OurMoneyMarket Home Improvement Loan
- Interest Rate (p.a.)
- 6.57% to 18.99%
- Comp. Rate (p.a.)
- 7.19% to 21.78%
- Min Loan Amount
- $5,000
Summary
Borrow up to $100,000 for renovations and home improvements.
3 things to consider about this loan:
- Personalised rates. Your interest rate will be based on your credit history and financial situation.
- Fixed rates. Your rate will be fixed for the duration of the loan.
- Early repayment. There are no fees if you repay the loan early.
Pros
-
Competitive interest rates
-
No account-keeping fees
-
No penalties for early repayment
Cons
-
Late payment fee of $35
-
Direct dishonour fee of $25
Details
Product details
| Product Name | OurMoneyMarket Home Improvement Loan |
| Interest Rate (p.a.) | 6.57% to 18.99% |
| Comp. Rate (p.a.) | 7.19% to 21.78% |
| Interest Rate Type | Fixed |
| Min Loan Amount | $5,000 |
| Max. Loan Amount | $100,000 |
| Loan Security | Unsecured |
How does the OurMoneyMarket Home Improvement Loan work?
An OurMoneyMarket home improvement loan lets you borrow between $5,000 and $100,000 for a home renovation project.Eligible borrowers can take out this loan as either secured or unsecured. Loan terms are from 1 year to 7 years and there are no fees if you repay before the term ends.
You can get a conditional approval within minutes online. Interest rates start from [lowest rate shortcode] but rates are personalised based on borrower credit profile.
Repayments can be weekly, fortnightly or monthly. With fixed interest rates, these repayments won't change for the term of the loan.
Eligibility criteria
To be eligible for this loan, you must:- Be at least 18 years or older
- Be an Australian citizen or permanent resident
- Be actively employed or receiving a pension
- Be receiving a regular income (Centrelink can be used as a secondary income)
- Not be in financial hardship with another lender
- Not be a current or prior bankrupt or party to a court judgement
- Not have any active payday loans
How to apply
Apply for the OurMoneyMarket Home Improvement Loan online by filling out the application form. It's useful to have the following documents on hand:- Personal identification - such as a drivers license
- Bank details, including 3 months of bank statements
- Details regarding any other debt you may have
Features of this loan
- Secured or unsecured. Either option will be offered based on your credit assessment.
- Personalised rates. You will receive a competitive interest rate based on your credit history. The better your credit history, the lower the rate you're likely to receive.
- Quick online application. You can apply online and be approved for a loan within minutes.
- No ongoing fees. You will pay an establishment fee but no ongoing fees.
- Flexible payment schedule. You can make repayments on a weekly, fortnightly or monthly basis.
- No exit or early repayment fees. You can pay this loan off early without penalty.
How much does the OurMoneyMarket Home Improvement Loan cost?
You will pay these fees
| Cost | Amount |
|---|---|
| Interest rate | Fixed from 6.57% p.a. to 18.99% p.a. |
| Comparison rate | Fixed from 7.19% p.a. to 21.78% p.a. |
| Establishment fee | 1.50% - 6% of loan amount. Minimum fee $250. |
| Ongoing fees | $0 |
You might pay these fees
| Cost | Amount |
|---|---|
| Loan variation fee | $35 |
| Document production fee | $25 |
| Loan cancelation fee | $150 |
| Late/overdue fees | $35 per payment |
| Direct debit dishonour fee | $25 per dishonour |
*Borrow from $5,000 to $100,000 with 1 to 7 years loan terms available. This loan comes with no fees for extra repayments and no early exit fees. Offer may be varied or withdrawn at any time. Lending and eligibility criteria and T&Cs apply.
Your reviews
Rebecca Finder
Senior writer
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