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Tic:Toc Home Loans

Tic:Toc Home Loans

4.1 from 268 reviews · View Statistics

Reviews

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RedDog

RedDogSydney, NSW

The team at Tictoc were great to deal with, BUT...

published

The team were responsive via email and chat to assist in filling out home loan paperwork.
Costs were as quoted - no surprises. No issues, with the service or the team. Great product. Update Nov 2020- Their Variable rate loan doesn't follow RBA Rate cuts. Not really variable Rate..! TicToc's repsonse is that only new customers get the RBA rate. Beware if your a new customer as Tictoc / Adelaide/Bendigo bank havent been passing on rate cuts - which is very disappointing that due they arent willing to help their customers kick start the economy during the pandemic..

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan Start DateMarch 2020
Loan used forFirst Home
See all answers
3 comments
Tic:Toc
Bailey U.Tic:Toc
RedDog
RedDog

Hi Bailey, I have revised my review due to recent stance on not passing on RBA rate cuts.

Tic:Toc
Bailey U.Tic:Toc
Avinash M

Avinash MGreater Melbourne (Inner), VIC

  • 18 reviews
  • 4 likes
  • Verified customer

Great rates but average application process

published

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+.

Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeFixed Rate
Loan Start DateMay 2020
Loan used forFirst Home
See all answers
1 comment
Tic:Toc
Bailey U.Tic:Toc
Andrew

AndrewAdelaide

  • 3 reviews
  • 2 likes

Good interest rates but they are not upfront with their terms and conditions

published
Incentivised ReviewNo
1 comment
Tic:Toc
Bailey U.Tic:Toc
Home Loans

Find out how Tic:Toc Home Loans compares to other Home Loans

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Joseph C

Joseph CAdelaide, South Australia

  • 17 reviews
  • 9 likes

Only useful if you are perfectly standard

published

Our loan is mildly not standard so they rejected it. We earn a good salary, have good savings and perfect credit. What a complete waste of time applying.

You also have to give all your same information every time you apply which is stupid.

Incentivised ReviewNo
3 comments
Tic:Toc
Bailey U.Tic:Toc
Joseph C
Joseph C

What else is there to take into consideration?

Tic:Toc
Bailey U.Tic:Toc
S K.

S K.Sydney, NSW

Overall its OK. Slow post-settlement customer service. Banking Application security is below average

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
Loan TypeVariable Rate
See all answers
3 comments
Tic:Toc
Caitlyn S.Tic:Toc
S K.
S K.
Tic:Toc
Caitlyn S.Tic:Toc
ABC

ABC

  • 2 reviews
  • 1 like

Reject first, ask questions later: Are Tic Toc’s great rates and simplicity too good to be true?

published
Transparency
Customer Service
Application Process
Timeliness
Incentivised ReviewNo
See all answers
2 comments
Tic:Toc
Bailey U.Tic:Toc
ABC
ABC
HIA

HIASydney, NSW

  • 4 reviews
  • 3 likes

Unfortunately rate cuts not being passed in full, sorry I have to downgrade my rating.

published
Transparency
Customer Service
Application Process
Timeliness
Online Tools
Incentivised ReviewNo
Loan TypeVariable Rate
Loan used forRefinancing
See all answers
5 comments
Tic:Toc
Bailey U.Tic:Toc
HIA
HIA
Tic:Toc
Bailey U.Tic:Toc

Hi HIA, thanks for the new rating, we're glad to see you were approved in the end. Should you need anything further, please get in touch with us. Welcome to Tic:Toc! ~ Bailey

BlueEyedBec

BlueEyedBecSouth East Queensland, QLD

  • 2 reviews

Prompt replies but don't finance our area.

published

Enquired via their website. Easy to navigate & prompt replies to my questions via their online chat. Extremely disappointed that they don't provide loans to our area.

1 comment
Tic:Toc
Charles M.Tic:Toc

Hi BlueEyedBec, thanks for the review. Unfortunately, we're unable to lend to all areas just yet but hope to lend to yours soon. We're glad our team were helpful and able to provide you with the answers to your questions though. ~ Chas

See all Tic:Toc Home Loans reviews

Questions & Answers

SA-PR

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
Tic:Toc
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

Vscarf10

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
Tic:Toc
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

Matt

Mattasked

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?

1 answer
Tic:Toc
Bailey U.Tic:Toc

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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