OurMoneyMarket is required to separate investor money from its own resources. This money is held by AET Structured Finance Services Limited (the "Custodian") on behalf of the investors. We are not permitted to use investor money for our day to day operating expenses and in the unlikely event of our insolvency your money would be ring-fenced and held by the Custodian on your behalf.
Melbourne Securities Corporation Limited (the "Trustee") and the Custodian will take steps to protect members in the OurMoneyMarket Investment Trust by seeking to obtain control over the loans for which they hold security. They will then seek to administer the outstanding loans, with the assistance of any loan servicer or other person who may be engaged by the Trustee to assist.
The Trust in this instance would be in run off. Run off would involve collecting remaining scheduled repayments on existing loans to borrowers and making distributions to investors with corresponding Loan Units. No further new loans to borrowers would be completed during run off.
A 'Payday' lender is typically a lender of last resort. A payday loan is a loan of up to $2,000 that must be repaid between 16 days and 1 year.
OurMoneyMarket only facilitates loans to creditworthy borrowers that meet our lending standards. Unlike payday loans, OurMoneyMarket loan terms range between 12 months and 84 months, and include loan amounts of between $2,001 and $75,000.
OurMoneyMarket is not a bank. OurMoneyMarket is not authorised under the Banking Act, is not supervised by the Australia Prudential Regulation Authority, and your investment in loans made available through the OurMoneyMarket Investment Trust is not covered by the Financial Claims Scheme or depositor protection provisions in section 13A of the Banking Act. Any cash you hold in your personal OurMoneyMarket account will however be covered by the Financial Claims Scheme, as this is held with a reputable Australian authorised deposit-taking institution.
OurMoneyMarket is also a branchless operation. Our entire business is online, operating off the latest cloud-based technology, meaning we’re open 24/7.
OurMoneyMarket is an innovative financial technology company that has big plans to make significant improvements to financial services and is looking to create better value for borrowers and investors alike. OurMoneyMarket acts as an originator, underwriter, servicer and investor of loans provided through the OurMoneyMarket Investment Trust. OurMoneyMarket Lending is the Lender of Record for loans provided through the OurMoneyMarket Investment Trust and is the holder of Australian Credit Licence Number 488228 and therefore regulated by ASIC.