OMM offers a range of personal loans, including options for home improvements, debt consolidation, medical expenses, weddings, and holidays. Loan amounts range from $2,001 to $75,000 with terms between 1 and 7 years.

The loans OMM has to offer are primarily unsecured, meaning no collateral is required, though secured options are also available depending on the borrower's credit assessment. Interest rates are personalised based on credit rating, and can be fixed for the duration of the loan, ensuring consistent repayment amounts without any surprises.

OMM's fee structure is straightforward. While there are no monthly account maintenance fees, borrowers may encounter specific charges such as late payment fees and direct debit dishonour fees. The establishment fee varies from 1.5% to 6% of the loan amount, depending on the borrower's credit profile.

Notably, OMM does not penalise for early repayment, allowing borrowers the flexibility to pay off loans sooner without additional costs. Borrowers can choose between monthly, fortnightly, and weekly repayments.

OMM Personal Loan Eligibility

  • You are aged 18 years or older;

  • Your after-tax income is greater than or equal to $25,000 per annum;

  • You have an acceptable credit history with OurMoneyMarket’s credit bureau of choice (illion), 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

You will also need to provide personal and financial information as part of your application as well as three months' worth of bank statements.