Tic:Toc offers one of the lowest home loan rates for smaller deposits

author-avatar By
on October 19, 2020
Tic:Toc offers one of the lowest home loan rates for smaller deposits

Photo by Jamie Haughton on Unsplash

With a potential RBA rate cut right around the corner, the home loan rate war is heating up with online lender Tic:Toc slashing its variable home loan rate to a new low.

From today, Tic:Toc will be reducing its variable principal and interest (P&I) live-in home loan rate for new customers to a low 2.19% p.a. (2.20% p.a. comparison rate). 

The new low variable rate comes with no upfront or ongoing fees and is available with a deposit as low as 10%. 

It also comes with an optional offset account, and because Tic:Toc is backed and funded by Bendigo and Adelaide Bank, any money in the offset is covered by the $250k deposit guarantee scheme.

Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.

Lender

Variable
More details
UNLIMITED REDRAWSSPECIAL OFFER
  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
UNLIMITED REDRAWSSPECIAL OFFER

Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

  • Fast turnaround times, can meet 30-day settlement
  • For purchase and refinance, min 20% deposit
  • No ongoing or monthly fees, add offset for 0.10%
Variable
More details
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES
  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
100% FULL OFFSET ACCOUNTNO APPLICATION FEE OR ONGOING FEES

Low Rate Home Loan - Prime (Principal and Interest) (Owner Occupied) (LVR < 60%)

  • No upfront or ongoing fees
  • 100% full offset account
  • Extra repayments + redraw services
Variable
More details
QLD/NSW/VIC/SA METRO & INNER REGIONAL AREAS
QLD/NSW/VIC/SA METRO & INNER REGIONAL AREAS

Variable Home Loan (Principal and Interest)

  • $5000 Cashback. T&Cs Apply.
Variable
More details
REFINANCE ONLY
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
REFINANCE ONLY

Variable Rate Home Loan – Refinance Only

  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
Variable
More details
NO ONGOING FEESFREE REDRAW FACILITY
  • Rate Match Guarantee. Tic:Toc will match the rate on identical variable P&I home loans. T&C's Apply.
NO ONGOING FEESFREE REDRAW FACILITY

Live-in Variable Loan (Principal and Interest) (LVR < 90%)

  • Rate Match Guarantee. Tic:Toc will match the rate on identical variable P&I home loans. T&C's Apply.

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. All products will list the LVR with the product and rate which are clearly published on the Product Provider’s web site. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of July 3, 2022. View disclaimer.

To put Tic:Toc's new low rate into perspective, Savings.com.au's research shows a number of home loans below 2.00% p.a.

While many of these loans are fixed rates, variable rate home loans that have a lower advertised interest rate include:

  • Reduce: 1.89% p.a. (1.92% p.a. comparison rate*) variable rate for owner-occupiers on principal & interest payments with LVR of 60% or less.
  • Easy Street Financial Services: 1.95% p.a. (1.99% p.a. comparison rate*) variable rate for owner occupiers borrowing at least $750,000 on principal & interest repayments with LVR of 80% or less.
  • Pacific Mortgage Group: 1.99% p.a. (1.99% p.a. comparison rate*) variable home loan for owner-occupiers on principal & interest repayments with LVR of 60% of less.
  • Loans.com.au: 1.99% p.a. (2.48% p.a. comparison rate*) one-year introductory variable rate for owner occupiers on principal & interest repayments with LVR of 80% or less.
  • Illawarra Credit Union: 1.99% p.a. (2.93% p.a. comparison rate) two-year variable introductory home loan, or two-year fixed home loan for owner-occupiers on principal & interest payments.

However, these loans have either introductory interest rates, meaning they're temporary, or have higher deposit requirements than Tic:Toc's loan. 

"We’re excited we can offer new customers such a sharp home loan rate, which at 2.19% and with no upfront or ongoing fees, delivers on Tic:Toc’s promise of a smarter home loan," Laura Osti, Tic:Toc Head of Marketing & Communications told Savings.com.au.

“The best part is, our digital application and assessment process means a faster and simpler experience.”

Savings.com.au's research shows refinancing to a 2.19% p.a. interest rate could save the average mortgage holder $241 a month in repayments (this is based on a $400,000 owner-occupier home loan making P&I repayments on an original rate of 3.33% p.a.).

It doesn't stop there: Tic:Toc are also offering a sharp fixed two-year principal and interest (P&I) live-in home loan of 2.09% p.a. (2.35% p.a. comparison rate).

Borrowers also only need a 10% deposit and there are no upfront or ongoing fees. 


Disclaimers

The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers' products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider's web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.

Latest Articles

author-avatar
Emma Duffy is Assistant Editor at Your Mortgage and  Your Investment Property Mag, which are part of the Savings Media Group. In this role, she manages a team of journalists and expert contributors committed to keeping readers informed about the latest home loan and finance news and trends, as well as providing in-depth property guides. She is also a finance journalist at Savings.com.au which she joined shortly after its launch in early 2019. Emma has a Bachelor in Journalism and has been published in several other publications and been featured on radio.

Be Savings smart.
Subscribe for free money newsletters.

By subscribing you agree
to the Savings Privacy Policy