Wouldn't recommend, double up on everything
Currently at the end of the process of Tictoc and wouldn't recommend them. Initially sounded great, low interest rates, they handled valuation, settlment etc and online only.
Initially put in an offer on a property that would of been approx 50% LVR and repayments approx 20% of income. Since tictoc doesn't offer pre-approval real estate agent requested a letter saying I wouldn't have an issue with finance etc, tictoc unwilling to provide which is fine but missed out on the property due to this reason.
Found another property and had a better re...al estate agent this time, offer accepted and three month settlement agreed upon and accepted by Tictoc, recieved an email from Tictoc and they asked if settlement could be either 30 or 60 days as they don't like doing 90 day settlements. Got the sellers to accept 30 day settlement and express posted the documents to the conveyancers Tictoc use for settlement. After a few days I was required to get all of my identification verified by the usual method of getting licence, passport etc verified by police or pharmacist etc , Tictoc also utilise a third party to verify your identity in person so this doubles the amount of time required and also adds an additional cost. The next double up was when the sellers conveyancer contacted Tictoc conveyancer, even though Tictoc website tells you they take care of conveyancing in house they don't. The sellers conveyancer contacted me and told me they only represent tictoc themselves and I would still require a conveyancer/settlement agent. So you also cover the cost of the Tictoc conveyancer as well as your own. Will detail more when I have more time but it seems like its online only for Tictoc and when they say everything is handled by them they mean you cover their costs but also are required to utilise a third party which doubles costs and times.
Great rates and customer service
TicToc's rep was very responsive and easy to deal with. He was able to guide me through the process of applying for a loan and explain the required documentation etc. to get me over the line. He made sure I understood and complied with TicToc's requirements and provided great end-to-end customer service throughout the process. Would recommend TicToc to others - great rates and customer service.
Quickest to process the application
Team did a fantastic job to get the result in a day . Aaron the credit assessor was helpful and proactive during the loan fulfillment. Team did a fantastic job to keep us communicated through the whole process.
Loan approved within 36 hours of applying.
Our loan was approved in a timely and efficient manner. Email and phone contact with our credit assessor was friendly and helpful. Tina assisted us with ease. Avle to submit documents via email or online platform.
Great loan application process.
Dealing with Tic Toc home loans for our application process has been a breeze. We knew from chats with brokers and running our own numbers that we would be a good candidate for a loan. We had most of our documents uploaded on a Friday, viewed a property we liked on the Saturday, made the offer on the Sunday, offer was accepted by the owners on Monday morning. Had an assessor from Tic Toc by midday Monday, uploaded a few additional documents Monday afternoon/evening. A couple of chats Tuesday morning and were fully approved for an 80% LVR loan b...efore midday Tuesday. Honestly this process has been so unbelievable smooth. A huge thank you to Tina our assessor for taking our calls and assessing things so quickly. Our finances were reasonably complicated and we were able to talk through things to get the application sorted no worries. So happy I went with Tic Toc and we shall see how things go holding the loan and making repayments.
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.
Really smooth process, helpful and good rate.
Good customer service, easy to get a hold of, responsive and professional.
Explained everything very clearly, provided advice where appropriate.
Overall very satisfied with the service that I received, would recommend to others!
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.
We were allocated a credit assessor (Aaron) who was excellent. He responded to emails quickly and gave outstanding 'old style' customer service. I would recommend the process to anyone wishing to obtain cheap finance.
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.
So smooth, so helpful
Stephen Cooper was the best credit agent I've worked with. Ask for him when applying.
Overall, the process was very easy and rates are great. All my questions were answered quickly with onsite chat or via Stephen.
Ridiculous system with NO pre-approval!!!
No pre-approval system doesn’t mean the company offer helpful home loan process. We applied online and our application was rejected without any specific reasons. I called the customer service the next day and was explained that we couldn’t get the loan amount we wanted. When asked how much we could borrow based on our incomes, they couldn’t give us the answer. The reason was “Tictoc doesn’t give Pre-approval”, so they can’t give you any figure until you signed the purchase contract. WHAT A RIDICULOUS SYSTEM??!!
How about we’ve signed the contr...
Simple and easy
Stephen was very helpful and kept us informed along the way.
All costs were upfront.
Very competitive rate. Stephen worked with us to ensure we had the right product to suit our needs.
Live chat is very convenient
Excellent service and great product. So far.
Have only just signed up, and been approved. So far, the experience has been excellent. I spoke to multiple people, mostly on the web chat, but some phone calls at the later stages. In every case, the person I spoke to was friendly, knowledgeable, and managed to answer my questions quickly and can clearly. Quite a pleasant surprise :)
No common sense. Backwards thinking
My husband and I applied for a loan with this bunch of incompetence and they told us we can’t “afford” the loan even though we have been currently been paying more for the last 3-4 years on our mortgage at a higher rate/repayment and have also managed to save over $150k on top of all our bills. To get approved we also finalised our A rated car loan and credit card which we didn’t owe mulch on and we still “failed” servicing. I think the key ingredient they lack is a bit of common sense. Don’t waste your time. This is a backwards thinking lende...r that can not put 2 and 2 together. On top of it all, it took 4 weeks for them to say no even though our credit score are 800, our combined income is nearly $200k p/annum and we have never missed a payment on any bills in our lives.
Very Slow. Very Incompetent. False Advertising
If you are hoping to Use Tic: Toc and you have just signed a purchase contract, GO ELSEWHERE.
I had this misfortune of dealing with Stephen Cooper, who lacks the ability to perform basics math. For a company that claims to use the latest technology, the process was so slow and arduous. In the process I closed my A rated NAB credit card account which I owed $0 on, I finalized my car loan which was also an A rated account as I didn't owe much money on, I provided statements showing perfect current mortgage repayments at a higher amount than what...the new loan was going to be and Stephen told me that my "living expenses" are $7000 p/month before taking in to account any other fixed liabilities, which is physically impossible. I also have over $150k in savings (not sure how I can save money if my "living expenses" are more than what I earn. I work in finance myself and Stephen seems to lack competence to add 2 and 2 together and realise that he was doubling down on my minimum credit card payments and "living expenses". I asked if I could please speak to a manager and he told me no, and that there was no one there higher than him I could speak to. Don't waste your time with these idiots. Its actually embarrassing that I have put myself in such a good financial position and then be told no 4 weeks later.
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.
Horrible experience. No phone communication to explain and instant decline
Horrible experience. Applied online and was stated that a home loan expert needed to look into it. I tried calling for a few days to see what they needed. Then got an email stating it was declined.
I was told we didn't meet the serviceability.. However my wife has just taken 12 months off work (unpaid) and we have coped just fine without any credit cards, personal loans or drawing down on our savings.
My wife is now back to work permanent part time and her earnings are double the proposed repayment, so didn't make any sense at all. Was treat...ed like an idiot when I phoned for an explanation, but didn't get one that made any sense. Horrible experience!! They might have a good product but they aren't practical whatsoever, and communication very poor!! Don't waste your time if you are in a rush
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.
Don’t waste your time
Tic:Toc don’t have the systems, staff and processes to deal with the simplistic of financial information, they use manual spreadsheets and don’t seem to understand what they are looking for or what information is needed. Wasted hours and hours of our time but too complicated ! One bank account and 2 credit cards . I managed to get unconditional pre approval from Westpac and comm bank in less time whilst Tic Tic wanted me to explain every discretionary transaction on my December credit card statement why I am not sure, basically got nowhere. I gave up
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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