Good service and explained in simple terms
Rachel was helpful in asking for additional documents that we needed, and all other correspondence has been clear in explaining the terms of the loan and what could be offered.
good loan company i only issue i have with them is that they use the old school eftpos card for the offset account which you cant pay for anythin over the phone with it, use the paywave/paypass function to protect yourself from coronavirus that might be lurking on the eftpos machine... if they changed the card issue they have , i would give them 5 stars. until then... they get 4 stars.
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 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.
Customer service A+
Good product, but Ryan was excellent to deal with throughout the application process. His communication and prompt action was great once I made it to the head of the long queue. Customer service is 2nd to none. I havn't experienced a quailty customer service rep like this for 10 or 15 years. There are some unexpected costs that you are presented with at the time of acceptance, so don't be to suprised.
Basic - cheap as chips loans.
We settled on 2 mortgages with Tic Toc last month (1 X owner occupied and 1 X investment property).
We were previously with one of the big 4 and just got sick of paying high interest rates and package fees and getting bad service in return. Tic Toc offers basic low risk loans at highly competitive rates. If you are self employed, don't have adequate equity in your property or your financial situation is not clear cut then Tic Toc will probably knock you back - that's just their business model.
The whole application process was quite smooth - ...its not same day approval but that's fine - i am more concerned about saving money. One property required an onsite property valuation and the other i believe they did a drive by valuation. The settlement process also went fairly smoothly. The interest rates dropped after we had been approved but before we settled, Tic Toc automatically passed along the full advertised rate to us on settlement - which was pleasing (2.84% OO & 3.2% INV) Their internet banking is about 20 year behind the big 4, but it does everything i need it to do and i would rather not pay thousands of dollars more in interest each year to get flashier internet banking. All in all a good experience and well worth making the switch to save thousands a year.
Fairly easy and helpful
The consultant Aaron was very prompt and thorough. And patient! There are some unexpected costs for disposal which I was not told upon my initial phone enquiries but the costs are clearly outlined in the paperwork which is easy to follow. I like being able to use the automated system.
Very happy with the process. There were small hiccups as somehow my assessor could not locate the linked account and that delayed a process a bit. Overall I am happy with the services provided highly recommended!
Overall, my feedback is that they've done well with the home loan.
The positives: They provide competitive rates and have remained fair to their existing customers with each rate change. They have a good loan application process set up, and they keep you updated until settlement. Their marketing and media teams do a good job with customer communication. The availability of someone to support you through chat on their website is fantastic. The reps from Adelaide Bank I've dealt with since settlement were great. I don't feel I've given up much i...n terms of customer support and features to get a cheaper rate with this lender and its partner bank. The negatives: I'm not very impressed by the customer service from TicToc. As another reviewer mentioned on TrustPilot, they don't seem very keen for your business. I found the credit assessor's tone a little condescending to begin with. The same with their call centre staff, impatient and rude. The announcements on rate drops following RBA's announcements do come a little late compared to other lenders. Their fund provider (Adelaide Bank) doesn't support PayID, so you don't get the instant funds transfer feature that most other large banks have. The loan documentation is a lot to get through on your own, and it isn't very clear who provides some of the documents required at settlement. All in all, it's been positive. The main negative area was their customer service. Dealing directly with Adelaide Bank's reps is so much better. Tic:toc rep sounded young, impatient and know it all, whereas Adelaide Bank is more traditional, patient and helpful.
More than satisfied
Customer experience was more than satisfactory. My assessor had a can do attitude which helped us get to where we needed to be in the shortest time possible. He was acccessible and helpful at all times. The rate is competitive when compared with other lenders, which is what attracted me in the first instance.
Pain free refinancing well almost
Overall the customer experience was very good. Ryan Darling was our loans consultant and found him proactive in responding to queries . I look forward to tictoc passing on recent rate cut in full
Not perfect or what I expected, but overall a positive experience.
Tic:Toc are new to the market. While they promise a 22 minute* approval, if your details are slightly out of the ordinary expect to be emailing back and forth with follow-up questions until they complete their assessment. Credit to Tyler, his responses were helpful and he looked for the most convenient ways to work through the credit requirements. Another thing a bit out of the ordinary - Tic:Toc has no pre-approval process, which created some nervousness for us as the vendor of our property required us to waive the cooling off period. Everythi...ng worked out for us and the approval came through, but we might have had to fall back on our pre-approval from another lender if this didn't work out there way we were hoping we would. In summary: happy with how things went, and think that Tyler provided good customer service. I think Tic:Toc needs to carefully monitor customer comments on product features and on-boarding process to ensure they are making things as simple for customers as possible.
Easy Online Process, Great Service, Best Interest Rates!
I had to re-finance my existing investment home loan as my current lender kept bumping up their interest rates. I found Tic Toc interest rates to be the lowest. The application was almost all done online which was amazing. There were just a few final steps that needed to be done with a person, so Aaron was very helpful to help me through this via phone and email. Keep up the good work and low interest rates Tic Toc!
Fast and efficient
I decided to go with Tic:Toc due to their low rate of 3.58% which was far lower than any of the big banks and lower than most other lenders for the features offered. Having full approval rather than just pre-approval was also a big drawcard.
I wasn’t 100% sold on the whole entering my bank details technology thing so I went with a more traditional pdf upload approach and still had my application approved within a day despite it being on a weekend and between Christmas and new years (admittedly it probably helps that my financial situation i...s very straightforward - single, no dependents, good savings, no debts etc). Ryan Darling was extremely helpful, efficient and punctual at processing the info I sent and at answering any questions I had and I cannot fault his service. All up a quick and totally painless experience for me and I would definitely recommend Tic:Toc to others based on my experience so far.
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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