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Tic:Toc is a new online-only lender that offers a completely online application process. Home loans can be approved in as little as 22 minutes. Tic:Toc doesn’t charge application fees, valuation fees or loan processing fees. Borrowers need a 10 per cent deposit. They can choose from variable-rate of fixed-rate loans, with offset accounts available for both. Repayments can be made weekly, fortnightly or monthly. Bendigo & Adelaide Bank is an investor in Tic:Toc and also provides its funding.

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Pros:
  • Offset accounts
  • Loans can be approved in as little as 22 minutes
  • No application fees, valuation fees or loan processing fees
Cons:
  • No face-to-face contact or branch access
  • Maximum loan-to-value ratio (LVR) of 80 per cent
  • Doesn't offer specialty loans

How to Apply

Borrowers wanting to apply for Tic:Toc home loans should know that the process is 100 percent online, though if they need any assistance there is a customer service phone number available. Before applying for an Tic:Toc home loan, consider what you can afford to borrow and what other costs you need to factor in. To apply for an Tic:Toc home loan, you will need to supply the following information:

  • Proof of identity.
  • Australian citizenship or permanent residency. You must also live in Australia. 
  • Proof of income.
  • Internet banking logins or at least 3 months of transactional statements.
  • Have a 10 percent deposit.

About Tic:Toc home loans

Because it is a niche player within the market, Tic:Toc offers a thinner range of home loans than you might find with larger banks like Westpac or Commonwealth Bank. Unlike Australia’s big four banks, Tic:Toc considers itself a low-cost lender and doesn’t offer specialty loans. Tic:Toc home loans are suited to ‘vanilla’ borrowers, rather than those who require SMSF loans or reverse mortgages.

Tic:Toc requires that borrowers provide a 10 per cent deposit on home loans. Repayments can be made weekly, fortnightly, or monthly. Tic:Toc home loans can be either variable or fixed, and offset accounts are available for both. Borrowers can also make unlimited additional repayments and free unlimited redraw on all loans.

Tic:Toc offers home loans for both investors and owner-occupiers. Borrowers can choose between principal-and-interest loans or interest-only home loans.

Tic:Toc home loan rates

Tic:Toc home loan rates tend to be very low or moderately low for both owner-occupiers and investors. Their rates tend to fall below those offered from Australia’s larger banks.

Because Tic:Toc is an online-only lender, it doesn’t have to maintain the expensive branch networks run by traditional banks, which means it can undercut them on interest rates. They also offer fewer frills than large banks, making it easier to charge their customers lower rates.

Tic:Toc home loan rates vary from product to product. While most of Tic:Toc’s home loan rates tend to fall between very low and moderately low, investors do pay higher rates than owner-occupiers. As a general rule, principal-and-interest borrowers are offered lower rates than interest-only borrowers, and variable home loans have lower rates than fixed home loans.

Tic:Toc home loans review

Tic:Toc home loans are perhaps better suited to tech-savvy borrowers who live in Australia’s capital cities or major regional centres. Home loans offered by Tic:Toc are ‘vanilla,’ with few frills; in return, they tend to have low interest rates and low fees.

Another way Tic:Toc keeps costs low is by limiting their home loan offering to ‘vanilla’ borrowers, who are easier to serve than specialist customers.

Tic:Toc does not operate any bank branches, so their mortgages are only suitable for those who are comfortable with their customer service living 100 per cent online and over the phone.

Tic:Toc does not charge an application fee or monthly administration fees. There is no charge for redraw, though customers do pay a monthly fee for offset accounts. Customers are permitted free unlimited additional repayments.

FAQs

Real Time RatingsTM looks at your individual home loan requirements and uses this information to rank every applicable home loan in our database out of five.

This score is based on two main factors – cost and flexibility.

Cost is calculated by looking at the interest rates and fees over the first five years of the loan.

Flexibility is based on whether a loan offers features such as an offset account, redraw facility and extra repayments.

Real Time RatingsTM also includes the following assumptions:

  • Costs are calculated on the current variable rate however they could change in the future.
  • Loans are assumed to be principal and interest
  • Fixed-rate loans with terms greater than five years are still assessed on a five-year basis, so 10-year fixed loans are assessed as being only five years’ long.
  • Break costs are not included.
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^Words such as "top", "best", "cheapest" or "lowest" are not a recommendation or rating of products. This page compares a range of products from selected providers and not all products or providers are included in the comparison. There is no such thing as a 'one- size-fits-all' financial product. The best loan, credit card, superannuation account or bank account for you might not be the best choice for someone else. Before selecting any financial product you should read the fine print carefully, including the product disclosure statement, fact sheet or terms and conditions document and obtain professional financial advice on whether a product is right for you and your finances.

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