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Rates & Fees
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For excellent credit 9.06%
comparison rate#
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1. Investor rates are displayed on an annualised basis and are net of applicable fees due to OurMoneyMarket. Investor rates may assume payments received are continually reinvested at the stated rate and that there are no borrower late payments or defaults.
# This comparison rate is based on an OurMoneyMarket A+1 unsecured personal loan of $10,000 over 3 years. WARNING: These comparison rates are accurate only for the example provided and may not include all fees and charges. Different loan grades, terms, fees or loan amounts might result in a different comparison rate.
No monthly account keeping fees. No transaction fees. Just one simple service fee.
OurMoneyMarket’s interest rates vary depending on the loan term and credit risk of the loan applicant. Based on OurMoneyMarket's credit assessment criteria, OurMoneyMarket assigns a loan grade between A+1 and D5 that it believes reflects the underlying credit risk of the borrower. The interest rate range we currently assign to each loan grade is displayed in the table below.
The interest rates below include Service Fees payable to OurMoneyMarket. Please refer to the Product Disclosure Statement for more information on how we set interest rates.
| Loan Grades | Interest Rate (p.a) | Loan Grades | Interest Rate (p.a) | Loan Grades | Interest Rate (p.a) | Loan Grades | Interest Rate (p.a) | Loan Grades | Interest Rate (p.a) |
|---|---|---|---|---|---|---|---|---|---|
| A+1 | 7.0%-7.9% | A1 | 8.2%-9.3% | B1 | 9.8%-12.0% | C1 | 12.8%-16.4% | D1 | 17.7%-27.8% |
| A+2 | 7.1%-8.2% | A2 | 8.5%-9.8% | B2 | 10.3%-12.8% | C2 | 13.9%-17.7% | D2 | 19.5%-28.7% |
| A+3 | 7.4%-8.5% | A3 | 8.7%-10.3% | B3 | 10.9%-13.9% | C3 | 14.6%-19.5% | D3 | 22.5%-28.8% |
| A+4 | 7.6%-8.7% | A4 | 9.0%-10.9% | B4 | 11.3%-14.6% | C4 | 15.4%-22.5% | D4 | 24.7%-29.3% |
| A+5 | 7.9%-9.0% | A5 | 9.3%-11.3% | B5 | 12.0%-15.4% | C5 | 16.4%-24.7% | D5 | 27.8%-29.5% |
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One Simple Service Fee
OurMoneyMarket charge one simple fee of 12.5% of the gross interest paid by the borrower on each loan repayment. The fee is paid to OurMoneyMarket for managing the day to day operations of the OurMoneyMarket Investment Trust.
There is a once-off establishment fee that is added to your loan proceeds.
The amount of the establishment fee is based on your OurMoneyMarket loan grade and is calculated as a percentage of your total loan amount. After this, there are no other standard fees payable to OurMoneyMarket as long as you make your scheduled repayments. The establishment fee is subject to a minimum of $150.
| Interest Rate % p.a. | Comparison Rate % p.a.2 | |||||||
| Loan Grades | 3 yrs | 5 yrs | 7 yrs | Establishment Fee | Monthly Fee | 3 yrs | 5 yrs | 7 yrs |
|---|---|---|---|---|---|---|---|---|
| A+ | 8.05% - 9.00% | 8.40% - 9.75% | 9.00% - 10.30% | 1.50% | $0.00 | 9.06% - 10.02% | 9.04% - 10.29% | 9.47% - 10.78% |
| A | 9.35% - 10.60% | 9.95% - 11.75% | 10.60% - 12.95% | 2.25% | $0.00 | 10.88% - 12.14% | 10.91% - 12.73% | 11.32% - 13.70% |
| B | 11.20% - 13.75% | 12.45% - 15.85% | 13.75% - 17.55% | 3.25% | $0.00 | 13.09% - 15.67% | 13.56% - 17.10% | 14.67% - 18.42% |
| C | 14.65% - 18.75% | 16.65% - 22.25% | 18.75% - 28.25% | 4.00% | $0.00 | 16.82% - 21.08% | 18.13% - 24.07% | 19.92% - 29.59% |
| D | 20.25% - 31.75% | 25.75% - 32.95% | 31.75% - 33.75% | 6.00% | $0.00 | 23.50% - 35.04% | 28.00% - 35.37% | 33.70% - 35.75% |
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Non-Standard Fees
| Fee Type | Amount | When Payable |
|---|---|---|
| Loan Variation Fee | $35 | Payable if you need to vary the terms of your loan. The fee will only be charged if the loan variation is approved and will be deducted from your nominated bank account by direct debit on the next business day. |
| Document Production Fee | $25 | Payable each time you require posted to you a hard copy of any documentation relating to your loan. |
| Loan Cancellation Fee | $150 | Payable if you cancel your loan at any time after accepting a Loan Offer, but before the loan has been received in your nominated bank account. |
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Default Fees
You may incur the following default fees and charges should you not make your loan repayments on time or default on your loan obligations.
| Fee | Amount | Payable |
|---|---|---|
| Late/Overdue Payment Fee |
$35 per late payment | The fee is charged if a payment is not made in full and the account is in arrears. This fee is payable on each of 5, 14, 21 and 30 days after the payment date. |
| Direct Debit Dishonour Fee |
$25 per dishonour | Payable if OurMoneyMarket is unable to process a direct debit from your account. |
| Enforcement Expenses | If you fail to repay your loan you will be liable to repay all expenses reasonably incurred by OurMoneyMarket to enforce or preserve its rights under your loan contract. | |
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When doing a personal loan interest rate comparison across lenders the key rate to understand is the comparison rate. The comparison rate shows you the “all-in” cost of the finance including interest and fees associated with the loan. Before taking out finance, it’s important to ask the lender: (1) for a breakdown of all fees you will be contractually obligated to pay including establishment fees, monthly account keeping fees, prepayment fees and early exit fees; and (2) which fees have been included in the calculation of the comparison rate. Remember: Advertised personal loan interest rates typically do not represent the true cost of the loan. Therefore, you should not use these to compare the cost of a loan across lenders.
So how are borrower interest rates determined at OurMoneyMarket?Like fellow marketplace lenders, OurMoneyMarket employs risk-based pricing. This means that the interest rates offered are tailored to the individual based on factors such as your credit history. Borrowers with a long history of good repayment are rewarded with interest rates significantly lower than the banks. While borrowers who may have only recently improved repayment performance are given a second chance.
So how do I know what my rate would be with OurMoneyMarket?The good news is that OurMoneyMarket can provide you with a rate and repayment quote without impacting your credit score. To find out what your rate is today, click here.
If I invest in a loan with an interest rate of 15% how much of this 15% will I receive?OurMoneyMarket charges a small service fee to cover the cost of managing the underlying loan. The service fee is equal to 12.5% of just the gross interest earned on the loan. Subject to no losses and prepayments, you would therefore earn a return of 13.1% on your investment in this loan. The service fee is only paid once the repayment is received from the borrower. Check out OurMoneyMarket’s PDS here for more information on the risks associated with investing.
