24 questions from our users
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
We have transferred to a Tic Toc mortgage and as part of the new service we have Tic Toc debit eftpos cards with the only disadvantage being that it doesn’t have the pay wave facility.
Given the current Covid 19 crisis where the preferred point of sale transaction is by pay wave to limit personal contact and possible transmission, do Tic Toc intend to activate the pay wave function on their debit eftpos cards?
Hi Nick, thanks for your question. Unfortunately, our debit EFTPOS cards do not currently have PayWave functionality, so this isn't something we can activate. We're listening to the feedback of customers like you - particularly at this time - and are hoping to offer a new and improved card in the future. We do acknowledge your point around the added risk of not having PayWave, and are doing what we can. We apologise we haven't been able to move faster on this front.
Please let us know if we can answer any other questions! ~ Bailey
Hi Kelli, thanks for your questions. We are still exploring options with our funder, who issue the cards, to include PayWave functionality and other new features.
Please let me know if you have any other questions! ~ Bailey
Hi, when applying online to refinance it asks for a deposit amount. Is there a way that my current mortgage can just be transferred over to the new loan with tic toc without paying a deposit as this was done initially on my current loan.
Hi Andrew, thanks for your question. We can lend up to 80% LVR without LMI (90% LVR with LMI), and you will instead need 20% equity in your current property, not a 20% deposit.
At the beginning of the application you'll be asked if you're purchasing or refinancing - if you're refinancing, you shouldn't be asked for a deposit amount. Could you please double check you have selected the refinance option?
Please let us know should you have any other questions! Thanks ~ Bailey
Hi Bailey. Yes i click refinancing and it comes up with loan amount $290 000 but above this it says deposit required $142 000. The home is valued at $412 500 with $290 000 remaining on the mortgage
Thanks for checking and clarifying Andrew. This is a known issue with our application, where it sometimes displays an incorrect required deposit amount. This won't affect your refinance, so you can proceed with your application. If you're unsure or if you need to follow up on anything, we'd love to help - please give our team a call on 1300 842 405, or we're available over webchat: https://tictoc.com.au/lets-talk
DO TIC TOC DO INVESTMENT TERM DEPOSITS ?
Hi Philharrisbgo, thanks for your question. Currently, Tic:Toc only offer home loans, and this includes investment loans. We do not currently offer investment term deposits.
Please let me know if you have any other enquiries ~ Bailey
What is considered ineligible properties.
Hi Julie - we provide finance for established properties (not off the plan or construction) located within capital cities and major regional centres. You can check if your property is eligible with our Home Loan Experts at https://tictoc.com.au/lets-talk ~Diem
As a Single (47) person buying a first home, does renting count as the deposit part of the application or do you have to have a certain amount saved up before applying
Hi Charles, thanks for your question. We require 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 need to pay Lenders' Mortgage Insurance (LMI). Your current rent amount cannot be considered as part of a deposit. If you would like further clarification, please feel free to reach out on 1300 842 405 or on our webchat. ~ Bailey
Hi we are 48 and 50, looking at refinancing with 35 lvr. Can you tell me if we can have a 30 year term?
Edit -35 not 65 :)
You won't get a 30 year term loan as by then you will be well into retirement age and thus you would have to prove significant savings like superannuation, term deposits etc, however they won't risk it. Any loan that extends near or on your retirement age is a risk for them unless you have a lot of money behind you and then if you did, why would you need to borrow in the first place.
Hi Su D, thanks for your question. It's best to speak directly with one of our Home Loan Experts so they can discuss your specific circumstances. Please feel free to reach out on 1300 842 405, or on our webchat: https://www.tictochomeloans.com/lets-talk/ ~ Bailey
Hello there, can you please advise what restrictions you have on lending to a 63 year old? Can i get a 25 - 30 year loan? I know l would not be looking to have the loan that long but it would help with my repayments during the meantime ?
Hi Kelly, thanks for your question. During our application, we need to take into account any major foreseen life events, such as retirement. If you're nearing the retirement age, we'll ask you some questions about how you plan to service the loan over your loan term. Depending on your answer, and the rest of your application, we may be able to lend to you.
For your specific circumstances, it may be best to speak with us directly. Feel free to call us on 1300 842 405, or on our webchat. ~ Bailey
Hi everyone, just want to find out does this company increase their rate few times after you have a loan with them. As i heard from other lender that what will happen. I am a bit worry, so please share your experience if you have one thank you so much.
Hi Jenifer, great question.
We'd love to hear our customers experiences, but thought we'd also jump in to let you know how our rates work.
We've graphed our full history of rate moves here: https://bit.ly/2lMke53
Our customers will have a different rate depending on when they've signed up, but their rate won’t increase just for the sake of it as we don’t offer introductory or honeymoon rates. We’ve only had one rate increase ever in August 2018 (due to increased funding costs) and two rate decreases – one in June and one in July 2019, due to drops in the RBA cash rate. These drops were for both new and existing customers.
Hope this helps! ~ Bailey
I have an investment property I would like to refinance. What is the best rate you can offer me. I currently owe $338.000 on it.
Hi Angelina, thanks for your question. As of writing, our current Investment Variable P&I rate is 3.35% p.a. with a 3.36% comparison rate. And, we're also offering:
Investment 1-year Fixed at 3.09% p.a. (3.34% p.a. comp.);
Investment 2-year Fixed at 3.09% p.a. (3.31% p.a. comp.); and,
Investment 3-year Fixed at 3.09% p.a. (3.29% p.a. comp.).
To see all of our rates, head here: https://www.tictochomeloans.com/rates-and-fees/.
As for your specific circumstances, it's best to speak to one of our Home Loan Experts - feel free to get in touch, 7 days, on 1300 842 405 or through our webchat. Hope this helps! ~ Bailey
Hi do you offer home loans for a disability pension. I am currently with the ANZ Bank an I would like to refinance.
Maria it would be worth ringing them on the phone to talk to someone, they’ll be able to provide clearer answers than anyone on here. All the best with it.
Hi Maria, in some joint applicant scenarios we can consider disability pension income as part of your application. As Josh recommended, it will be best to contact us direct on our website live chat, or on 1300 842 405 so a Home Loan Expert can discuss your specific situation with you. Hope this helps! ~ Bailey
are you guys act as a morgage broker ?
As your credit provider is adelaide bank, So after settlement do we deal with adelaide bank or tictoc ?
Hi CoolC, Tic:Toc is not a mortgage broker, we’re more like a mortgage manager. We offer our home loans directly to customers, and perform the loan assessment (i.e. we have an Australian Credit Licence (ACL)). The funds for our Tic:Toc home loans come from Bendigo and Adelaide Bank, but you will be a ‘Tic:Toc customer’.
This means you’ll deal with us, but we do get some help from the bank. We work with the bank to manage our in-life customer experience, so you'll use an online portal powered by Bendigo and Adelaide Bank to make repayments and access your offset account, and the bank will typically process any loan changes you may want to make. If you have any questions or issues with your loan, you'll still speak to someone here at Tic:Toc (because you're our customer, and we love you). Hope this helps ~ Bailey.
I am particularly interested in hearing from customers that have been with Tictoc for a while. The oldest review I could find on here was only 10 months old and the majority of reviews are about the application process which are mostly positive..... great!
Following the positive initial process, how have you found TicToc to deal with?
Have they followed other brokers that lure you in with low rates only to suddenly raise them out of line with other lenders? The current (May 2019) advertised rate is 3.47%, are you getting something similar?
Has anyone had any experience in refinancing away from TicToc?
I am hoping for good news, but I'd love to hear any feedback from ongoing customers about their experience after the settlement has occurred.
Hi Greg, great question. We too would love to hear how we're doing and welcome all feedback.
We like to be upfront, which is why we don't do introductory or promotional rates. To date, we've had one rate increase for new and existing customers, which was in August 2018. For our full history of rates, and for more info about how they're set, see here: https://www.tictochomeloans.com/home-loan-guide/why-rates-arent-always-passed-on-to-existing-customers/
If you had any questions for us in the meantime, please let us know! ~ Bailey
Hi Tic:Toc reps,
I see that you've announced a rate drop on the 8th of May. That was a day after my refinance was approved for the same loan type. I received my loan documents on the 7th May and have not settled yet. There's a clause in the contract stating that the interest rate may change before settlement date. Seeing that is has, does the rate drop apply for loans that have been approved but not settled yet? Thanks.
Hi LMY, thanks for reaching out to us. Our Home Loan Experts should be able to look into your application for you. If you PM us with some details or call our team on 1300 842 405, they'll be able to see what we can do for you. ~ Bailey
Hi LMY, I am looking at this loan product and very interested in the result of your enquiry if you got the rate cut?
Am looking at refinancing with Tic-Toc. One of our non-negotiables is having more than one (ideally three) offset accounts. I see that for $10 a month you can have an offset account, but can't see anywhere if more than one offset is possible.
Thanks in advance.
I don’t know as I was not interested in an off set account. You would need to contact Tic tac online. You should get a quick answer.
Hi Ami, great question and thanks for reaching out. I have just followed up with our Customer Hub team and they have confirmed that for the time being, we offer a single offset account per Tic:Toc loan. This means if you have multiple loans with Tic:Toc, you may have an offset account for each loan.
We hope this helps, and if you have any further questions please don't hesitate to reach out. Thanks. ~ Bailey
I am looking to refinance and I was wondering what your fees and charges were for a variable home loan, specifically discharge fee.
Also, do you offer a mobile app?
Hi Ali, Thanks for your query.
With fees, Tic:Toc doesn't charge any upfront or ongoing fees as we have digitally streamlined the process to remove the costs for our customers. So this means we can remove fees such as settlement, assessment, application or valuation fees.
When discharging your home loan from Tic:Toc however, there is a $325 discharge fee. We do also offer CO:Lab products funded by LaTrobe which do incur fees which you can find out more about at https://www.tictochomeloans.com/self-employed.
Also, at this stage, we don't have a mobile app, but we are mobile first business and will continue to advance our products and capabilities.
We are looking to Refinancing our investment property loan with a loan from tic toc. for fixed 2 year term Interest only. We like to utilise the equity for the purchase of a new family car. I have not found a car yet and will be looking to buy during a special deal. What is the process? Do you allow the fund i.e released from the equity to be deposited in my bank account? Regards
Hi Chirag, thanks for reaching out to us. In general, if approved for a refinance, we do offer the ability to release funds for things such as a car purchase or a family holiday. However, we must stipulate that the release of these funds will be subject to a further credit review to ensure the borrowing amount doesn't impact your affordability or push your LVR higher than the minimum 20% deposit required.
We would suggest at the time of applying you speak to one of our local Customer Hub members to see what best suits you. Hope this helps and please feel free to reach out to our Hubbers if you need anything further. ~ Chas
Do you do pre-approval loan when customer haven't sign to buy any property yet?
At Tic:Toc, we offer full-approval, not pre-approval. This is because we assess your home loan based on a valuation on the property you are considering purchasing or refinancing. However, if you use a property address as an indication of what you’d like to buy, your approval will be based on that purchase amount. Then when you have a confirmed property, it’s easy for us to update and revalue it to ensure the property is eligible and you can afford to service the loan. This means you don’t need to submit another full application again, and still have the confidence of approval (subject to property eligibility and value). ~ Chas
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