Poor customer service and you unable to talk to a manager for further assistance. Disappointing!
Customer service was poor and that has certainly created a negative impression.
No timeline or feedback provided on application process. I had to call for an update and still unhelpful.
Do not waste your time
Recommended by a friend, tried to refinance my existing home lone with tic toc which was an absolute mistake.
It’s been 5 weeks since I applied awaiting for a simple yes or no answer.
Rude and unprofessional with no costumer service skills
Turnaround time ridiculous
Just completed an online application (where it actually states 'final decision process'). On completion, it said I have to call them. I placed the call and they said someone will call me back with turnaround time 22 business days!!!!!! Then settelment takes up to 6 weeks. So from application almost 3 months. How does this place get a good review???
I applied tic toc home loan after selecting a property. But they rejected it without telling me any reason.. I don't have any bad credit history at all but they rejected.. After that I went to a broker and they applied for loan to AMP and I bought same property within a month.
Myself as a first home buyer I ll request to all first home buyer never apply any home loan by yourself to any small online bank such as tic toc. Most of time they reject loan application if you do any mistake during application and they never ask for any explanation..we ...
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.
Inefficient service, had to go elsewhere
Their rates are low, but there were some minor complexities with our loan and their customer service became very drawn-out. 2 weeks of emails which could have been solved with a simple 20 minute phone call, which I repeatedly asked for - however they only ever responded in emails, and replied within 1-2 days, which then resulted in more questions.
I called them a couple of times to try and speed up the process, but this wasn't successful as my assessor (Natalie) was never available and they wouldn't call me back, they would only email.
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.
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...
Submitted the details as requested and was declined a home loan without reason. Operator on the phone was rude and unable to help. Submitted the same details to other major banks including CBA and got approved with no questions.
I don't think this service is an improvement by any stretch on the current way of doing things.
Website also crashed a few times during the application process which gives me worry about the personal information I've shared.
- Verified customer
"All that glitters is not gold"
- Low interest rate, thats all.
- Extremely high LMI compared to ANY bank/non-bank. I checked two banks and 1 non-bank.
- LMI to be paid upfront (they call it "lenders loss insurance"!!)
- Slow in response; unresponsive at times
- Huge upfront cost involved (even more than CBA)
- None of your calculation will match their calculation (cost, fees etc)
- The advertisement of 10% deposit is NOT true. (It is actually 13%)...
Horrendous application time and a monkey to assess the loan
I am finance manager at a car dealership and have been in the industry for 4 years and i would not recommend tic toc to my worst enemy . I had to follow up everytime i needed and update , loan was not approved and i still dont know the exact reason. got pre approval with other bank .im not sure if tic tok doesnt have the best results for commision based income or its the worst bank ever. They advertise cheap rates so i applied and all i now have is an inqury on my credit file.
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?
- Verified customer
Avoid like the 2019 COVID plague
Applied for an owner occupier joint loan because of the good advertised rate and hassle free process.
Application process was easy, but unfortunately that was the only decent thing about the whole process. It was a nightmare after that. I couldn't edit the form, and then they were too backed up due to COVID-19 and couldn't call me for weeks.
Suddenly one day they decide to wake up and do a credit check for an application I made mistakes on and couldn't edit. They also forced me to name a property that I was interested in and then told me the...y're rejecting the loan because of the one of the following reasons: - Your property not meeting our lending requirements (e.g. your property size is too small) - Your ability to meet your home loan repayments - Your credit history, which we obtained from Equifax and Illion. If the property was too small for them, why the hell couldn't they have told me that before I copped a credit check? Also who applies for a pre-approval before knowing which property they want to buy? Moronic.
Do not believe any of the fake good reviews
Went to their website and talked to one of the sales staff on chat who said no problem on refinancing an existing mortgage to unlock additional equity with LVR below 50%. Submitted an application which was a nice and easy process. And unfortunately, that is the only good thing. Then the nightmare starts, got a call from a guy called Aaron asking for pretty much every single piece of information including one off transactions that are 6 months ago which I had difficulties remembering. Then he told me, sorry, we can't do equity unlock for investm...ent, we can't do equity unlock for renovation and we can't do equity unlock for kids education. For investment, you need to provide your current share portfolio in your name, as we cant give you the money for investment if you do not currently have a share portfolio. For renovation, you will need to provide a detailed quote, without a detailed quote, you can't unlock the equity and it better not change any structure of the house as we can't do it. For kids education, we can only give you 50k instead of 100k. Why was I not told by the sales staff? Why the message from sales and credit are conflicting? On the other hand, I feel that I was being interrogated by the tictoc staff like a criminal. Both me and my wife have perfect payment history, great bureau scores and have never missed a single payment in our entire life. If you are refinancing for an equity unlock or top up, I recommend you go elsewhere as the process here is quite difficult.
NOT looking after existing customers
I am an existing home loan (variable rate) customer with Tic:Toc. After seeing a lower rate advertised on the website last month, I enquired why my variable interest rate has not been reduced. I did not hear for 2 weeks and had to call to follow up my enquiry, only to be told that the advertised rate is only for new customers. Hence as an existing customer who is already with Tic:Toc I am unable to get the same lower rate. This is very disappointing and I will be looking to refinance out. Potential applicants please be wary of the "variable" rate that is not quite as variable as you might think.
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.
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.
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.
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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