Great customer service
Customer service was excellent, Ryan kept me informed every step of the way and of what I needed to supply him with. Very clear communication. The costs have been clearly identified to me and I am very satisfied with the rate I received for this loan. It is the best on the market.
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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