Commonwealth Bank vs OurMoneyMarket: personal loans

When it comes to borrowing money, personal loans aren’t all cut from the same cloth. Rates, fees and flexibility can differ significantly depending on the lender, and what looks like a good deal on paper may shift once you factor in your own credit profile and circumstances.

Commonwealth Bank (CBA) is one of Australia's largest and most well-known banks. CommBank operates with a huge network of branches and a strong digital presence, giving customers a choice between in-person service and convenient online banking.

OurMoneyMarket (OMM) is an online lender in Australia that offers personal loans as an alternative to traditional banks. In simple terms, they provide fixed-rate loans for various purposes, like buying a car or renovating your home. They aim to make the process quick and easy by handling everything online and giving you a fast decision.

Both OMM and CBA use a form of risk-based pricing. This means that a borrower's credit profile and financial position influences the interest rate they receive. At least 50% of CBA’s personal loan customers receive an interest rate of 16% or lower. This is known as the representative rate, and it is based on a $30,000 unsecured loan over a five-year term.

Here’s a side-by-side breakdown of what each lender offers.

At a glance: Commonwealth Bank vs OurMoneyMarket

Loan example: side-by-side

Using Mozo’s personal loan repayment calculator, we crunched the numbers on a $20,000 unsecured fixed-rate loan over 5 years. The table below outlines the best-case scenario for a borrower with excellent credit, comparing the total costs and fees.

At the best available rates, OMM proves to be the cheaper option. While CBA's interest rate is competitive, factoring in the rate difference, its ongoing monthly service fee and establishment fee add a total of $1,555 to the cost of the loan, making it a costlier option over the 5-year term. OMM's no-fee structure for its best-rated borrowers gives it a clear advantage in this scenario.

The fine print: a deeper look

Interest rates and comparison rates

OMM uses risk-based pricing, meaning the rate you’re offered depends on your individual credit profile. Borrowers with a strong credit history may access rates starting from 6.28% p.a. (comparison rate* 6.28% p.a.), while those with weaker profiles could face higher rates up to 18.99% p.a. (comparison rate* 21.78% p.a.).

CBA also tailors its personal loan rates to a borrower’s credit history. Its unsecured loan rates range from 7.00% p.a. to 22.00% p.a. (comparison rate* 8.05% - 23.29% p.a.), while its secured car loans sit between 6.29% p.a. and 10.29% p.a. (comparison rate* 7.71% - 11.66% p.a.) CBA also provides a variable rate option, which may move with market conditions.

Fees and charges

Fee structures vary between the two lenders. OMM charges an establishment fee between 0% and 6% of the loan amount, rolled into the loan balance, but it doesn’t charge ongoing fees. 

CBA’s establishment fee can be up to $250 depending on the product and offer, and its loans carry a $15 monthly service fee.

Flexibility

CBA’s variable rate personal loan includes a redraw facility, giving borrowers the ability to access any extra repayments made. Its fixed rate loan allows extra repayments but may apply an early repayment adjustment if you pay out the loan early.

OMM doesn’t offer a redraw facility but does allow unlimited extra repayments without penalty.

Loan amounts and types

OMM offers unsecured loans up to $100,000 – depending on the purpose – while CBA’s unsecured loans are capped at $50,000. Both lenders also offer secured options, with CBA allowing borrowing up to $120,000.

Application process

OMM operates entirely online, offering a conditional quote without impacting your credit score. CBA accepts applications online, in branch or over the phone, which may suit borrowers who prefer different service channels.

OurMoneyMarket vs Commonwealth Bank: summary

The differences between OMM and CBA personal loans come down to structure, fees and flexibility. OMM may suit borrowers who value a fully online process and no ongoing charges, while CBA’s variable rate option with a redraw facility may appeal to those who want more flexibility or prefer dealing with a major bank.

Ultimately, the loan you’re offered will depend on your credit history and financial position. Comparing the features, fees and rates across lenders is an important step before applying.

Note: The information in this article is correct as at 23 September, 2025.

*WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. The comparison rates displayed are calculated based on a loan of $30,000 for a term of 5 years or a loan of $10,000 for a term of 3 years as indicated, based on monthly principal and interest repayments.

^“Range” values depend on the borrower's credit, loan purpose, term, and other factors.