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:
- Construction loans
- Loans for land, properties purchased off the plan, or homes under 50m².
- Guarantor home loans.
- Split loans (with fixed and variable rates).
- Loans to trusts or companies.
- Debt consolidation loans.
- Bridging loans.
- Cross-securitisation.
