OMM Personal and Auto Loan Review

What you need to know about OMM personal and auto loans.

Whether you need a personal loan to finance home renovations, a car, a wedding, or other life expenses that arise, finding the right provider can be difficult. The interest rate is just one of the things you need to look at – loan terms and flexibility are also other important factors.

OurMoneyMarket, or OMM, is one of the leading providers of personal loans in the Australian market. Find out below what the brand offers.

Who is WMO?

Founded in 2017, OurMoneyMarket, or OMM, is one of Australia’s newest and largest personal loan providers with over $300 million in loans on its books. OMM has over half a billion dollars in loan facilities and sources bulk from companies such as Bendigo Bank, Commonwealth Bank and others.

OMM Personal Loans

OMM offers unsecured fixed rate personal loans that can be repaid weekly, fortnightly or monthly over a period of one to seven years up to a maximum of $75,000. OMM offers personal loans for debt consolidation, home renovations, medical/dental expenses, education, weddings, holidays, cars, caravans, motorbikes and boats.

Here is an overview of OMM personal loans.

*Comparative rates based on a loan of $30,000 for a term of five years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in different comparison rate, rates correct as of February 7, 2022. See disclaimer.

See how OMM personal loans compare to some of the lowest rate personal loans on the market.

*Comparative rates based on a loan of $30,000 for a term of five years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in different comparison rate, rates correct as of February 7, 2022. See disclaimer.

OMM car loans

In addition to personal loans, OMM also offers car loans. OMM will finance new or used vehicles for up to seven years.

  • Loan terms vary from one to seven years, with loans ranging from $2,001 to $75,000 available for borrowing.
  • Loans can be secured or unsecured.
  • Repayments can be made weekly, semi-monthly or monthly.
  • Interest rates are fixed, meaning repayments won’t fluctuate like they might with a variable rate.

Advantages of the OMM car loan

OMM auto loans benefit from the absence of account maintenance fees, prepayment fees and early exit fees. In addition to this, OMM caters to a variety of borrower credit scores, detailed below.

OMM doesn’t stop at auto loans – auto finance can be used for everything from cars to motorcycles to motorboats. Loan seekers can borrow up to $75,000, giving you a lot of a car, a lot more motorcycles, or a good-sized boat.

The application process is 100% online, with conditional approval offered within minutes. It starts with getting a free quote, followed by a five-minute inquiry, and a decision can usually be made within a minute.

To see how OMM’s auto loans compare to others, see the chart below.

Lender

type of interest Vehicle type Maximum vehicle age Ongoing charges Registration fees Full refund Prepayment Instant Approval Online application

Fixed New 1 year More details

Green car loan

Fixed New, used 99 years old More details
APPLY ONLINE

Car loan

  • No additional refunds or early exit fees
  • Up to $75,000 in loans
  • Funding approved within 24 hours
Fixed New 4 years More details
GET APPROVAL WITHIN 24 HOURS

Car loan (new and used by the dealer) (
  • Approval in 24 hours
  • Balloon options to reduce refunds
  • No ongoing charges, no waiver fees

Fixed New 2 years More details
FAST FREE APPLICATION PROCESS

Quick New Vehicle Loan Low Rates

  • Quick application process with no monthly fees
  • Low fixed interest rates with terms up to seven years
  • New car loans cover cars for up to 3 years

Quick New Vehicle Loan Low Rates

  • Quick application process with no monthly fees
  • Low fixed interest rates with terms up to seven years
  • New car loans cover cars for up to 3 years
Fixed New 1 year More details
No ongoing fees

Plenty car loan

  • Interest rates ranked in the top 20%
  • No ongoing fees
  • Can apply online

Plenty car loan

  • Interest rates ranked in the top 20%
  • No ongoing fees
  • Can apply online
Fixed New, used 7 years More details
No ongoing fees

Plenti car loan (refinancing)

*Comparative rates based on a loan of $30,000 for a term of five years. Please note: this comparison rate is only true for this example and may not include all fees and charges. Different terms, fees or other loan amounts may result in a different comparison rate. Rates correct as of February 7, 2022. See disclaimer.

OMM interest rate

OMM offers tiered interest rates based on your credit score, using the illion credit bureau for its credit reporting process. Checking your credit score is usually free. You can use our credit score calculator to get a rough idea of ​​what your credit score might be.

The breakdown of illion’s credit score is as follows:

Evaluation

Excellent

800-1000

Very good/Excellent

700-799

Good

500-699

Average/Fair

300-499

Below average/low

1-299

Why choose OMM for personal loans?

OMM has several outstanding features on its personal loans beyond competitive interest rates. Some features include:

  • Quick app: Completely digital and takes five minutes, with a decision in less than a minute.

  • ‘Free quote’: A no-obligation quote gives borrowers an indication of their interest rate, without an application appearing on or affecting a credit report.

  • No hidden fees: No account maintenance fees, no exit fees and no prepayment fees.

OMM Personal Loan Criteria

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

WMO Key Persons

  • Steve Lambert – President

  • Adam Sutherland – Founder and CEO

  • Crystal Anderson – Co-founder and COO/CFO

  • Bruce Sutherland – Co-Founder and Director

  • Chris Kok Wan Chun – Non-Executive Director

  • Roger Lee – CTO

Frequently Asked Questions

How long does it take for OMM to approve a personal loan?

Loan applications can take as little as five minutes, with approval in as little as one minute.

What other loans does WMO provide?

OMM offers unsecured term loans for everything from debt consolidation to buying a vehicle.


Photo by Avel Chuklanov on Unsplash

The whole market has not been taken into account in the selection of the above products. Instead, a reduced portion of the market was considered. Products from some vendors may not be available in all states. To be considered, the product and price must be clearly published on the product supplier’s website. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au and Performance Drive are part of the Savings Media group. In the interest of full disclosure, Savings Media Group is associated with Firstmac Group. To learn how Savings Media Group handles potential conflicts of interest, as well as how we are paid, please visit the website links at the bottom of this page.