We are very happy with TicToc's loan application process and the excellent customer service Ryan gave us. Our application was smooth and Ryan was very friendly to deal with when he needed more info. We refinanced our home loan and will now enjoy TicToc's low rates going forward.
- Verified customer
Great rates but average application process
Customer service was great but felt let down by their application/approval process. Had to manually submit over 10 different documents despite their claims of "saving time" and "automated approvals".
The point that frustrated us the most was being asked repeatedly to submit my wife's credit card statement when she was locked out of her internet banking and neither could we request a password reset as the bank's offshore team in Manila was closed due to COVID restrictions.
You do have to wonder why we had to answer approximately 10 different queries when our LVR was close to 30% with a combined household income of $200k+.
- Verified customer
The best home loan application experience!
This has been the best home loan application experience I've ever had.
TicToc's web application user experience was exceptional.
The virtual valuation of our properties and the ability to link all our current bank/credit account to the application saves enormous amounts of time reducing the number of documents you need to collate.
Our application due to complexity with our living arrangements couldn't be approved on the spot with TicToc's AI reviewer. But working with Ryan from TicToc was incredibly easy, his emails we thorough and easy to follow and he was happy to jump on a call to discuss any of the finer details. Thanks for your help!
I will definitely use TicToc again the next time I need a home loan.
Great customer service!
The customer service, promptness and attention to detail is amazing with Tic:Toc. We spoke to Ryan throughout the process and he was extremely helpful throughout the process even understanding complexities with our international transfers. He guided us with exact information through the process and was really prompt in ensuring we had all updates on where our application was. Highly recommend!
Great customer service! Fast and efficient process!
The customer service at TicToc was superb, all the representatives I've dealt with from the very start (i.e. online chat) to finish (i.e. credit assessor) were all very polite and helpful, and explained the process very well. The application process was very easy and straightforward. I was also very pleased that some of the fees that are normally charged to the applicants by other banks (e.g. valuation of property) were absorbed by TicToc on top of the very competitive rates they provide. Our credit assessor, Ryan Darling, was very fast and efficient in dealing with my application and was very helpful with all my queries. All in all, very happy with TicToc's service! Thank you for a great experience!
- Verified customer
Save $1000s, excellent service
Excellent customer service, no fees and low interest rates.
No fees and the competitive rates can save you $1000s per year, to use on your next holiday or take away food / coffee budget.
Tic Toc staff are friendly, patient and connected with me through the process. They value customers. They are available on phone, chat and email.
Big bank packages cost $400 per year, that’s $12,000 over 30 years - to give you a rate discount. How about getting a low rate that doesn’t need a discount and not paying $400 per year - that’s tic toc
You get an Adelaide bank home loan. Tic toc is not a small bank or lender!
Good interest rates but they are not upfront with their terms and conditions
I would have loved to have gone with TICTOC however I have 2 workplaces, the majority of my work is as an employee under PAYG but part of my work is as a partner in a business and they classify this as "self employed" even though I get the majority of my pay as "PAYG". Regulations which are out of their control state that you must be self employed for at least 2 years and provide 2 years worth of financials. Unfortunately this information was not given upon application and incurred a credit check on my credit rating. I would suggest an improvem...ent for TICTOC that this information regarding those who are an employee and an employer that they make it clearer re the 2 years financials requirement. TICTOC offer a variable 2.55% rate, I ended up refinancing with my bank (ANZ) on a 1 year fixed rate at 2.39% which also has no ongoing fees and an offset account, was given a special offer by the bank. Glad I went with ANZ at this stage as more secure than smaller lenders who are only partly funded by banks as Bendigo bank is not their only funder
Good home loan, but not for everyone
I was looking to refinance my home loan for a better fixed rate as my bank wouldn't negotiate a better deal for me. Tictoc online application was easy to fill in and easy to navigate around. The information that they needed was easy to obtain and the outcome of my loan approval was given to me within a very short period of time. Unfortunately I was not able to refinance with them due to Tictoc not accepting my family tax benefit as 100% to be included in my income due to the age of my children which was unfortunate because they offer such a gre...at rate and no ongoing fees ect ect. It wasn't their fault, just company policy and in no way a bad reflection upon the company. Many banks and loans don't accept the full family assistance amounts to be included in your loan applications these days. But just so you know that if you are planning to apply with them and use your family tax benefit as a part of your income, then you may come across the same problem.
Great customer service
We elected to use the algorithm to begin with, but ended up having to through the manual process anyway. Luckily, Ryan D was very responsive and easy to work with during the process. I have dealt with a few different banks before and Tic:Toc has been by far the most pleasant experience. If this positive experience is shared by existing as well as new customers, along with the very sharp rate, I can see myself being Tic:Toc customer for a long time!
Waste of my time to apply for investment loan.
Applied online, submitted documents and required human intervention. Due to a back log, it took a few more business days to clear. Got approved, organised Zip ID only to find out loan is now knock back to due "substantial benefit" which I never heard off. Wish they do preliminary checks first, now I copped a credit check on my record, wasted time while I could have gone to a mortgage broker.
Great product! Easy Home Loan with Very Low Rates!
I have just obtained a home loan with Tic Toc and was previously with loans com for 3 years. The rates at loans com to new customers are low but they don't pass full rate cuts to the existing customers and over time the interest rate becomes uncompetitive. The interest rate at Tic Toc is really low and really attractive with minimal fees apart from the $10 a month for offset facility. We are very happy with the loan process, experience, and services by Ryan Darling. Ryan did his best to assist us with our loan application and is quick to respon...d to our emails. He handles the process very efficiently and in no time we got our loan approval. Overall we are happy to be on board with Tic:Toc and are really pleased with the services offered by Ryan.
Great credit assessor experience!
Ryan has provided me an excellent service! He was very thorough and straight forward with the sets of questions he asked so it wasn’t hard to provide him the information he needed in order to assess my financial capacity. The only downside that I’ve probably encountered is the manual handling of loan documents it still needs to be posted to their Legal entity. I hope this will be digitalised soon especially now that we are facing an unprecedented situation now where less contact is necessary.
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.
Excellent service when I needed to communicate with a human !!
Ryan from customer service is a legend. He was easy to deal with and was concise about the documents I needed to progress with the application. Very professional and very efficient. I/we cant recommend Tic Toc and Ryan enough.
Tictoc refinance, very picky
Looked at tictoc for refinancing. Went through online questions without a hassle.
Received a declined response from a human checker. Basically they were questioning where my savings went. Also said we had too many overdrawn fees on cc and a everyday account (even though they were small amounts and paid a day after going over). Overall it seems they are very picky.
I guess ill stay with a big bank who can handle our finances.
Ryan Darling - helped me all the way through.
Overall good experience. Ryan is very helpful, make everything straightforward, no hidden fees.
However, terrible experience with settlement agent, Myleadpoint, more than 2 months to get settlement finalised. no update, don’t pick up phone call, voicemail all the time. Prepare 2 or 3 days to get email replied. Only one excuse - Bank’s problem! When I talked to my Bank,they said they didn’t receive settlement request!
Questions & Answers
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
I’m only interested in refinancing if I have 20% equity or more. I worked out that I roughly have 22% equity in our property, but this is based on recent sales in my area. In the event that your valuation states I don’t have over 20% equity, and I don’t go ahead with the refinance is there any fees or charges for this process? (E.g a fee for the valuation?)
Also do you deal with the whole refinance process or do I also need to speak with my current lender?
Hi Matt, thanks for your question.
We don't charge any fees for applying. You can withdraw your application before it settles and you won't be charged a cent by us.
During settlement, you may be subject to other, third-party costs (like government stamp duty, or our digital conveyancer's fee). You can find a more detailed breakdown here: https://tictoc.com.au/faqs/what-are-the-fees-associated-with-a-tictoc-home-loan
We also deal with the whole refinance process. To discharge from your current home loan, we'll provide you with a discharge form which we submit on your behalf. If you're in a fixed-term contract with your current lender, it may be a good idea to speak with them about any break costs you may be charged by them.
For more information about how we value properties, see here: https://tictoc.com.au/faqs/how-does-tictoc-work-out-the-value-of-my-property
I hope this helps answer your questions. Please let me know if there is anything else I can assist with. :) ~ Bailey
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