Frequently Asked Questions

Who can apply?

You must be an Australian resident over 18 and currently working.

What if I don’t have a good credit history?

Credit history tells us one side of your financial position. We will assess your application, even if you may not have a good credit history, so that we can review your financial position and application with other relevant information to come to a decision on your application.

What if my income is from Centrelink?

As part of our responsible lending practice, we do not provide My OzMoney loans to people whose incomes are solely from Centrelink.

What documents do I need to apply for a My OzMoney loan?

You are required to send us a copy of your bank statements that show your income and day-to-day expenses in last 90 days. If we are not able to verify your income on your bank statements, we may request for two most recent payslips (in which case, we will let you know).

How much does it cost?

Our costs vary depending on whether you are applying for a small loan, medium loan or personal loan.

To find out what fees and charges are applicable, go to our Costs page.

What is the different between My OzMoney’s Small Loan, Medium Loan and Personal Loan?

Our small loans, medium loans and personal loans vary in amount, term and fees. To find out about the amount, term and fees, go to out Costs page.

How do I change my password?

Login to your My OzMoney account and go to My Details. Scroll down to the bottom of the page and you can reset your password by using the Edit button on the Change Password section.

How do I change my email address?

Login to your My OzMoney account and go to My Details. You can update your email by using the Edit button on the Personal Details section.

Can I pay my loan back?

You can pay out your loan in full at any time during your loan term, whether you have a small loan, medium loan or personal loan with us. We don’t charge any early termination or break fee.

To find out your payout figure, send us an email to hello@ozmoney.com.au and we will send you the amount.

Please note that if you have been already charged with any late or dishonour fees, the fees may still apply in your payout figure and we do not refund establishment fee.

I’ve just paid off my last loan with My OzMoney. How long do I have to submit a new application?

You can apply for a new My OzMoney loan straight away. We review all applications according to our lending criteria and responsible lending practice.

So how does the application process work?

It’s simple and fast. Once you click ‘Apply Now’, you will select the amount you want, for how long along with other information. Our applications are 100% online and paperless.

You will be directed to MoneyBuddy Data in your application to submit your bank statements online.

My application is “conditionally pre-approved”. What does this mean?

This means that we have received the necessary basic information in your application and one of our credit analysts will shortly review your application to finalise the outcome on your application.

Will you be contacting my work?

If we need to contact your work to verify your income or employment, we will ask you for permission first.

Can I apply for a loan over the phone or in a shop?

We are 100% online and take applications online only – however, our application is simple and straight-forward to do so it’s easy to apply for a My OzMoney loan from your mobile, desktop or tablet.

Do you conduct credit history checks?

To ensure we do not provide a loan that is not unsuitable to you, we carry out a credit check as part of our credit assessment. A credit report provides us with some information about your financial position and we will make a decision on your application by assessing all other information you provide us with.

How soon after my last loan can I get another loan?

If you have paid off your My OzMoney loan in full, you can apply for a new loan straight away. We will review your new application based on our lending criteria.

How does it work if I apply outside business hours or weekends?

Once your application is approved, we will transfer the fund to your nominated bank account.

For more information about when you may receive the fund, please refer below on Transfer Time.

Why was my application declined?

We are big on responding lending. We look at a number of factors when making responsible lending decisions, including your bank statements, your income and financial commitments and your credit report.

If your circumstances have improved, we would be more than happy to reconsider your application.

How long does it take to receive an application decision?

Applications submitted during business hours will have an outcome on the same day. If approved outside of business hours, the application will be reviewed the following day. To see our operating hours, click here.

How is the money transferred and how long does it take?

Once approved, your cash is transferred directly to your bank account. Transfer times vary depending on which bank you’re with.

The following transfer times are indicative and are provided for your convenience only. If you require exact times, please contact your bank directly.

Commonwealth bank = 1 hour or less
ANZ = 3-4 hours
Bankwest = 3-4 hours
NAB = 3-4 hours
Westpac = 3-4 hours
All other banks = 1 business day

Why do you ask for my bank statements?

We are required by law to make an assessment that a loan contract is not unsuitable to you.

At MyOzMoney, we obtain a copy of your most recent bank statements to make a credit assessment. We may subsequently obtain bank statements on an ongoing basis for the purposes of ongoing account management, including if you are in default.

We look at your recent bank statements through our trusted partner, Proviso - the same technology used by a number of big banks and online companies. This means you can avoid all the messy and time-consuming admin of getting your bank statements and pay slips to us.

It is not possible for anyone at MyOzMoney to see or access your online banking password.

Why do you ask for my online banking details?

It’s the fastest and easiest way for us to process your loan application. We obtain read-only snapshots of your transaction history and cannot access your details in any way.

All data is securely handled in accordance with data protection laws and our privacy policy.

Who sees my online banking login details?

We are only permitted read-only access, so will only ever be able to view the recent transactions on your account – nothing more. No person can access your online banking password.

What happens to my online banking details after I input them on your website?

Your bank details are encrypted in transit and stored securely by Proviso. We do not have the ability to change any of your banking details or access any of your personal information. Complete Proviso terms and conditions are available here.

How do I make my repayments?

To make things easier for you, your repayments will be set up as direct debits on your bank account nominated by you in the application. We will automatically process the direct debits on the dates, unless you have already contacted us to change the date.

What happens if I can’t make my scheduled direct debit?

Speak to us! We can change the date of your direct debit scheduled with one business notice prior. Please note there maybe a late fee associated with postponing your direct debit. For more information, go to Costs.

What happens if I have overdue payments?

If your small loan account is repaid in full at the end of the loan term, a late fee

of $5 per day will be charged until your account is settled.

If you have a medium loan or personal loan account and you defer your payment for more than 5 days, a late fee of $15 will be charged.

If you are struggling with your repayments, speak to us so that we can understand your situation and try to come to an arrangement that is more suitable.

What happens if my payments become seriously overdue?

Contact us to make more suitable payment arrangements.

What can I do if I am facing hardship?

If your circumstances have changed since you took out the loan, we may be able to offer some assistance. To assist us to help you, contact us.

Please note that we may need evidence of the change (such as a severance letter or a doctor’s certificate) and later get in touch to obtain further information from you once you have completed the form.

When will MoneyMe contact me by telephone?

We will only call you if we need to, for instance, to confirm your application with My OzMoney, to follow up on your application or if you missed a payment and we need to speak to you.

Can I come into a branch?

We are 100% online – but you can get in touch with us 7 days a week.

What are your operating hours?

We are open from 8am to 5pm AEST on weekdays and 9am to 3pm on weekends.

How do I make a complaint?

We are all about you and we value your feedback. At times, things may not work out as they should. If you have a complaint or dispute, speak to us and our Dispute Resolution Officer will be in touch with you to resolve the complaint or dispute ASAP.

To find more out more, go to Feedback & Complaints.

What is Comprehensive Credit Reporting (CCR)?

Comprehensive Credit Reporting (CCR) is the latest change to the way credit information is reported, meaning more information, both positive and negative, is now recorded and available on your credit file. This gives you more control over your credit health and for lenders to have a more comprehensive view of your credit information, including your repayment history.

What does it mean for me?

As more information is being reported on your credit file than what was previously available, you’re able to positively influence your credit score simply by displaying good credit behavior such as making your repayments on time.

What new information is on my credit report, and what information can providers now see?

Prior to this change, mainly negative information was available on your credit file (e.g. credit enquiries and default listings). Comprehensive credit reporting now means other, more positive information is available – including:

  • Account open and close dates
  • Account limits
  • Credit types
  • Repayment History Information (RHI) for the last 24 month period

What is Repayment History Information (RHI)? Your repayment history is recorded as an RHI status. This status is displayed as a number, indicating how many days in arrears your account was in a specific month. This information is reported on an ongoing basis for your active account until it is repaid.

What happens if I miss a payment, or change my repayment schedule?

If you miss a payment and it is not caught up within the 14 day grace period, it will be reported on your credit file as overdue.

If you request to change a payment prior to the scheduled date and it fits within acceptable criteria, the change won’t affect your credit report.

How does this affect my credit score?

It can impact it both positively and negatively, depending on your situation and actions. The key thing to know is that good repayment history and behaviour is now reflected on your profile which means you have the opportunity each month to improve your credit score.

If you’re worried about missing one payment or making it after the 14 day grace period, don’t stress too much. The great thing about Comprehensive Credit Reporting is it shows your last 24 month repayment history, which gives lenders a better understanding of your overall repayments – not just your most recent.

Where can I find out more information about this?

To find out more, check out the CreditSmart website.

CreditSmart is an information website developed by credit experts to help consumers understand how credit reporting operates in Australia. It aims to help you understand how recent credit reporting reforms affect you, by providing information about the system that is unbiased and fair.

How often can I make withdrawals?

You can withdraw from your line of credit as often as you like up to your available limit, as long as your account is up to date.

How do I make a withdrawal?

You can make withdrawals through the Members Area by clicking the ‘Withdraw cash’ button in your Account Overview, or from the menu by clicking ‘Manage my loan’ and then ‘Withdraw cash’.

To make a withdrawal now, log in to the Members Area here.

How does my line of credit work?

When you apply you’ll be approved for a global line of credit, which is your highest approved credit amount. You’ll be able to withdraw (minimum $100) as many times as you like up to this determined limit.

As you repay the principal on your withdrawn credit, this amount will become accessible to withdraw again – given your account is in good standing.

For your account to be in good standing you must meet your minimum set repayments. Failure to do so will result in restrictions placed on your credit limit.

What are my payment options?

We set your minimum payments over a fixed term, however you’re able to make extra payments or repay in full at no extra cost.

If you wish to reschedule your payments, you can up to 7 days from the scheduled date for free.

To make a payment now, log in to the Members Area here.

What is the minimum repayment?

The minimum repayment is set each time you withdraw cash and is the amount you need to pay in order for your account to remain in good standing.

How do I make repayments?

Your payments are set up as direct debits and are aligned to your pay cycle. You can view your schedule in the Members Area.

If you wish to make additional payments you can through the Members Area by clicking the ‘Make a payment’ button in your Account Overview, or from the menu by clicking ‘Manage my loan’ and then ‘Make a payment’.

To make a payment now, log in to the Members Area here.

How do I know if I’m eligible?

To be eligible you must be over 18, an Australian resident and employed.

Please note that all applications are subject to assessment and suitability based on a range of factors such as your income, expenses, bank transaction history and your credit report.

What happens if I don’t use it for a while?

Your line of credit will remain active and available until you request to close your account.

How can I increase or decrease my line of credit?

To increase or decrease your line of credit go to your Members Area, click on ‘Account details’ and go to the ‘My line of credit’ section. There you’ll find an increase/decrease button.

What if I want to pay off my balance early?

That’s absolutely fine, and we don’t charge any early exit fees either. Simply visit the Members Area and click ‘Make a payment’ and select ‘Pay outstanding balance’.

To make a payment now, log in to the Members Area here.

Can I extend my repayment term?

Your minimum repayments are set and cannot be reduced or extended. If you are facing financial difficulty or hardship we encourage you to reach out to us. We’re fair and understanding, and will work together with you to find a solution that works for both of us.

How do I obtain statements?

Each month you’ll receive an email with a link to your Statement of Account.

You can also access it by going to your Members Area, clicking your Account details where you’ll find a link under ‘My line of credit’.

Do I get a card attached to it?

Currently you do not receive a card attached to your line of credit.