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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 20 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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  • Offset accounts
  • Loans can be approved in as little as 22 minutes
  • No application fees, valuation fees or loan processing fees
  • 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 20 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 20 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.


They’re impersonal 

Most comparison sites give you information about rates, fees and features, but expect you’ll pay more with a low advertised rate and $400 ongoing fee or a slightly higher rate and no ongoing fee. The answer is different for each borrower and depends on a number of variables, in particular how big your loan is. Comparisons are either done based on just today or projected over a full 25 or 30 year loan. That’s not how people borrow these days. While you may take a 30 year loan, most borrowers will either upgrade their house or switch their home loan within the first five years. 

You’re also expected to know exactly which features you want. This is fine for the experienced borrower, but most people know some flexibility is a good thing, but don’t know exactly which features offer more flexibility than others. 

What is the flexibility score?

Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.

They’re not always timely

In today’s competitive home loan market, lenders are releasing new offers almost daily. These offers are often some of the most attractive deals in the market, but won’t get rated by traditional ratings systems for up to a year. 

The assumptions are out of date 

The comparison rate is based on a loan size of $150,000 and a loan term of 25 years. However, the typical loan size is much higher than that. Million dollar loans are becoming increasingly common, especially if you live in metropolitan parts of Australia, like Sydney and Melbourne. It’s also uncommon for borrowers to hold a loan for 25 years. The typical shelf life for a home loan is a few years. 

The other problem is because it’s a percentage, the difference between 3.9 or 3.7 per cent on a $500,000 doesn’t sound like much, but equals around $683 a year. Real Time Ratings™ not only looks at the difference in the monthly repayments, but it will work out the actual cost difference once fees are taken into consideration. 


^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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