Handy Finance

Handy Finance, personal loans in Australia

Handy Finance is an independent finance company operating in all Australian states and presents itself as an alternative to traditional banking. The entity, formerly known as OurMoneyMarket, offers personal loans with a focus on a streamlined, digital process. Its range covers everything from financing for home projects to vehicle purchases or debt consolidation.

Financing products

The company offers personal loans with amounts ranging from AUD 2,001 to AUD 75,000, extendable up to AUD 100,000 for home improvement projects and vehicle purchases. Repayment terms range from one to seven years. All options are fixed-rate, so the repayment remains stable throughout the life of the loan. The entity distinguishes between secured and unsecured loans, and the applicable rate depends on the application and the applicant's financial circumstances.

The range includes the following purposes:

• Home improvement loans
• Car and vehicle loans
• Debt consolidation
• Medical and dental loans
• Travel and holiday loans
• Wedding loans
• Education loans
• Pool and spa loans
• Green loans, intended for installations such as solar panels or other energy efficiency improvements
• Joint loans

The website also mentions financing for caravans, jet skis, and boats within the vehicle category.

Conditions and requirements

To apply for a loan, you must be over 18, employed (either as an employee or self-employed), and be an Australian citizen or permanent resident. The entity states that applicants with ongoing legal proceedings or a history of bankruptcy are not accepted. The application requires identity documentation, such as a driver's licence or passport, and three months of bank statements to verify income and expenses, managed through the Illion Bank Statement service.

Handy Finance offers online pre-approval, which provides an indication of borrowing capacity. The application assessment does not affect the applicant's credit score. The entity charges a one-off establishment fee of between 0% and 6% of the loan amount.

Interest rates

The information published on the site indicates an interest rate from 6.57% p.a. and a comparison rate of 7.51% p.a. The entity notes that, generally, at least half of approved customers receive the representative rate or lower, set at 9.99% p.a., with a representative comparison rate of 11.91% p.a. The rates and repayments shown by the calculator are estimates subject to terms, fees, and eligibility and lending criteria.

Digital tools and management

The company provides a loan calculator that allows you to enter the desired amount, term, and payment frequency (weekly, fortnightly, or monthly), as well as your credit profile, to get an estimate of the repayment. The application is completed entirely online, with no need to print documents. Customers can review and manage their loan account through the customer portal.

Handypay: business financing

Handy Finance also operates the Handypay brand, aimed at merchants. It is an integrated financing solution that allows customers of those businesses to pay for their purchases in instalments, with the goal of improving sales conversion and accessibility of products or services. The company offers a vendor portal and dedicated support for business partners.

Track record and recognition

The entity notes that OurMoneyMarket rebranded to Handy Finance, keeping the same team, products, and services. The awards shown on the website were granted to OurMoneyMarket before the name change and are used with permission. The company presents itself as an award-winning personal loan provider and has accumulated over 1,000 five-star reviews.

Legal and regulatory basis

Financing is provided by OurMoneyMarket Lending Pty Ltd, Australian Business Number (ABN) 64 605 231 669 and Australian Credit Licence 488228. The entity is a member of the Australian Financial Complaints Authority (AFCA) and operates under the Handy Finance and Handypay brands. All applications are subject to credit assessment, eligibility criteria, and responsible lending requirements.