Helpful Customer Service
As a first home buyer I was quite nervous about taking on this process without a broker but the staff at Tic:Toc have been really helpful and there is heaps of info available on their website to help you through each step.
Great home loan provider
This was our first home loan and TicToc was as easy as friendly as I think is possible to be for a mortgage provider. We opted not to give access to our online bank, meaning the process had to be handled manually, which naturally slowed everything down. That said, we anticipated this, and TicToc were super easy to get in touch with and get help from. After settlement, TicToc called to talk us through everything and explain bits we might've otherwise missed. Super impressed and we highly recommend it.
Super fast and easy process. Any time I need help was only a couple rings away, not waiting on the line getting passed around, always straight onto someone. Also the lowest rate going. no brainer .Highly recommend.
Quick and professional application process
We submitted the application on 23/12, approved on 4/1/21! Stephen Cooper assessed our application on 24/12. All questions were thoroughly answered. Very positive and relaxing experience which made the process a bit less stressful for us.
So happy to be with Tic:Toc
After running into issues with a funder with who we already had pre-approval with, we needed to quickly find another lender as our settlement date is straight after the holiday period in the new year. We wanted to go with Tic:Toc because of their competitive rates and their product offering, but we didn't have the most straight-forward application. However, Jordan, our credit assessor, was very understanding, and despite so close to the holiday period and, we are sure, rush of application this side of Christmas, Jordan kept us informed and upda...ted of the processes and understood our anxiety in regards to securing our loan as soon as possible. We are thankful that we secured our loan before Christmas and their customer service as a whole is very instantly-gratifying, with their online chat support team always seemingly a few clicks away. Thank you Jordan and the team at Tic:Toc for a great experience and for a great product!
Extremely fast process
Just secured my home loan with Tic Toc, extremely fast process and the team were pleasant and happy to help. I was a little nervous putting down 7 day finance terms of my offer but a big thanks to Rachel who got my finance approved within 2 days. A little worried about the reviews of them not passing on the rate cuts that new customers receive though..
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.
- 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.
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.
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..
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!
- Verified customer
"All that glitters is not gold"
- Low interest rate, thats all.
- Extremely high LMI compared to ANY bank/non-bank. I checked two banks and 1 non-bank.
- LMI to be paid upfront (they call it "lenders loss insurance"!!)
- Slow in response; unresponsive at times
- Huge upfront cost involved (even more than CBA)
- None of your calculation will match their calculation (cost, fees etc)
- The advertisement of 10% deposit is NOT true. (It is actually 13%)...
Horrendous application time and a monkey to assess the loan
I am finance manager at a car dealership and have been in the industry for 4 years and i would not recommend tic toc to my worst enemy . I had to follow up everytime i needed and update , loan was not approved and i still dont know the exact reason. got pre approval with other bank .im not sure if tic tok doesnt have the best results for commision based income or its the worst bank ever. They advertise cheap rates so i applied and all i now have is an inqury on my credit file.
The lender for today
As a first home buyer we weren't sure what to expect from the whole lending process - Tic:Toc exceeded all expectations! The online process is super simple and also kind of fun. We then had Stephen help us through some additional steps - he was extremely informative, transparent and personable - he took the time to get to know us and made us feel comfortable through the whole process. We were very clear on next steps and timelines, then before we knew it we were approved and we purchased our dream home! If your considering buying your first hom...e or your second, or third etc etc.. don't follow the crowd and go with one of the big four - remember that times have changed and there are better, more efficient options our there! Tic:Toc for the win!
The best lenders to deal with
Super simple and cost effective! I didn't need to mess around taking documents to Australia Post or deal with outdated IT systems. Everything about tic toc is sleek and streamlined. I would highly recommend. A shout out to Aaron for being so easy to deal with too!
- Verified customer
Avoid like the 2019 COVID plague
Applied for an owner occupier joint loan because of the good advertised rate and hassle free process.
Application process was easy, but unfortunately that was the only decent thing about the whole process. It was a nightmare after that. I couldn't edit the form, and then they were too backed up due to COVID-19 and couldn't call me for weeks.
Suddenly one day they decide to wake up and do a credit check for an application I made mistakes on and couldn't edit. They also forced me to name a property that I was interested in and then told me the...y're rejecting the loan because of the one of the following reasons: - Your property not meeting our lending requirements (e.g. your property size is too small) - Your ability to meet your home loan repayments - Your credit history, which we obtained from Equifax and Illion. If the property was too small for them, why the hell couldn't they have told me that before I copped a credit check? Also who applies for a pre-approval before knowing which property they want to buy? Moronic.
good loan company i only issue i have with them is that they use the old school eftpos card for the offset account which you cant pay for anythin over the phone with it, use the paywave/paypass function to protect yourself from coronavirus that might be lurking on the eftpos machine... if they changed the card issue they have , i would give them 5 stars. until then... they get 4 stars.
- Verified customer
Great rates but average application process
Customer service was great but felt let down by their application/approval process. Had to manually submit over 10 different documents despite their claims of "saving time" and "automated approvals".
The point that frustrated us the most was being asked repeatedly to submit my wife's credit card statement when she was locked out of her internet banking and neither could we request a password reset as the bank's offshore team in Manila was closed due to COVID restrictions.
You do have to wonder why we had to answer approximately 10 different queries when our LVR was close to 30% with a combined household income of $200k+.
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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