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Tic:Toc Home Loans
MattGreater Melbourne (Metropolitan), VIC
- 4 reviews
- 3 likes
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.
2 comments
So by that logic when the reserve bank raises its rates then that won't be passed on? I can't believe that the funder would increase new rates but not increase existing given the way they behave now. ...
Read moreYou understand that in less than 2 years my current rate is now 20% higher than your new customer rate, and would be an extra $2k per year on a $400k loan? Would you consider that a fraction higher? The rate I'm on is no longer competitive to the market so I will need to refinance after being a customer for less than 2 years, and I think it's important that prospective customers understand that this is the position they will find themselves in if they take out a loan with Tic TocNot 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.
1 comment
Bailey U.Tic:Toc
Hi Khan, thank you for taking the time to provide your feedback. Due to our funding structure, it's not always possible for us to retrospectively reduce interest rates for our existing customers. Sinc...
Read moree May 2019, we've provided three rate decreases for new and existing customers. You can find out more about how we set our interest rates, as well as our rate history, here: https://tictoc.com.au/home-loan-guide/how-banks-and-lenders-set-their-interest-rates ~ BaileyOther Home Loans
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4.9(211)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.
1 comment
Bailey U.Tic:Toc
Hi Edward, thanks for your review and for the kind words about Ryan. We'll pass your comments on to him and the team. Thanks for your recommendation, and welcome to Tic:Toc! ~ Bailey
Find out how Tic:Toc Home Loans compares to other Home Loans
Know better, choose better.
JojoGreater Melbourne (Outer), VIC
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.
Marko S.Greater Melbourne (Metropolitan), VIC
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.
1 comment
Bailey U.Tic:Toc
Hi Marko S, we're glad to hear you were able to get a lower interest rate! Thanks for taking the time to review us, and for the kind words about Ryan and Shalini - we'll pass your feedback onto both. ...
Read moreShould you have any questions about your home loan, please get in touch. Welcome to Tic:Toc! ~ BaileyPhilip E.Central, SA
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
1 comment
Bailey U.Tic:Toc
Hi Philip, thanks for your positive feedback. We're glad our champion credit assessor Ryan was able to help you refinance. Please get in touch if you need anything further, and welcome to Tic:Toc! ~Bailey
HelenaMetropolitan Adelaide, SA
- 2 reviews
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.
1 comment
Bailey U.Tic:Toc
Thanks Helena! We're so glad you had a great experience with David - we'll be sure to pass on the kind words. Thanks for taking the time to leave your feedback, and if we can help further please don’t...
Read more hesitate to contact us. Welcome to Tic:Toc! ~ BaileyBest 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.
1 comment
Bailey U.Tic:Toc
Hi Nina, thanks for taking the time to leave such great feedback. We're so glad you had a great experience with Ryan and the team! Should you need anything further, please give us a bell - welcome to Tic:Toc. ~ Bailey
Questions & Answers
robynasked
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
No answers
SA-PRasked
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.
1 answer
Bailey U.Tic:Toc
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
Vscarf10asked
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.
1 answer
Bailey U.Tic:Toc
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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Bailey U.Tic:Toc
Hi Matt, thanks for taking the time to provide your feedback.
Not all customers with us will have the same interest rate. When you get a Tic:Toc loan, we’ve locked in a ‘price’ with our funder (Bendi...
Read morego and Adelaide Bank) for that loan, which is reflected in your interest rate.