Home Compare Personal Loans lenders OMM Personal Loans Review

OMM Car and Personal Loans Review

What you should know about OMM's personal and car loans.

on 05 Jan 2022

Whether you need a personal loan to fund some home renovations, a car, a wedding or other life expenses that pop up, finding the right provider can be tough. The interest rate is just one thing you need to look at - loan terms and flexibility are other big factors, too.

OurMoneyMarket, or OMM, is one of the more prominent personal loan providers in the Aussie marketplace. Find out what the brand has to offer below.

Who is OMM?

Founded in 2017, OurMoneyMarket, or OMM, is one of Australia’s newest and largest personal loan providers with more than $300 million in loans on its books. OMM has more than half a billion dollars in loan facilities and sources wholesale funding from the likes of 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 provides personal loans for debt consolidation, home improvements, medical/dental bills, education, weddings, holidays, cars, caravans, motorcycles, and boats.

Here's a snapshot of OMM's personal loans.

Loan amount

Compare

Lender	Advertised rate	Comparison rate*	Monthly repayment	Interest Type	Secured Type	Early Exit Fee	Ongoing Fee	Application Fee	Total Repayment	as ofAugust 21, 2024

	6.57^%_p.a.	7.19^%_p.a.	^$392	Fixed	Unsecured	^$0	^$0	^$250	N/A	More details
FEATUREDLoan amounts from $2k to $75k	Low Rate Personal Loan Unsecured (Excellent Credit) No ongoing or early exit fees 1-7 years loan terms. Pay monthly, fortnightly, or weekly Get quick decision. Funds in 24 hrs if approved
FEATUREDLoan amounts from $2k to $75k Low Rate Personal Loan Unsecured (Excellent Credit) No ongoing or early exit fees 1-7 years loan terms. Pay monthly, fortnightly, or weekly Get quick decision. Funds in 24 hrs if approved More details
	9.14^%_p.a.	9.50^%_p.a.	^$417	Fixed	Unsecured	^$0	^$0	^$250	N/A	More details
	Low Rate Personal Loan Unsecured (Very Good Credit)
Low Rate Personal Loan Unsecured (Very Good Credit) More details

Important Information and Comparison Rate Warning

All products with a link to a product provider’s website have a commercial marketing relationship between us and these providers. These products may appear prominently and first within the search tables regardless of their attributes and may include products marked as promoted, featured or sponsored. The link to a product provider’s website will allow you to get more information or apply for the product. By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here.

The comparison rates in this table are based on a loan of $30,000 and a term of 5 years unless indicated otherwise. The comparison rates are for unsecured personal loans only for the relevant amounts and terms. The comparison rates for car loans and secured personal loans are for secured loans unless indicated otherwise. WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. Comparison rates are not calculated for revolving credit products.

Monthly repayment figures are estimates only, exclude fees and are based on the advertised rate for the term and for the loan amount entered. Actual repayments will depend on your individual circumstances and interest rate changes. Rates correct as of August 21, 2024. View disclaimer.

Important Information and Comparison Rate Warning

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

Loan amount

Compare

Lender	Advertised rate	Comparison rate*	Monthly repayment	Interest Type	Secured Type	Early Exit Fee	Ongoing Fee	Application Fee	Total Repayment	as ofAugust 21, 2024

	6.57^%_p.a.	7.19^%_p.a.	^$614	Fixed	Unsecured	^$0	^$0	^$250	N/A	More details
FEATUREDLoan amounts from $2k to $75k	Low Rate Personal Loan Unsecured (Excellent Credit) No ongoing or early exit fees 1-7 years loan terms. Pay monthly, fortnightly, or weekly Get quick decision. Funds in 24 hrs if approved
FEATUREDLoan amounts from $2k to $75k Low Rate Personal Loan Unsecured (Excellent Credit) No ongoing or early exit fees 1-7 years loan terms. Pay monthly, fortnightly, or weekly Get quick decision. Funds in 24 hrs if approved More details
	7.24^%_p.a.	7.24^%_p.a.	^$620	Fixed	Unsecured	N/A	^$0	^$0	N/A	More details
	Unsecured Personal Loan (Excellent Credit)
Unsecured Personal Loan (Excellent Credit) More details
	7.24^%_p.a.	7.24^%_p.a.	^$620	Fixed	Unsecured	N/A	^$0	^$0	N/A	More details
NO ONGOING FEESAPPLY ONLINE	Unsecured Personal Loan (Excellent Credit)
NO ONGOING FEESAPPLY ONLINE Unsecured Personal Loan (Excellent Credit) More details
	11.24^%_p.a.	12.29^%_p.a.	^$657	Variable	Unsecured	N/A	^$0	^$150	N/A	More details
	Personal Loan
Personal Loan More details

Secured Personal Loan

Product Features

Interest rates start at 14.95% and could be as high as 27.95% based on your personal circumstances and loan term
Australian residents and citizens only
Personal Loans from $3,000 to $25,000, with loan terms ranging from 25 - 48 months
Terms, Conditions and Lending Criteria apply

Monthly repayments:$693

14.95%Advertised Rate (p.a.)

29.30%Comparison Rate*

More details

Important Information and Comparison Rate Warning

OMM Car Loans

On top of personal loans, OMM also offers car loans. OMM will finance new or used vehicles up to seven years old.

Loan terms vary from one to seven years, with anywhere from $2,001 to $75,000 able to be borrowed.
Loans can either be secured or unsecured.
Repayments can be made either weekly, fortnightly or monthly.
Interest rates are fixed, meaning repayments won't fluctuate like they could with a variable rate.

OMM car loan benefits

OMM car loans benefit from having no account keeping fees, no prepayment fees and no early exit fees. On top of that, OMM caters towards a variety of borrowers' credit ratings, detailed further below.

OMM doesn't stop at car loans - automotive finance can be used for anything from cars to motorbikes to motorboats. Loan applicants can borrow up to $75,000, which gets you a lot of car, many more motorbikes, or a nice-sized boat.

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

To see how OMM's car loans compare to others, refer to the table below.

Loan amount

Compare

Lender	Advertised rate	Comparison rate*	Monthly repayment	Interest Type	Secured Type	Early Exit Fee	Ongoing Fee	Application Fee	Total Repayment	as ofAugust 21, 2024

	6.57^%_p.a.	7.19^%_p.a.	^$614	Fixed	Unsecured	^$0	^$0	^$250	N/A	More details
FEATUREDLoan amounts from $2k to $75k	Low Rate Personal Loan Unsecured (Excellent Credit) No ongoing or early exit fees 1-7 years loan terms. Pay monthly, fortnightly, or weekly Get quick decision. Funds in 24 hrs if approved
FEATUREDLoan amounts from $2k to $75k Low Rate Personal Loan Unsecured (Excellent Credit) No ongoing or early exit fees 1-7 years loan terms. Pay monthly, fortnightly, or weekly Get quick decision. Funds in 24 hrs if approved More details
	7.24^%_p.a.	7.24^%_p.a.	^$620	Fixed	Unsecured	N/A	^$0	^$0	N/A	More details
	Unsecured Personal Loan (Excellent Credit)
Unsecured Personal Loan (Excellent Credit) More details
	7.24^%_p.a.	7.24^%_p.a.	^$620	Fixed	Unsecured	N/A	^$0	^$0	N/A	More details
NO ONGOING FEESAPPLY ONLINE	Unsecured Personal Loan (Excellent Credit)
NO ONGOING FEESAPPLY ONLINE Unsecured Personal Loan (Excellent Credit) More details
	11.24^%_p.a.	12.29^%_p.a.	^$657	Variable	Unsecured	N/A	^$0	^$150	N/A	More details
	Personal Loan
Personal Loan More details

Secured Personal Loan

Product Features

Interest rates start at 14.95% and could be as high as 27.95% based on your personal circumstances and loan term
Australian residents and citizens only
Personal Loans from $3,000 to $25,000, with loan terms ranging from 25 - 48 months
Terms, Conditions and Lending Criteria apply

Monthly repayments:$693

14.95%Advertised Rate (p.a.)

29.30%Comparison Rate*

More details

Important Information and Comparison Rate Warning

OMM interest rates

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

illion’s credit score breakdown is as follows:

Rating	illion
Excellent	800-1000
Very good/Great	700-799
Good	500-699
Average/Fair	300-499
Below average/weak	1-299

Why choose OMM for personal loans?

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

Fast Application: Totally digital and takes five minutes, with a decision in under a minute.
'Free Quote': A no-obligation quote gives borrowers an indication of their interest rate, without an application showing up on or affecting a credit report.
No Hidden Fees: No account keeping fees, no exit fees and no early repayment fees.

OMM personal loan criteria

Be at least 18 years old
Be an Australian citizen or permanent resident

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

OMM Important People

Steve Lambert - Chairman
Adam Sutherland - Founder & CEO
Crystal Anderson - Co-Founder & COO/CFO
Bruce Sutherland - Co-Founder & Director
Chris Kok Wan Chun - Non-Executive Director
Roger Lee - CTO

Frequently Asked Questions

How long does OMM take to approve a personal loan?

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

What other loans does OMM provide?

OMM provides unsecured fixed-term loans for anything from debt consolidation to the purchase of a vehicle.

Photo by Avel Chuklanov on Unsplash

Harrison Astbury

Harrison is Savings.com.au's Assistant Editor, and also Editor & Research Analyst of sister comparison site InfoChoice.com.au. Prior to joining Savings Media Group in January 2020, he worked for some of Australia's largest comparison sites and media organisations, and has key interests in housing policy, real estate, and niche topics such as the gold standard.

Email Articles

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, InfoChoice.com.au, YourMortgage.com.au, YourInvestmentPropertyMag.com.au, and Performance Drive are part of the InfoChoice Group. In the interest of full disclosure, the InfoChoice Group is associated with the Firstmac Group. Read about how InfoChoice Group manages potential conflicts of interest, along how we get paid.

Savings.com.au Pty Ltd ACN 161 358 363 operates as an Australian Financial Services Licensee and an Australian Credit Licensee Number 515843. Savings.com.au is a general information provider and in giving you general product information, Savings.com.au is not making any suggestion or recommendation about any particular product and all market products may not be considered. If you decide to apply for a credit product listed on Savings.com.au, you will deal directly with a credit provider, and not with Savings.com.au. Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au's Financial Services and Credit Guide (FSCG). The information provided constitutes information which is general in nature and has not taken into account any of your personal objectives, financial situation, or needs. Savings.com.au may receive a fee for products displayed.

Explore the InfoChoice Group network: InfoChoice · Your Mortgage · Your Investment Property · Performance Drive

Our company, Savings.com.au, has obtained accreditation as a data recipient for the Consumer Data Right (CDR). You can view our CDR policy by clicking on this link.

Important information

Savings.com.au provides general information and comparison services to help you make informed financial decisions. We do not cover every product or provider in the market. Our service is free to you because we receive compensation from product providers for sponsored placements, advertisements, and referrals. Importantly, these commercial relationships do not influence our editorial integrity.

For more detailed information, please refer to our How We Get Paid, Managing Conflicts of Interest, and Editorial Guidelines pages.

Editorial Integrity

At Savings.com.au, we are passionate about helping Australians make informed financial decisions. Our dedicated editorial team works tirelessly to provide you with accurate, relevant, and unbiased information. We pride ourselves on maintaining a strict separation between our editorial and commercial teams, ensuring that the content you read is based purely on merit and not influenced by commercial interests.

Learn more about our commitment to editorial integrity in our Editorial Guidelines.

Advertiser Disclosure

Our service is free for you, thanks to support from our partners through sponsored placements, ads, and referrals. We earn compensation by promoting products, referring you, or when you click on a product link. You might also see ads in emails, sponsored content, or directly on our site.

For more details, see How We Get Paid.

Product Coverage and Sort Order

We strive to cover a broad range of products, providers, and services; however, we do not cover the entire market. Products in our comparison tables are sorted based on various factors, including product features, interest rates, fees, popularity, and commercial arrangements.

Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes.

Additionally, certain products may present forms designed to refer you to associated companies (e.g. our mortgage broker partner) who may be able to assist you with products from the brand you selected. We may receive a fee for this referral.

You can customise your search using our sorting and filtering tools to prioritise what matters most to you, although we do not compare all features and some results associated with commercial arrangements may still appear.

For more details, visit How We Get Paid and Managing Conflicts of Interest.

Comparison Rate Warning and Base Criteria

For home loans, the base criteria include a $400,000 loan amount over 25 years. For car loans and personal loans, the base criteria include a $30,000 loan over 5 years. These rates are only examples and may not include all fees and charges.

*The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Monthly Repayment Figures

Monthly repayment figures are estimates that exclude fees. These estimates are based on the advertised rates for the specified term and loan amount. Actual repayments will depend on your circumstances and interest rate changes.

Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you.

Related Brands

Savings.com.au is proudly part of the InfoChoice Group, which includes InfoChoice.com.au, YourMortgage.com.au, YourInvestmentPropertyMag.com.au, and PerformanceDrive.com.au. The InfoChoice Group is associated with the Firstmac Group.

We may include products and services from loans.com.au, CarLoans.com.au, OnlineAuto.com.au, and YourMortgageBroker Pty Ltd, all associated with the Firstmac Group. Importantly, these brands are treated like any other commercial partner.

Learn more about how we manage conflicts of interest.

General Advice Disclosure

The information provided by Savings.com.au is general in nature and does not take into account your personal objectives, financial situation, or needs. We recommend seeking independent financial advice before making any financial decisions. Before acquiring any financial product, obtain and read the relevant Product Disclosure Statement (PDS), Target Market Determination (TMD), and any other offer documents.

Rates and product information should be confirmed with the relevant credit provider. For more information, read Savings.com.au’s Financial Services and Credit Guide (FSCG).

OMM Car and Personal Loans Review