Tic:Toc Home Loans

Read on to compare some of Tic:Toc’s key home loan interest rates and the key features they have.

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Summary

About Tic:Toc Home Loans

Launched in July 2017 and backed by Bendigo and Adelaide Bank, Tic:Toc prides itself in transforming the home loan process. Its core technology allows a home loan application, which takes as little as 22 minutes, to be assessed in real-time when a customer is filling out their details online. Tic:Toc’s mission is to simplify the process and provide borrowers with what it calls an “instant home loan” experience.

What home loans does Tic:Toc offer?

Tic:Toc offers a range of home loan products for both owner-occupiers and property investors, with either variable or fixed rates that range from one to five-year fixed. Interest-only home loans are also available. See a full list of home loans on Tic:Toc’s website here.

If you’re a first home buyer or struggling to save a 20% deposit for your home, Tic:Toc also offers low deposit options with a loan-to-value ratio (LVR) as high as 90%.

Tic:Toc variable home loan rates

Company Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayments
 
Variable Home Loan OO P&I 2.99% 3.00% $1,685 More details
Variable Home Loan OO P&I Offset 2.99% 3.13% $1,685 More details
Variable Home Loan Investor P&I 3.35% 3.36% $1,762 More details
Variable Home Loan Investor P&I Offset 3.35% 3.48% $1,762 More details
Variable Home Loan Investor IO 3.55% 3.38% $1,183 More details

Base criteria of: a $400,000 loan amount, variable home loans with an LVR (loan-to-value) ratio of at least 80%. Introductory rate products were not considered for selection. This table includes only a snapshot of the lender’s products, not all of them. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term. *Rates correct as at 3 September 2019.

Tic:Toc fixed home loan rates

Company Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayments
 
Fixed 2yrs OO P&I 2.99% 3.08% $1,684 More details
Fixed 1yr OO P&I 2.99% 3.09% $1,684 More details
Fixed 2yrs Investment P&I 3.09% 3.31% $1,705 More details
Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayments
Fixed 2yrs OO P&I
2.99% 3.08% $1,684
More details
Fixed 1yr OO P&I
2.99% 3.09% $1,684
More details
Fixed 2yrs Investment P&I
3.09% 3.31% $1,705
More details

Base criteria of: a $400,000 loan amount, fixed home loans with an LVR (loan-to-value) ratio of at least 80%. Introductory rate products were not considered for selection. This table includes only a snapshot of the lender’s products, not all of them. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term. *Rates correct as at 3 September 2019.

Tic:Toc home loan features

Tic:Toc home loans offer a range of features such as:

  • Instant assessment: The home loan application assessment and outcome are 100% online and can be done instantly.
  • Fee-free loans: Tic:Toc home loans don’t come with any type of upfront or ongoing fees.
  • Offset account: Customers can add on an offset account to a home loan for $10 per month.
  • Additional repayments: Free unlimited additional repayments are allowed.
  • Redraw facility: Tic:Toc offers free unlimited redraw on any additional repayments.

How to apply for a Tic:Toc home loan

Eligibility criteria

To be eligible for a home loan from Tic:Toc, you need to:

  • Borrow between $50,000 and $2,000,000
  • Buy or refinance an established home that’s worth at least $150,000. Lands or off-the-plan purchases aren’t eligible.
  • Buy within a capital city or major regional centre
  • Have a minimum of 10% deposit or equity for an owner-occupied home loan, or 15% deposit or equity for an investment or interest-only home loan
  • Be an Australian citizen or permanent resident and live in Australia
  • Supply a form of ID for each applicant

TicToc has a six-step “instant application” process that can be executed online as follows:

  1. Tic:Toc runs a digital property valuation to assess the loan amount you can borrow
  2. Tic:Toc then provides a couple of options suitable for you and your circumstances
  3. The customer provides a form of ID
  4. The customer provides estimates of income and expenses
  5. The customer receives the outcome in just a few minutes
  6. Upon approval, loan docs will be sent out to the customer, which usually take 30 minutes to two days

Documents needed

To ensure that your home loan application is completed within the promised 22-minute timeframe, be sure to have the following documents handy:

  • The address of the property you’re purchasing and its estimated value
  • How much you would like to borrow for your home loan
  • Your household income before tax
  • Your estimated household expenses (e.g. groceries, utility bills, childcare)
  • The latest three months of your transactional statements
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