Total lack of transparency
Great rate pulled me in. Then I find application is for full credit approval (not just pre-approval like other lenders). But it says I'll find out straight away so I apply. Then it says my file is too complicated so I have to wait for someone to get back to me. Then I wait about a month and receive an email saying my application hasn't been successful. No call to explain or discuss, just a rejection email. Then I call back and speak to credit assessor Ryan who tells me they don't consider loans if the debt to income ratio is above six. If I wou...ld have known that at the start I would never have applied. Don't bother unless your situation is super vanilla and straight forward. Total lack of transparency about serviceability requirements and wait times. I had to wait a whole month and now have the credit application on my file.
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.
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.
Not treating the existing customers fairly
They will lock you in and then dont reduce interest rate. Mine is now 3.41% while the others lenders keep on dropping their rate. For new customers they are offering 3.15% (before today RBA cuts) for the same type of loan and when I talked to them they refuse to match my rate with new customers i.e. existing customers are treated unfairly. Now considering switching to Athena even if it cost me a bit upfront.
Excellent service throughout the application process
Ryan was excellent throughout the application process. Very responsive and at all times, helpful and polite. If you are thinking of switching your home loan to Tic:Toc I highly recommend it.
Fantastic experience from Start to finish
Ryan and the team were fabulous from start to finish. I was able to escalate for faster processing since I had an imminent settlement date. They had the 100% cash offset account and had fabulous rates for investment interest only loans. I was not auto approved but Ryan reached out and we corresponded via email for further detail then I was approved. The hand over to Adelaide Banks conveyancing team LeadPoint was great and its hard to believe each contact was in a different state but it was all seamless and you could always reach a human during ...business hours if needed. Settlement went fine and everything was in plain language. If I needed clarification I just picked up the phone. The only clunky part is that Adelaide Banks online banking is accessed via TicToc and theres no app. We shall see if the monthly sweep goes through okay as its almost a month since settlement.
quick responsive service and a super competitive rate
My loan was approved in under two weeks, and I am now getting the most competitive interest rate on the market. Ryan, my credit assessor, was thorough and very easy to deal with.
Great rates, fast and easy applications
The numbers stack up. I am paying a lower interest rate % with variable IO via TicToc compared to a P&I with a big four. It was a painless application process, due to the great customer service from Ryan and Shalini. I feel very comfortable in proceeding with a banking relationship with TicToc.
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.
- Verified customer
Don’t waste your time. Go elsewhere
Absolutely clueless, my investment property rental return ALONE covers my current repayments by over 50%; on top of this my full time income covers it almost 5 times over and yet they deny my application to refinance due to “not meeting servicing requirements”
They wasted 2 weeks of my time, I highly recommend you don’t waste yours.
Frustrating home loan process
I started the applications about 6 weeks ago. Back and forth, I submitted all the documents requested and they still refuse to process the applications. They requested formal statements. I submitted to them. They said it's not up to date be cause my bank only release it every 6 months. So I supplied a supplement online printing pdf. They it is unacceptable. What? They want to know fund for the deposit, I showed them the fund in the account and they said what about the discrepancy in the previous property settlement? It doesn't matter. My convey...ancer failed to display what I owe the bank and what went into my account. I already explained that. But all you want to know where is the deposit. It is in my account balance? What is the problem here? And the issues went on and on. I give my on them so I withdrew my application this morning.
Pain free refinancing well almost
Overall the customer experience was very good. Ryan Darling was our loans consultant and found him proactive in responding to queries . I look forward to tictoc passing on recent rate cut in full
Professional & effcient
Feel so lucky getting through this sophisticated process with David's help. We have got a little bit glitch during our application, he responded to our question promptly and support us solved it effectively. His service really reflects his efficiency and professionalism.
Best rate! Excellent service!
I worked with Ryan to get my investor mortgage approved and am really happy with the personal care and quick responses I received. Ryan clearly walked me through every step and felt really well taken care of. No hidden fees and would recommend it in a heartbeat.
Easy Online Process, Great Service, Best Interest Rates!
I had to re-finance my existing investment home loan as my current lender kept bumping up their interest rates. I found Tic Toc interest rates to be the lowest. The application was almost all done online which was amazing. There were just a few final steps that needed to be done with a person, so Aaron was very helpful to help me through this via phone and email. Keep up the good work and low interest rates Tic Toc!
Questions & Answers
Hi, Im looking to refinance our existing loan which is around $465,000. Can we borrow a total of $550,000 from Tic Toc to do some renovations e.g. garage, pool etc. subject to requirements to take the loan to $550,000. Thanks Robyn
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
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