Did not pass on the RBA rate cut.
Two continuous RBA rate cuts was not passed on to the existing customers. When contacted I was told that their funder decided not to pass on the recent RBA cut. This was the reply for the previous rate cut as well.
Very disappointing for otherwise a great home loan experts. I am planning to move on to other lenders where they offer 0.65% lower than I have now with TicToc.
- Verified customer
Just another bunch of check box ticker's
I am a Bendigo Bank shareholder and like to support my investments by using their products.
So I applied for a Tic:Toc home loan for my new apartment. I can pay cash but preferred a 40% mortgage to improve tax efficiency as I intend renting it out in a few years. I uploaded plenty of senstive, time consuming, personal and business finance info, but got turned down because I'm "self-employed with insufficient tax assessed history". There was a check box they couldn't tick. Even though I explained the situation by email (too hard to get hold of...the person by phone) my explanations were ignored. The marketing says self employed are welcome? I cannot understand how I am now paying cash for the apartment, but Tic:Toc thinks I am too high a risk to finance a 40% mortgage? Perhaps they are too busy signing up easy applications to bother with those that don't fit their template. Not a good omen for the next downturn. Bendigo's other digital product, Up Banking is fantastic, so I'll stick with Bendigo for now, but I am learning, when it comes to banks, they are all the same and customer loyalty is not worth the pixels.
Existing customers on much larger rate
I've had a home loan with Tic Toc for less than 2 years now and my variable rate is over 0.5% higher than the current variable rate advertised. The 0.15% rate cut in November was not passed onto existing customers, and less than two weeks later some of their variable loans were reduced by 0.37% for new customers. The initial application process itself is fine, the customer service is generally good, but there is no mobile application and you continually have to call them up, argue and threaten to leave to try and get a rate reductions that they don't pass on.
- Verified customer
Great value loan, approval process smooth
Great low rate and offset account features.
We had a pre-approval from our regular bank but then switched after signing the contract.
Easy process, took 11 days from start to approval.
Will update this review once settled.
Fast turnaround and excellent service
A big thanks to Aaron who was able to get my loan approved in just a couple of days with a tight timeframe to work to due to a fast expiring finance clause. Been waiting for 2 weeks for another lender just to give me an answer, so their ability to turn this around so quickly might have just saved my bacon!
Inefficient service, had to go elsewhere
Their rates are low, but there were some minor complexities with our loan and their customer service became very drawn-out. 2 weeks of emails which could have been solved with a simple 20 minute phone call, which I repeatedly asked for - however they only ever responded in emails, and replied within 1-2 days, which then resulted in more questions.
I called them a couple of times to try and speed up the process, but this wasn't successful as my assessor (Natalie) was never available and they wouldn't call me back, they would only email.
Simple, easy and quick!
A massive thank you to Rachel and the TicToc team. Very quick at responding to questions and getting the ball rolling with my first home loan. The rate was low and had all the things I needed- offset account and can withdraw. All online and it was made super easy. Thanks!
We were allocated a credit assessor (Aaron) who was excellent. He responded to emails quickly and gave outstanding 'old style' customer service. I would recommend the process to anyone wishing to obtain cheap finance.
Fantastic Service and communication
Dealing with TicToc team has been a breeze.
They have communicated to me the status throughout (which keeps the mind at ease) and have been responsive to questions and requests. So far so good !
The team at Tictoc were great to deal with, BUT...
The team were responsive via email and chat to assist in filling out home loan paperwork.
Costs were as quoted - no surprises. No issues, with the service or the team. Great product. Update Nov 2020- Their Variable rate loan doesn't follow RBA Rate cuts. Not really variable Rate..! TicToc's repsonse is that only new customers get the RBA rate. Beware if your a new customer as Tictoc / Adelaide/Bendigo bank havent been passing on rate cuts - which is very disappointing that due they arent willing to help their customers kick start the economy during the pandemic..
Poor support from Adelaide and Bendigo Bank
Be careful about this Broker. I'm with them for around two years and received a poor response from Adelaide and Bendigo Bank support team. I have been calling/emailing Adelaide bank for 2 months to convert my loan (not refinancing! just simple convert) If you are from TicToc I assume, you are not their priority.
Adelaide bank even doesn't respond to your email and you can't get anywhere even with calling them.
I want to change my bank but I don't know my homeloan status.
BTW if you search, you will find better interest rate.
be careful, especially if you are an investor.
TicToc needs to get a better customer service from Adelaide and Bendigo bank.
Good rate, but deceptive marketing team. reasonable application process
After being with Commonwealth bank for over 30 years, I decided it was time to change as they were unable to offer reasonable home loan rates. The application process was reasonably simple, but it did take quite a long time to complete, as TicToc are understandably very busy processing applications due to the low rate they offer. I did find some of the paperwork confusing, but I called for assistance and they were able to help over the phone. I hate dealing with these kinds of applications, but overall well worthwhile as it is saving me over $1...000 per year compared to my previous loan. Just an update- Since I specifically asked whether the rate was truly variable I am very disappointed. I confirmed that my rate was not just an introductory offer, and would lower or increase inline with tictoc’s advertised rates. I feel cheated that now I have found out the truth- that I am locked in to a higher rate than currently on offer. No doubt the rate will increase far quicker than it will reduce. A low rate, but just another deceptive marketing team. Very disappointed.
So smooth, so helpful
Stephen Cooper was the best credit agent I've worked with. Ask for him when applying.
Overall, the process was very easy and rates are great. All my questions were answered quickly with onsite chat or via Stephen.
Ridiculous system with NO pre-approval!!!
No pre-approval system doesn’t mean the company offer helpful home loan process. We applied online and our application was rejected without any specific reasons. I called the customer service the next day and was explained that we couldn’t get the loan amount we wanted. When asked how much we could borrow based on our incomes, they couldn’t give us the answer. The reason was “Tictoc doesn’t give Pre-approval”, so they can’t give you any figure until you signed the purchase contract. WHAT A RIDICULOUS SYSTEM??!!
How about we’ve signed the contr...
Good service and explained in simple terms
Rachel was helpful in asking for additional documents that we needed, and all other correspondence has been clear in explaining the terms of the loan and what could be offered.
Great Application Process
I was pleasantly surprised at how stress free the home loan application process has been with Tic:Toc! I was able to enter most of my details digitally which saved a lot of time. Aaron was assigned to review my application and he was fantastic to work with. He was very prompt in phoning/emailing and keeping me updated and answering my questions. Rosne was also super helpful when we spoke many times over the chat. I also like that they show the interest rate existing customers are paying.
From application to approval took less than 3 days!
We bought our first house with a loan by Tic:Toc, Kristina was helpful guiding us through the home loan process and very responsive to our questions. Lots of real-estate agents hadn't heard of Tic:Toc or understood how they work, they almost didn't believe that we had full approval a day after we signed a contract. The rates were also the lowest we could find.
- Verified customer
Smooth and easy process
I've been with Tic: Toc for a little over 9 months now and am very happy. The process was fairly smooth, although it did take a few months since the time I applied for the loan. Recently, I also submitted a request to see if I could get their advertised rate on the website and they moved me down from 2.54% to 2.39% which was a very nice gesture on their part. The only little drawback is that Adelaide Bank, their funder, doesn't have any way to make fast payments using Pay ID so that would be a good thing if they could add that. Additionally, you are also limited to just 1 offset account, it would be nice to have 2 or more offset accounts. But honestly, these are very minor issues.
Simple and easy
Stephen was very helpful and kept us informed along the way.
All costs were upfront.
Very competitive rate. Stephen worked with us to ensure we had the right product to suit our needs.
Live chat is very convenient
Submitted the details as requested and was declined a home loan without reason. Operator on the phone was rude and unable to help. Submitted the same details to other major banks including CBA and got approved with no questions.
I don't think this service is an improvement by any stretch on the current way of doing things.
Website also crashed a few times during the application process which gives me worry about the personal information I've shared.
Questions & Answers
I have 2 investment properties in one of the fasted growing Suburbs in Australia, that I wish to refinance.
Aintree 3336 VIC
This area used to be Rockbank 3335, and the local government decided to call it by a new name - Aintree 3336 recently.
Now you lend for 3335 and NOT for 3336 (which essentially is the same area)
Any chance you can ask the relevant people to look into this please.
Hi SA-PR, thanks for your excellent question.
Since 3336 is a newer postcode, I have asked our funder for clarification as to whether 3336 is intentionally excluded from our list of serviceable areas, or if it has been mistakenly excluded. We can't lend to all areas within Australia as some fall outside of our risk appetite. Typically we can only lend to capital cities and major regional centres.
When I receive an update from our funder I will update you ASAP. For the time being, we are unfortunately not in a position to consider this postcode.
I hope this helps answer your question. Thanks ~ Bailey
Hi Tic Toc
I’m an existing customer and noticed that you are offering an interest rate of 2.33% for variable with offset account, however my existing loan is almost .50% higher. Any reason why you don’t look after your existing customers with same rate?
Given that its a no frills service where I have never needed to contact you and you have never contacted me since the start of my loan, I’m not sure why I should be slugged with a considerable % difference, after all I refinanced to you for this very reason where my previous lender felt that I should be treated less favourably than potential borrowers.
I dont think its good business to treat some customers more favourably than others as someone will always feel that they are being taken advantage of by having to pay more interest than others with no additional benefits for doing so.
Hi Vscarf10, thanks for your question.
Think of it like this – when you get a Tic:Toc loan, we’ve locked in a ‘price’ with our funder (Bendigo and Adelaide Bank) at a point in time, which is reflected in your interest rate.
When we have a new variable rate offer for new customers, it means we’ve been able to lock in a lower price with our funder. It doesn’t change the price we secured for your loan. And not all offers are linked to cash rate movements.
So, having a lower rate for new customers doesn’t mean we’re making more money off our loyal customers to pay for the discount – because we don’t believe in that. It means our funder has been able to give us a better price at that specific time.
At some point, our funder may actually increase the price they’ve agreed with us, which means the rates offered to new customers will go up. And some existing customers will be better off.
When there’s an RBA cash rate cut and our funder’s costs ease, they may be able to pass on the cut which means all our customers will receive the same discount off their rate – new and existing.
The good news is, all of our rates are seriously good because of our tech-driven proposition. And even if your rates are a fraction higher than the new headline rate, you will still be saving thousands compared to the average loan.
I hope this helps. Please let me know if you have any other questions. ~ Bailey
I’m only interested in refinancing if I have 20% equity or more. I worked out that I roughly have 22% equity in our property, but this is based on recent sales in my area. In the event that your valuation states I don’t have over 20% equity, and I don’t go ahead with the refinance is there any fees or charges for this process? (E.g a fee for the valuation?)
Also do you deal with the whole refinance process or do I also need to speak with my current lender?
Hi Matt, thanks for your question.
We don't charge any fees for applying. You can withdraw your application before it settles and you won't be charged a cent by us.
During settlement, you may be subject to other, third-party costs (like government stamp duty, or our digital conveyancer's fee). You can find a more detailed breakdown here: https://tictoc.com.au/faqs/what-are-the-fees-associated-with-a-tictoc-home-loan
We also deal with the whole refinance process. To discharge from your current home loan, we'll provide you with a discharge form which we submit on your behalf. If you're in a fixed-term contract with your current lender, it may be a good idea to speak with them about any break costs you may be charged by them.
For more information about how we value properties, see here: https://tictoc.com.au/faqs/how-does-tictoc-work-out-the-value-of-my-property
I hope this helps answer your questions. Please let me know if there is anything else I can assist with. :) ~ Bailey
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