asked Questions

Do I pay any fees to OurMoneyMarket?

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.

Are my rates taxable?

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.

How are rates of return displayed?

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.

How do borrowers repay their loans?

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.

Do I earn interest on my money held in the OurMoneyMarket account?

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.

How do I transfer funds to my account?

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.

What is my OurMoneyMarket account?

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.

Will I know who the borrowers are?

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.

What happens in the event of a borrower default?

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.

How do OurMoneyMarket manage risk?

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:

  1. 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.
  2. We have on hand experienced consumer credit collection specialists to manage any borrowers who are late in making repayments.
  3. 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.
  4. 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.
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