Rates & Fees

By working together we create better value for borrowers and investors.

Invest

Earn From
7.04 up to 25.25
per annum1,3

Borrow

For Excellent Credit
8.62
comparison rate2

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

Personal Loan Interest Rate Comparison

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

(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?

OurMoneyMarket believes in offering efficient and fair finance. This means that you are rewarded with rates and fees that reflect your credit record. When you apply for a loan with OurMoneyMarket you undertake a thorough credit assessment that includes the quantitative and qualitative information you have provided us, as well as information about you provided by trusted third party credit bureaus. 

All this information allows us to assign to your loan request an OurMoneyMarket loan grade between A+ (excellent credit history) and D (below average credit history) and offer you an interest rate that is unique to your circumstances.

What is a comparison rate?

The personal loan interest rate comparison is one simple percentage rate that reflects all expected interest, fees and charges that you will incur over the term of loan. The comparison rate is provided so that you can easily compare the expected full cost of one loan to another. Please note however that the comparison rate does not include any costs relating to events that may not happen. For example, a late payment or adjustments to your loan contract.

If I invest in a loan with an interest rate of 15% how much of this 15% will I receive?

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.
Invest
Borrow
Invest with OMM

Investment with OMM is Fun and Easy

No monthly account keeping fees. No transaction fees. Just one simple service fee.

Flexible Return

OurMoneyMarket’s interest rates vary depending on the loan term and credit risk of the loan applicant.

Credit Assesment

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.

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.

Borrow with OMM

OMM is Australia’s Go-To Personal Loan Provider

We offer simple personal loans, with no hidden fees. There is only a once-off establishment fee that is added to your loan proceeds.

Establishment Fee

The amount of the establishment fee is based on your OurMoneyMarket loan grade and is calculated as a percentage of your total loan amount. The establishment fee is subject to a minimum of $150.

No Hidden Fees

There are no other standard fees payable to OurMoneyMarket as long as you make your scheduled repayments.

Interest Rate % p.a.
Interest 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+
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+
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+
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+
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%

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.

Borrower FAQs

Still have a question?

info@ourmoneymarket.com
1300 990 115

How does OurMoneyMarket set its rates and fees?

OurMoneyMarket believes in offering efficient and fair finance. This means that you are rewarded with rates and fees that reflect your credit record.

When you apply for a loan with OurMoneyMarket you undertake a thorough credit assessment that includes the quantitative and qualitative information you have provided us, as well as information about you provided by trusted third party credit bureaus. All this information allows us to assign to your loan request an OurMoneyMarket loan grade between A+ (excellent credit history) and D (below average credit history) and offer you an interest rate that is unique to your circumstances.

What is a comparison rate?

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.

Default Fees

Fee Type
Amount
When 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 We are unable to process a direct debit from your Bank Account when due. We will attempt to process a direct debit from your Bank Account the next Business day after providing You with a dishonour notice.
Enforcement Expenses
Payable if You breach any term of this Loan Contract, You will be required to pay expenses reasonably incurred by Us in enforcing or preserving Our rights under this Loan Contract. These expenses include expenses incurred by Us in collection of payments and expenses resulting from dishonour of any payment. We may debit any enforcement expenses from your Bank Account in the same way as other fees and charges.
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