Refinance variable homeloan
I didn’t want to leave a review until a month or 2 after our settlement just to be sure. TicTok are great, my interest rate is 2.19%, they have not pushed my rate up. The online system is easy to use, I have an offset account link to my mortgage, they also send out statements showing our current interest rate, amount owing (taking into account offset balance) and any interest we have saved due to the offset account. I don’t agree with some of the reviews on here, You need to be diligent and really get all the paperwork sorted otherwise there may be issues, that’s not tictocs fault that’s due to an individuals incompetence. I’m very happy that I changed to tictoc. I’m saving close to $4000 per year due to changing.
Getting approval was a breeze!
Got our refinance approval without any hiccups. Rachel was absolutely great. Spent time in helping us evaluate options and how to make them work. Email response times were fast. Our refinance application is approved!
Next steps sign those loan documents, send them over and then settlement. Fingers crossed that goes just as smoothly as well.
Keep up the good work folks!
Staff are lovely, online application needs some work
The staff we talked to were very pleasant and helpful. It is annoying however that the online form cannot be amended, and any extra or incorrect information has to be changed at a later date. The reason for this is that the online form calculates data in real-time, and so changes may mess with its function. It also doesn't allow you to list a second or third form of employment, so these details must be emailed to a consultant later. Overall though I was very happy with the service I received.
Awesome service ! Very happy with the loan refinance process .
I was refinancing my loan from another bank to Tic Toc home loans and have been extremely happy with the service provided. The processing was extremely fast and I'm very happy with the overall experience. I'll definitely recommend to all my family and friends.
No nonsense. Efficient. Polite. Great websites without all the big talk. Thanks Rachel.
Got approved in 1 week. We attempted to be refinanced with a competitor that funds through the same bank and it took them 8 months to eventually tell us they couldn’t approve the loan? Great work & a big thank you to Rachel & all involved!
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.
I didn't think it could be this easy!
Straight forward customer service from the get-go with a 'how do I help the customer' approach. Very rare compared to my existing banker, who's now only interested I'm discharging the mortgage.
I applied to refinance my mortgage for the lower interest rate and bank account guarantee. The application took a little while due to the way my finances are structured but the credit assessor I dealt with was very helpful during the process.
Very nice to deal with
The customer service I received was very polite, friendly and professional. The loan rate is also very good value and the process has been quite simple and easy to complete
Excellent Service, amazing rates!!
The Tic Toc home loans team has been an absolute pleasure to deal with. The online application process was very user friendly and I loved the use of casual humour throughout the process! Every time I rang the team with a question, the team members were super friendly and very happy to answer any questions. The credit assessor, Stephen Cooper, was very knowledgeable, friendly and extremely efficient with the application. He communicated with me regularly regarding any additional requests for information and worked on approving the loan very quickly! I am so impressed and looking forward to leaving one of the Big 4 banks to deal with the friendly and efficient Tic Toc team - highly recommend!!
Fast service and easy to deal with!
Quick helpful service, that was personalized to our circumstances. Tina was very quick to respond to emails and prompt in her actions. Highly recommended loan supplier who deliver what they promise!!
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.
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.
- 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.
Risky option that could end up costing you more
I don’t normally leave reviews but feel compelled to inform potential new customers about Tic Toc Home Loans.
The application process was fast and easy as stated. The ‘robot’ couldn’t approve my loan, and it took about 10 days for someone to contact me requesting further information (due to Covid, and I was only refinancing so wasn’t too concerned). After that my house was valued and the loan approved in a week. Loan docs and ID check were easy.
And then nothing.....5 weeks passed. I contacted the conveyancer (as instructed) for an update, n...o reply. I tried again to which they replied “your loan is on hold” contact Tic Toc. The issue was that my house has two titles. The second title makes up a small part of my backyard and is a 999 year lease. I understand that this is not usual but a conveyancer/bank should understand the legality of the arrangement. Both titles were on my loan docs and viewed by Tic Toc prior to approval. The titles had been accepted by the CBA and NAB (my current lender) without question previously. Just under two months since I had my loan approved and I’m told my loan can’t proceed. Luckily I was only refinancing my loan. Imagine if I needed settlement on a new purchase and was told just prior to settlement that the loan couldn’t proceed. Personally I wouldn’t risk a settlement with tic toc for a cheaper rate - it could end up costing you more. Refinancing, try your luck?
Very easy to refinance
There was one glitch on initial application; reported to customer service and it was fixed the next day. Their AI couldn't auto approve but TICTOC staff did an excellent job in following up/guiding and helped though out the process. Great customer service, great rate.
Helpful, friendly & quick
Friendly customer service that was attentive and friendly. The entire loan application process was quick from application through to approval. The asked for some additional documents, but a reason and rationale was provided for each which were all very reasonable. Great low rate variable loan also.
Great customer service and great rate.
Pretty much joining the echo chamber on this - Tic:Toc have been fantastic for our refinance experience. As recent new home buyers, our first home loan was through one of the Big 4 with a broker because the loans and application process were such a nightmare and shrouded in mystery that we simply couldn't get our heads around. After 6 months of being interest gouged and managing to pay off a chunk to stop our LMI being required, we decided to look at refinancing options and stumbled across Tic:Toc.
With less than a week turnaround, Tic:Toc ap...proved us. Ryan from the Credit team was there to help with any questions we had, arranged a house valuation at short notice and request, and helped make the process a breeze. We can't believe the contrast in service and experience between companies with such a short time period, let alone getting back $250 a month on our mortgage and better financial literacy on our loan than we had before.
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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