OurMoneyMarket is not a bank. OurMoneyMarket is not authorized 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.
Yes. Investors pay a service fee, which is 12.5% of the gross interest received from the borrower at every loan repayment. OurMoneyMarket also retain as a fee any interest that is earned on Available Funds held in the investors OurMoneyMarket Account. Refer to the Product Disclosure Statement for more details. Please note that the rate of return displayed on our website prior to logging in includes OurMoneyMarket’s service fee.
As an investor you have a responsibility to declare your earnings as taxable income. OurMoneyMarket requests your Tax File Number ("TFN") on the application form. If you don’t provide a TFN, we must deduct withholding tax at the maximum rate applicable currently 49%. If you are a US resident for tax purposes, you must advise OurMoneyMarket and supply your TIN number to ensure FATCA compliance.
Prior to an investor logging into their OurMoneyMarket account, rates are displayed on the website on an annualised basis after any applicable fees. The rates may assume payments received are continually reinvested at the rate of return advertised at the time of initial investment and assume no borrower late payments or defaults.
All borrowers obtaining loans through OurMoneyMarket must agree to a direct debit arrangement against their bank account that their primary income source is paid into.
All loan repayments are based off a fixed rate of interest and include a principal and interest component.
The repayment schedule from which you will receive loan repayments is based off the term of the investment you have elected to invest in.
You may receive funds back into your OurMoneyMarket Account earlier than expected and in some circumstances you may receive your funds back later than initially indicated by the term of the loan. See our Product Disclosure Statement for more details.
No. You do not earn interest on uninvested cash (Available Funds) held in your OurMoneyMarket Account. Any interest earned on funds not invested in Loan Units is retained by OurMoneyMarket as a management fee.
To transfer money into your OurMoneyMarket Account, first, login to your personal dashboard and click “Transfer Funds” from the menu. Then click on the “Transfer Funds In” option. You will be provided with BPAY details that are specific to your OurMoneyMarket Account. You can then simply login to your internet banking account and transfer funds to your OurMoneyMarket Account using these details. The funds will usually appear in your OurMoneyMarket Account the following business day.
Each member of the OurMoneyMarket Investment Trust has their own personal OurMoneyMarket Account. Use the account details relating to your OurMoneyMarket Account to deposit money into your account to start investing.
No. Investors will not know the personal identity of the borrowers whose loans they have invested in.
Investors will however be provided with demographic and geographic information about the borrowers, as well as a summary of their financial information and historical credit performance.