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- Ditch loan application fees with this lender offering an EOFY special
Ditch loan application fees with this lender offering an EOFY special
Looking to ditch one of the most expensive fees associated with taking out a car loan or a personal loan? OurMoneyMarket is giving eligible customers a helping hand this end of financial year with a waived application fee offer.
Taking out a personal loan can be a costly and time consuming exercise. One of the most common ways Australians can get stung is by going through the effort of filling in an application, only to be hit with a costly application fee.
In fact, RateCity data shows (accurate at the time of writing):
- The average personal loan application fee is $184
- The average car loan application fee is $246
Opting for a lender that waives this fee may be one way to help keep upfront costs down. The End of Financial Year Special offer from OurMoneyMarket sees eligible customers benefit from a $0 application fee, if they apply and settle before June 30th 2023.
New Car Loan
- $2k to $75k
- 1 to 7 years
- Fixed Rate
Buying a new car? Make a fast and simple online application today and enjoy no ongoing fees or early repayment fees.
6.57%
7.19%
Low Rate Personal Loan Unsecured (Excellent Credit)
- 1 to 7 years
- Unsecured
- Fixed Rate
A competitive fixed rate personal loan with flexible repayment options, no ongoing or early exit fees, and fast funding. Available to excellent credit borrowers.
6.57%
up to 8.48%
7.19%
up to 13.58%
This offer of a waived application fee is available for both car and personal loan products for June only. Further, OurMoneyMarket is a winner in the category of excellent credit personal loans for the RateCity Gold Awards 2023, as well as the last two years.
How it compares to the big four banks
So, how do the car loan and personal loan products from OurMoneyMarket stack up against the competition? RateCity research shows that on average, OurMoneyMarket offered lower interest rates than some of the big four banks' comparable products, at the time of writing.
Car loan comparison: Big four versus OurMoneyMarket
Lender | Min Rate | Max Rate | Application Fee | Monthly Fee |
CBA | 8.49% | 20.49% | $150 | $10 |
Westpac | 5.99% | 11.99% | $250 | $12 |
NAB | 6.99% | 19.99% | $150 | $10 |
ANZ | 6.99% | 18.49% | $150 | $10 |
OMM | 6.57% | 9.29% | $0 | $0 |
Source: RateCity.com.au. Note: Only Westpac has a dedicated car loan product. ANZ, CBA and NAB offer personal loans you can buy cars with. Based on $10,000 loan amount. Data accurate 19/06/2023
As you can see, Westpac may offer a lower minimum interest rate for car loan customers. However, it still charges $250 in application fees - the highest of all the big four banks - potentially mitigating some of the savings a lower rate may offer.
Personal loan comparison: Big four versus OurMoneyMarket
Lender | Min Rate | Max Rate | Application Fee | Monthly Fee |
CBA | 8.49% | 20.49% | $150 | $10 |
Westpac | 6.99% | 19.99% | $250 | $12 |
NAB | 6.99% | 19.99% | $150 | $10 |
ANZ | 6.99% | 18.49% | $150 | $10 |
OMM | 6.57% | 9.29% | $0 | $0 |
Source: RateCity.com.au. Based on $10,000 loan amount. Data accurate 19/06/2023
What to keep in mind
There is more to a personal loan or a car loan than a waived upfront fee. It is crucial that you compare a range of factors, including interest rates, ongoing fees and features offered. Be sure to thoroughly compare your options to ensure you choose a personal loan or car loan that may work for you.
Disclaimer: This promotional offer applies to eligible customers with Excellent Credit scores only (Credit Rating A+), and to loans settled with OurMoneyMarket between 1st June 2023 and 30th June 2023 inclusive. OurMoneyMarket provides loans between $2001 and $75,000.
Compare personal loans
6.57%
up to 8.48%
7.19%
up to 13.58%
$920
Australian Credit Licence 488228
Fees & charges apply
- 2024 Award Winner
- 1 to 7 years
- Unsecured
- Fixed Rate
- No ongoing fees
5.76%
up to 24.03%
6.55%
up to 24.99%
$909
Australian Credit Licence 474726
Fees & charges apply
- 2024 Award Winner
- 3 to 5 years
- Unsecured
- Fixed Rate
- No ongoing fees
7.24%
up to 9.39%
7.24%
up to 10.31%
$930
Australian Credit Licence 286596
Fees & charges apply
- 3 to 7 years
- Unsecured
- Fixed Rate
- No ongoing fees
6.75%
up to 26.95%
6.75%
up to 26.95%
$923
Australian Credit Licence 411227
Fees & charges apply
- 2024 Award Winner
- Special
- 1 to 7 years
- Unsecured
- Fixed Rate
7.49%
up to 13.95%
8.33%
up to 17.58%
$933
Australian Credit Licence 393845
Fees & charges apply
- Via broker
- 1 to 7 years
- Secured
- Fixed Rate
9.49%
up to 9.99%
9.92%
up to 10.42%
$961
Australian Credit Licence 517589
Fees & charges apply
- 2024 Award Winner
- 1 to 5 years
- Unsecured
- Fixed Rate
- No ongoing fees
6.57%
up to 8.48%
7.19%
up to 13.58%
$920
Australian Credit Licence 488228
Fees & charges apply
- 1 to 7 years
- Secured
- Fixed Rate
- No ongoing fees
11.99%
12.57%
up to 12.57%
$996
Australian Credit Licence 517589
Fees & charges apply
- 1 to 3 years
- Unsecured
- Fixed Rate
- No ongoing fees
Product database updated 28 Apr, 2024
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