Tic:Toc’s ‘instant home loan’ experience

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on January 20, 2022 Fact Checked
Tic:Toc’s ‘instant home loan’ experience

Launched in July 2017 and backed by Bendigo and Adelaide Bank, Tic:Toc prides itself on transforming the home loan process.

Its core technology allows a home loan application to be assessed in real-time when a customer is filling out their details online, taking as little as 22 minutes. The online lender’s mission is to simplify the process and provide borrowers with what it calls an “instant home loan” experience.

Tic:Toc says it prides itself on having low interest rates, no upfront or ongoing fees and a faster process.

What home loan features does Tic:Toc offer?

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.

Check out some of Tic:Toc’s owner occupier home loans in the table below.


More details

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

    More details

    Live-in Variable Loan (Principal and Interest) (With Offset)

      More details
      No ongoing feesFree redraw facility
      No ongoing feesFree redraw facility

      Live-in Fixed Loan (Principal and Interest) 1 Year

        More details

        Live-in Fixed Loan (Principal and Interest) 2 Years

          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 May 26, 2022. View disclaimer.

          How can Tic:Toc save customers money?

          There are typically a range of costs involved when you take out a home loan. These can include application fees, valuation fees, establishment fees and discharge fees.

          Because Tic:Toc is a purely online service with none of the overheads of the brick and mortar lenders, they can eliminate most fees altogether.

          Check out the savings you can make:

          Fee type

          Industry standard


          Application fee

          Up to $850


          Monthly fee

          Up to $50


          Annual fee

          Up to $500


          Redraw fee

          Up to $25 per redraw


          Valuation fee

          Up to $800


          Settlement fee

          Up to $200


          Solicitor/Conveyancer costs

          Up to $200

          Approx. $60 - $200

          TicToc’s digital conveyancer will charge a PEXA fee around $60 for online settlement, or $80 to $200 for paper settlement (if required), which we pass on. If you're buying a home, you may also need to cover the cost of your own conveyancer or solicitor.

          Exit / discharge fee

          Up to $1000


          Government refinance costs

          These vary by state, but include title registration, discharge of mortgage, and title search fees.

          Around $260 - $440

          Government buying costs

          These vary by state, but include stamp duty, title and mortgage registration, and title search fees.

          Dependent on your property value and which state you're in, but can be thousands.

          Source: Tic:Toc

          Am I eligible for a Tic:Toc home loan?

          If you can answer yes to the following few questions, there’s a good chance Tic:Toc can help you with a home loan.

          Property type – you’re buying or refinancing an established property (not off the plan or under construction). Units and apartments within a high-density complex are subject to additional criteria and require a 30% deposit.

          Location – you’re buying a home or investment property in a capital city or major regional centre.

          Deposit amount – you have at least a 10% deposit or equity, plus savings to cover fees and charges such as stamp duty. If you have less than a 20% deposit, you'll also need to pay Lenders' Mortgage Insurance (LMI). Loans above $2m require a minimum 25% deposit.

          Loan amount – you want to borrow an amount between $50k and $3m. Loans above $2m require a minimum 25% deposit. Funds in this instance can't be used for an equity release or 'cash out' refinance.

          Employment – you’re currently employed, either through PAYG or self-employment.

          • For full-time and permanent part-time PAYG roles, you've held your job for 6 months, or had 12 months of continuous service in the same industry.

          • For dependent contractor PAYG roles, you've held your job for 6 months, or had 2 years of continuous service in the same industry.

          • For casual PAYG roles, you've held your job for 12 months, or 6 months if you've had 2 years of continuous service in the same industry.

          • For self-employed roles, you've traded for 2 years and meet our other self-employment criteria.

          Eligibility criteria

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

          • Buy or refinance an established home that’s worth at least $150,000. Lands or off-the-plan purchases aren’t eligible.

          • 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

          How to apply with Tic:Toc?

          According to the lender, Tic:Toc’s fast and efficient application process assesses you as your complete the application, speeding up the home loan approval.

          Tic:Toc says: “Tic:Toc’s world-first technology allows you to apply for a home loan wherever you want, whenever you want. We’ve streamlined the application process to under one hour, so you can get a home loan quickly, and simply. Plus, our process lowers costs so we can offer you award-winning rates with no upfront or ongoing fees.”

          Documents Needed

          To ensure that your home loan application is completed within the same day 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 transaction statements

          Image by Malvestida Magazine via Unsplash


          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.

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          Aaron joined Savings.com.au in 2021. He is a finance journalist with a keen interest in property, the share market, and improving financial literacy in young Australians.


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