Tic:Toc home loans

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

By   |   Verified by David Boyd   |   Updated 29th September 2022

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

Tic Toc Live in Loan 5-Year Fixed Rate Home Loan (Principal and Interest)

Tic Toc Live in Loan 5-Year Fixed Rate Home Loan (Principal and Interest)

Interest rate (p.a.)

5.94%

Comp rate^ (p.a.)

4.61%

Max LVR

90.00%

Application fee

$0.00

Monthly repayment

$2,680.64

Total repayment

$965,030.40

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 (Principal and Interest)

Tic Toc Live in Loan Variable Rate Home Loan (Principal and Interest)

Interest rate (p.a.)

3.59%

Comp rate^ (p.a.)

3.60%

Max LVR

80.00%

Application fee

$0.00

Monthly repayment

$2,043.38

Total repayment

$735,616.80

Highlights

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

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: