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Ditch loan application fees with this lender offering an EOFY special

Alex Ritchie avatar
Alex Ritchie
- 3 min read
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. 

OurMoneyMarket Services Pty Ltd
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.

Interest rate p.a.

6.57%

Comparison rate* p.a.

7.19%

More detailsclick for more details
OurMoneyMarket Services Pty Ltd
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.

Interest rate p.a.

6.57%

up to 8.48%

Comparison rate* p.a.

7.19%

up to 13.58%

More detailsclick for more details

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

Product database updated 23 Jul, 2024

This article was reviewed by Personal Finance Editor Peter Terlato before it was published as part of RateCity's Fact Check process.

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