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Tic:Toc Home Loans
BeckyGreater Melbourne (Inner), VIC
- 2 reviews
- 2 likes
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...
Read moreld 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.1 comment
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
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.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 TocOther Home Loans
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4.9(211)Pedram A.Greater Melbourne (Inner), VIC
- 2 reviews
- 1 like
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.
3 comments
Bailey U.Tic:Toc
Hi Pedram, thanks for taking the time to provide your feedback on your post-settlement experience. We're sorry to hear about your trouble contacting Adelaide Bank.
While the funds for our home loans...
Read more come from Bendigo and Adelaide Bank, you will always be a Tic:Toc customer. This means you can contact us should you require any support with managing your loan; plus, our banking portal is powered by Adelaide Bank, who have a specially trained team to manage our in-life customer experience and are equipped to deal with any changes to your Tic:Toc loan.Hi Bailey,
Thank you for replying. the only phone in online banking portal is 1300 135 481 which belongs to Adelaide bank.
I emailed and called twice to cancelled my request as I decided to leave.
I a...
Bailey U.Tic:Toc
Hi Pedram, we completely agree. We have passed this feedback up to Adelaide Bank and are hoping to better communicate the correct contact information within the portal. Sorry for the confusion, and th...
Read moreanks for bringing this issue to our attention — we really value your constructive feedback. ~ Bailey
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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.
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 ~ BaileyBoris GrujicGreater Melbourne (Outer), VIC
- 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.
1 comment
Bailey U.Tic:Toc
Hi Boris, thanks for taking the time to let us know about your experience, and for trying us. We know a Tic:Toc home loan isn't for everyone, and sometimes we need to decline applications due to our r...
Read moreesponsible lending obligations. As part of our assessment, we take into account all income, expenses and liabilities - no matter how big or small. This includes open lines of credit, even if they're not intended to be used. We are also required to assess applications against a higher interest rate than the advertised rate (known as a serviceability buffer) to make sure our customers can still afford repayments in the event of rate rises. We explain serviceability with more detail in this article: https://www.tictochomeloans.com/home-loan-guide/serviceability-explained/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...
Read moreancer 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.1 comment
Bailey U.Tic:Toc
Hi Not Happy, thanks for taking the time to provide your feedback. We're sorry to hear about your experience with us. We're not quite sure what has happened, and we'd like to sort this out for you. We...
Read more've been able to find your application, and I've arranged for our Operations Manager Steve to assist and give you a call. ~ BaileyQuestions & 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 Becky, thanks for taking the time to provide your feedback on your experience. We're sorry to hear things didn't go as you expected. We always aim to assess our applicants in a timely manner and wi...
Read morethin the bounds of our credit policy — but, we know that not everyone will be suitable for a Tic:Toc home loan. We've been experiencing some of our highest ever volumes of applications recently and our team have been working hard to assess and respond to everyone who applies. We apologise for any inconvenience caused by our longer than normal wait times.