Commonwealth Bank vs OurMoneyMarket: personal loans

By Peter Terlato · · 5 min read
Fact Checked
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CBA vs OMM 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

Feature
 Commonwealth Bank
 OurMoneyMarket
Loan types
 Fixed rate (unsecured and secured), variable rate (unsecured)
 Fixed rate, unsecured and secured
Interest rate range^
 7.00% - 22.00% p.a. (unsecured)
6.29% - 10.29% p.a. (secured car loans)

 6.28% - 18.99% p.a. (secured or unsecured)
Comparison rate* range^
 8.05% - 23.29% p.a. (unsecured)
7.71% - 11.66% p.a. (secured car loans)

 6.28% - 21.78% p.a. (secured or unsecured)
Loan amount
 $4,000 - $50,000 (unsecured)
$4,000 - $120,000 (secured car loans)

 $5,000 - $100,000 depending on the loan purpose.
Loan term
 1 - 7 years
 1 - 7 years
Establishment fee
 $0 - $250 (varies by product and offer – waived on variable rate personal loans for applications made and funded between 19 August to 10 October 2025)
 0% - 6% of loan amount (based on application assessment. The fee is added to the principal amount and paid over the loan term)
Ongoing fees
 $15 monthly loan service fee
 $0
Extra repayments
 Unlimited, no fee (variable rate)
Early repayment adjustment fee may apply (fixed rate)

 Unlimited, no fee
Redraw facility
 Yes (variable rate only)
 No
Application process
 Online, in-branch or over the phone
 100% online, with conditional quote that won’t affect credit score

  • Unsecured Personal Loan

    • Fixed
    Interest rate from
    7.00 % p.a.
    to
    22.00 % p.a.
    Comparison rate from
    8.05 % p.a.
    to
    22.88 % p.a.
    Based on $30,000 over 5 years
    No Partner link

  • Low Rate Personal Loan

    • Exceptional Credit, $5,000 - $75,000, or up to $100,000 for eligible purposes
    Interest rate from
    5.95 % p.a.
    to
    18.99 % p.a.
    Comparison rate from
    5.95 % p.a.
    to
    21.78 % p.a.
    Based on $30,000 over 5 years
    Go to site

    Competitive low rates for borrowers with exceptional credit on 1-7 year loans from $5,000 up to $75,000 (or up to $100K for home improvements or car loans); no monthly account keeping fees, no exit fees and no early repayment fees. Winner of Mozo's Experts Choice Excellent Credit Unsecured Personal Loan 2024 and Excellent Credit Secured Personal Loan 2024 awards ^. Min. income of 25k after tax, to apply.

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.

Feature
 Commonwealth Bank
 OurMoneyMarket
Initial loan amount
 $20,000
 $20,000
Lowest interest rate
 7.00% p.a. (comparison rate* 8.05% p.a.) for customers with excellent credit
 6.28% p.a. (comparison rate* 6.28% p.a.) for customers with excellent credit
Establishment fee
 $250 (flat fee)
 $0 for excellent credit customers
Monthly service fees
 $15
 $0
Calculated monthly repayments
 $396
 $389
Total interest paid
 $3,761
 $3,356
Total cost of loan, including principal
 $24,911
 $23,356

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.

Mozo may receive payment if you click products on our site. We don’t compare the entire market, but you can search our database of 232 personal loans using the filters.
Last updated 5 December 2025 Important disclosures and comparison rate warning*

Personal loan comparisons on Mozo

  • Promoted

    Unsecured Personal Loan

    • Fixed
    Interest rate from
    5.76 % p.a.
    to
    24.03 % p.a.
    Comparison rate from
    5.76 % p.a.
    to
    24.98 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $606
    Go to site

    Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties. It's perfect for savvy borrowers with great credit. If you’re over 18 and earn above $30,000, you could qualify (other eligibility criteria may apply).

  • Promoted

    Unsecured Personal Loan

    • Fixed
    Interest rate from
    5.95 % p.a.
    to
    26.95 % p.a.
    Comparison rate from
    5.95 % p.a.
    to
    26.95 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Borrow up to $50,000 unsecured. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Multi-year winner of Mozo’s Experts Choice Unsecured Personal Loan Award, 2021, 2022, 2023, 2024 & 2025^'

  • Promoted

    Low Rate Personal Loan

    • Exceptional Credit, $5,000 - $75,000, or up to $100,000 for eligible purposes
    Interest rate from
    5.95 % p.a.
    to
    18.99 % p.a.
    Comparison rate from
    5.95 % p.a.
    to
    21.78 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Competitive low rates for borrowers with exceptional credit on 1-7 year loans from $5,000 up to $75,000 (or up to $100K for home improvements or car loans); no monthly account keeping fees, no exit fees and no early repayment fees. Winner of Mozo's Experts Choice Excellent Credit Unsecured Personal Loan 2024 and Excellent Credit Secured Personal Loan 2024 awards ^. Min. income of 25k after tax, to apply.

  • Unsecured Personal Loan

    • Fixed
    Interest rate from
    5.76 % p.a.
    to
    24.03 % p.a.
    Comparison rate from
    5.76 % p.a.
    to
    24.98 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $606
    Go to site

    Fast, easy and 100% online, this is a low cost loan with no ongoing fees or extra repayment penalties. It's perfect for savvy borrowers with great credit. If you’re over 18 and earn above $30,000, you could qualify (other eligibility criteria may apply).

  • Debt Consolidation Loan

    Interest rate from
    5.76 % p.a.
    to
    24.03 % p.a.
    Comparison rate from
    5.76 % p.a.
    to
    24.98 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $606
    Go to site

    Roll multiple debts into one loan to streamline your finances with one set of repayments and one interest rate. Competitive fixed interest rates with no monthly or early repayment fees and flexible repayment options. Easy online application and funding in as little as 24 hours (subject to approval).

  • Unsecured Personal Loan

    • Fixed
    Interest rate from
    5.95 % p.a.
    to
    26.95 % p.a.
    Comparison rate from
    5.95 % p.a.
    to
    26.95 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Borrow up to $50,000 unsecured. Perfect if you earn more than $22,100 p.a. and have good to excellent credit. Multi-year winner of Mozo’s Experts Choice Unsecured Personal Loan Award, 2021, 2022, 2023, 2024 & 2025^'

  • Low Rate Personal Loan

    • Exceptional Credit, $5,000 - $75,000, or up to $100,000 for eligible purposes
    Interest rate from
    5.95 % p.a.
    to
    18.99 % p.a.
    Comparison rate from
    5.95 % p.a.
    to
    21.78 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Competitive low rates for borrowers with exceptional credit on 1-7 year loans from $5,000 up to $75,000 (or up to $100K for home improvements or car loans); no monthly account keeping fees, no exit fees and no early repayment fees. Winner of Mozo's Experts Choice Excellent Credit Unsecured Personal Loan 2024 and Excellent Credit Secured Personal Loan 2024 awards ^. Min. income of 25k after tax, to apply.

  • Secured Personal Loan

    • Exceptional Credit, $5,000-$75,000 or up to $100,000 for eligible purposes
    Interest rate from
    5.95 % p.a.
    to
    18.99 % p.a.
    Comparison rate from
    5.95 % p.a.
    to
    21.78 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $608
    Go to site

    Get a secured personal loan with competitive low rates for borrowers with exceptional credit. A simple fixed interest rate that can be repaid weekly, fortnightly or monthly, over 1 to 7 years (10 years for Green Loans). Managed entirely online, at any time. No monthly account keeping fees, no exit fees and no early repayment fees. Quick and easy, 100% online application. Establishment fees apply.

  • Unsecured Personal Loan

    Interest rate from
    6.17 % p.a.
    to
    21.99 % p.a.
    Comparison rate from
    6.17 % p.a.
    to
    22.79 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $610
    Go to site

    Competitive fixed rates for borrowers on 1-7 year loans from $5,000 up to $50,000. $0 monthly fees and no early repayment fees to pay. Fast application process on the Revolut app. According to Revolut and subject to loan approval, you'll receive your money into your Revolut account straight away.

  • Personal Loan

    • Fixed
    Interest rate from
    8.99 % p.a.
    to
    29.39 % p.a.
    Comparison rate from
    10.11 % p.a.
    to
    30.29 % p.a.
    Based on $30,000 over 5 years
    Monthly repayment
    $636
    Go to site

    A Latitude Personal Loan offers flexibility and control for your major purchases, debt consolidation, or renovation plans. Get a personalised rate in two minutes without impacting your credit score. You'll enjoy a fixed rate, a repayment schedule that suits your budget. Plus, for Mozo customers, the $395 establishment fee is permanently waived. Latitude offers borrowing options from $5,000 over terms of 2 to 7 years. Repayments can be weekly, fortnightly, or monthly.

Showing 7 results from 232 personal loans. Use the filters to see more

* WARNING: The Comparison Rate combines the lender's interest rate, fees and charges into a single rate to show the true cost of a personal loan. 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, on a secured basis for secured loans and an unsecured basis for unsecured loans. This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

^See information about the Mozo Experts Choice Personal Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

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