Orig rate was good, rate creep, run around= leave
Have been with tic toc about 5 years.
Called them 2 years ago about rate creep.
Very abrupt, my rate won't move.
Reviewed my experience on this site and was replied with crap.
I had been lazy and have now unconditional approval with another lender.
Called today to see if tic to would move our rate.
3 transfers and finally the lady said "I will have to send this to the tic tic team"
Tips. Not that it matters. Rates aren't going any where. But you can get cheaper.
We had a rate of 2.9 with tic tic....
Did not pass on the RBA rate cut.
Two continuous RBA rate cuts was not passed on to the existing customers. When contacted I was told that their funder decided not to pass on the recent RBA cut. This was the reply for the previous rate cut as well.
Very disappointing for otherwise a great home loan experts. I am planning to move on to other lenders where they offer 0.65% lower than I have now with TicToc.
- Verified customer
Just another bunch of check box ticker's
I am a Bendigo Bank shareholder and like to support my investments by using their products.
So I applied for a Tic:Toc home loan for my new apartment. I can pay cash but preferred a 40% mortgage to improve tax efficiency as I intend renting it out in a few years. I uploaded plenty of senstive, time consuming, personal and business finance info, but got turned down because I'm "self-employed with insufficient tax assessed history". There was a check box they couldn't tick. Even though I explained the situation by email (too hard to get hold of...the person by phone) my explanations were ignored. The marketing says self employed are welcome? I cannot understand how I am now paying cash for the apartment, but Tic:Toc thinks I am too high a risk to finance a 40% mortgage? Perhaps they are too busy signing up easy applications to bother with those that don't fit their template. Not a good omen for the next downturn. Bendigo's other digital product, Up Banking is fantastic, so I'll stick with Bendigo for now, but I am learning, when it comes to banks, they are all the same and customer loyalty is not worth the pixels.
We were rejected for our home loan due to the unpublished reason of having more than one dwelling on the title (there is a granny flat as well as established home). Receiving a generic email not detailing specific reasons is very distressing and as others have stated, we would not have applied if this question was a simple one answered at the beginning of our application. We now have to go through an extra process of having this check removed from our record as this may impact future applications. On the plus side, the online chat people are awesome and incredibly helpful and the response time was very good but I would not recommend TicToc if you have anything unusual about your circumstance or property.
Less than impressed with automation and property valuation
Was skeptical from the beginning on obtaining a loan approval immediately upon submitting our application online. While being what I consider a very simple financial case and very conservative with our overall loan amount, we apparently confused the robot so had to get a human involved. Fair enough. Email sent we'd hear back in a day. Then another email on a few more days delay. Then crickets. Three weeks later, after I chase multiple times, finally get approval in principle squared away. This would have been a much bigger issue for us h...ad our initial offer on the property of the application been accepted (outbid). Few weeks later, we are successful w/ a bid on a different property. Call TicToc to change address on application, all goes well until a few days later when they come back saying the property valuation has come back less than the purchase price. Not slightly less, 45k less! On a property with multiple offers where we weren't even the highest, and easy enough to see comparables in the area were in line with what we went to contract with. So scrap TicToc - not worth the hassle - get finance extension (thankfully) and talk with local lender and fill out paper application in hopes to save loan. 48 hours later with local lender, approval received. 48 hours after than, new property valuation performed by group that knows what they're doing and valuation comes back at purchase price. Two stars as the rate is good w/ TicToc obviously, and when I spoke to their customer service and our loan manager they were helpful and pleasant. But again, less than impressed with the robotic evaluation of the loan and the 3rd party they used in Brisbane area (Opteon) for the property valuation. Many bad reviews online about Opteon and their poor valuations.
Not for small business owners
We approached Tic Toc online with the view of refinancing our home to get a cheaper rate. Due to being business owners we had to submit more than the usual documents. Unfortunately the online 'robot' could not cope with the number of uploaded docs and we weren't able to back track and adjust some of the info on their forms. Also confusing was submitting information as a 'couple' and then having to repeat it again. We waited patiently for an answer on our application and only received feedback 2 weeks later after I contacted them to find out our...application status. Now understand they would have been busy, however they again asked us to upload the same information and asked for further updated statements which we didn't have due to the logistics of not having them in the first place. We decided it was all too hard and canned the whole thing. My summation is this company is probably geared more to first home buyers and salary workers who only need to provide the standard information, anything more than that is overwhelming for them. They are pleasant to deal with is which is the only positive I can give out of this whole experience.
Applied online. Had to re-supply same documents again, and explain my spending in great detail in an email. My application was rejected, before they even read my email, without a specific explanation. I then applied through Lendi. New mortgage was not only quickly accepted, but got lower rate. Experience with Lendi totally positive. I think Tic-Toc only lend if you have heaps of money. I could easily manage repayments etc, but rejected without specific explanation.
I live in Canberra currently paying off a mortgage on a $800,000 house at 4.62%, P&I, i owe $385,000, about 50% equity. I saw Tic Tocs low rate which my current lender could not match, so i thought why not refinance. I have an A1 credit rating and my wife and i have a combined salary income of $168,000 a year. Sadly i was declined by Tic Toc because they believe i cannot service the loan repayments! I am currently paying $2300/month repayments and with the lower rate it would be about $1850 roughly. I was advised that i spend too much of my discretionary money to fit into their formula.
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
ProductReview.com.au has affiliate partnerships. These do not influence our content moderation policies in any way, though ProductReview.com.au may earn commissions for products/services purchased via affiliate links.