Frequently Asked Questions

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

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.

Our costs vary depending on which credit product you’re applying for. To find out what fees and charges are applicable, go to our Costs page.

Our credit products vary in amount, term and fees. To find out about the amount, term and fees, go to our Costs page.

Login to your MyOzMoney 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.

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

You can pay out your loan in full at any time during your loan term. 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.

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

Our applications are 100% online and paperless. Simply select the credit product that best suits your needs and complete our easy 3-5 minute application.

You will be asked to submit your bank statements online in your application via a safe and secure portal powered by illion Open Data Solutions.

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.

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

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 MyOzMoney loan from your mobile, desktop or tablet.

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.

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

Once your application is approved, we’ll transfer the funds to your nominated bank account.

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

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.

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

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

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

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, Illion Open Data Solutions - 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.

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.

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.

Your bank details are encrypted in transit and stored securely by Illion Open Data Solutions. We do not have the ability to change any of your banking details or access any of your personal information.

Complete Illion Open Data Solutions terms and conditions are available here.

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.

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

Each time your account is not up to date by the end of the last day of the month you will be charged a $15.00 overdue account fee.

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.

Contact us to make more suitable payment arrangements.

If your circumstances have changed since you took out the loan, we may be able to offer some assistance. To help us understand your situation and how we can assist, 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 hardship form.

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.

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.

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.

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.

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.

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.

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

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

We are open from 8am to 12am AEST on weekdays and 9am to 9pm on weekends.

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.

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

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.

When you apply you’ll be approved for a global credit limit, 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.

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.

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.

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.

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.

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

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

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.

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.

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 credit limit’.

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 credit limit’.