How long does it take before my investment order is completed?
It can take between 1 and 14 days for an investment order to be completed. In the event that after 14 days a borrower is still unsuccessful in attracting 100% funding for their loan request. OurMoneyMarket will return these funds to your OurMoneyMarket Account.
What happens if my funds are required to remain allocated to a Loan Unit beyond my initial investment term?
In the unlikely event that your funds are committed for a longer term, you will continue to receive repayments of principal and interest over the course of the extended period. In some cases, you may be rewarded with a higher rate of return due to the extended term of your investment.
How do OurMoneyMarket manage collections?
OurMoneyMarket takes its responsibilities for managing the day to day operations of the OurMoneyMarket Investment Trust very seriously, which is why OurMoneyMarket has put in place a clearly defined and proactive process with regards to debt collection. This includes, but is not limited to, proactive SMS notifications on upcoming scheduled repayments, mandatory direct debit arrangements […]
What happens if a borrower repays their loan early?
If a borrower repays their loan early you will receive your invested funds back earlier than expected. The funds will appear in your OurMoneyMarket Account as Available Funds for re-investment or withdrawal.
If I invest in a loan can I then sell that loan at a later date to get my money back?
No. At present OurMoneyMarket does not offer investors the ability to sell their investments in Loan Units. Meaning that once an investor has committed funds to a Loan Unit, these funds can only be redeemed at the earlier of the loan being repaid or maturity of the loan. We are however working on this and […]
What does it mean if I have a loan that is in “arrears” or “delinquent”?
A loan that is displaying a status of “arrears” or “delinquent” means the borrower has missed a repayment on their loan. Any borrower that misses a payment is immediately contacted by OurMoneyMarket with the expectation that the amount in arrears will be repaid.
What does it mean if I have a loan that is “charged-off”?
A loan status of “charged-off” means that the borrower has defaulted on its loan obligations. This may be due to a number of unforeseen circumstances including, but not limited to, the borrower experiencing bankruptcy, loss of job and/or a serious illness. It also means that despite its best efforts OurMoneyMarket may have been unable to […]
Is OurMoneyMarket a bank?
No, OurMoneyMarket is not a bank. We are an Australian non-bank lender that provides personal loans directly to approved applicants. OurMoneyMarket holds an Australian Credit Licence and operates in accordance with applicable Australian credit laws and responsible lending obligations. We assess each application based on the applicant’s individual circumstances, with all applications subject to credit […]
Do I pay any fees to OurMoneyMarket?
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 […]