Tic:Toc home loans

Compare home loans from Tic:Toc and see if you are eligible.

By   |   Verified by David Boyd   |   Updated 23rd September 2021

Comparing Tic:Toc home loans for $450,000.00 over 30 years

Tic Toc Live in Loan Fixed Rate Home Loan

Tic Toc Live in Loan Fixed Rate Home Loan

Interest rate (p.a.)

1.84%

Comp rate^ (p.a.)

1.90%

Max LVR

90.00%

Application fee

$0.00

Monthly repayment

$1,627.51

Total repayment

$585,903.60

Highlights

  • Up to 30 years loan term.
  • No upfront and ongoing fees.
  • Free online redraw on any additional repayments.
Tic Toc Live in Loan Variable Rate Home Loan

Tic Toc Live in Loan Variable Rate Home Loan

Interest rate (p.a.)

1.89%

Comp rate^ (p.a.)

1.90%

Max LVR

80.00%

Application fee

$0.00

Monthly repayment

$1,638.64

Total repayment

$589,910.40

Highlights

  • Up to 30 years loan term.
  • No upfront and ongoing fees.
  • Free online redraw on any additional repayments.

Overview

Tic:Toc is an online-only non-bank lender founded in 2017. Loans are funded by the Bendigo and Adelaide Bank Group. Tic:Toc offers low rate home loans with no upfront or ongoing fees and promises a hassle-free online process for loan customers.

Tic:Toc’s home and investment property loans are worth considering if you have a clean credit report with higher deposits or equity looking to refinance.

They are an excellent choice for those employed in PAYG roles who can produce payslips. Self-employed borrowers who can show at least two years’ tax returns and consistent income could also consider applying with them.

Product and service offerings

Tic:Toc home loans for owner occupiers come with LMI on all loans over 80% LVR.

Tic:Toc variable rate home loans

  • Up to 30 years
  • Minimum 10% deposit
  • Principal and interest repayments
  • Unlimited additional repayments
  • Free redraw on any additional repayments
  • Offset account (with a fee)
  • Competitive interest rate

Fixed rate home loans

  • Up to 30 years
  • Minimum 10% deposit
  • Principal and interest repayments
  • No upfront or ongoing fees
  • Additional repayment limit of $20,000 per year
  • Free redraw on any additional repayments
  • Offset account (with a fee)

Why Tic:Toc home loans are different

  • Entirely online assessment with live customer support
  • Speedy approvals with a fully automated loan process
  • Choice of fixed rate periods from 1 to 5 years
  • No upfront or ongoing fees
  • Highly competitive home loan interest rates
  • Principal and interest repayments on all loans
  • Full or conditional approvals (subject to property being purchased)

Record on rate cuts

Tic:Toc has a record for low interest rate loans. They have consistently passed on RBA rate cuts to both new and existing customers.

Eligibility

Before applying, please check the following criteria.

  • Be an Australian citizen or permanent resident who lives in Australia.
  • Currently employed either through PAYG or self-employment.
  • Purchasing an established property or refinancing.
  • Seeking to borrow between $50,000 and $2 million.
  • LMI necessary for those with less than a 20% deposit.
  • Units and apartments in high-density complexes are considered, but are subject to additional criteria and a 30% deposit.
  • Only homes or investment properties in a capital city or major regional centre are considered.
  • At least 10% deposit or equity, with savings to cover fees, stamp duty and other charges.
  • Couples refinancing a loan must both be on current property and be applicants for the new loan.

Documents you will need

To qualify for a Tic:Toc home loan you need to provide the following.

  • At least one form of government identification such as your Medicare card, driver's licence, or an Australian passport.
  • For employed income verification:
    • Full-time and permanent part-time PAYG employees need to have been in their role for at least 6 months, or have 12 months of continuous service within the same industry.
    • Dependent contractors with PAYG roles need to have held the job for 6 months, or have 2 years of continuous service in the same industry.
    • Casual workers with PAYG need to have been working in the same job for 12 months, or 6 months if you can show 2 years of continuous service within the same industry.
  • For self-employed people:
    • Must have been self-employed for at least 2 years.
    • Registered ABN.
    • Two most recent business tax returns.
    • Two most recent personal tax returns together with the notice of assessment.
    • Be registered for GST if turnover exceeds $75,000 p.a.
    • Have a good credit history.

There may be delays for self-employed applications because their details cannot be instantly validated online, as they can with PAYG employed applicants.

Pros and cons

Here are the pros and cons of Tic:Toc home loans.

Pros

  • Simple no frills home loans.
  • Purchase or refinance up to 90% LVR.
  • Competitive interest rates for those with a large deposit.
  • Quick decisions based on an automated valuation model (AVM) for standard applications.
  • Fast loan approvals due to automation and technology.
  • No ongoing or upfront fees other than government fees.

Cons

  • Their lending criteria is relatively restrictive, especially for those in rural locations.
  • Minimum deposit or equity of 10% plus purchasing costs.
  • No home loans available to temporary residents or Australian expats.
  • No branch network.
  • Limits applicants to two.
  • No support for government grants and benefits like First Home Owners Grant and the First Home Loan Deposit Scheme.
  • These loans and facilities are not available:

Home loan comparison