Variable rate
Interest rate 3.52%
Comparison rate 3.53%
Loan term Up to 30 years
Max LVR (% of the home value, you can borrow) 80%(or 20% deposit)
Upfront fees $0
Monthly service fee (excl. offset account) No
Additional repayments (no charge) Yes
Redraw (no charge) Yes
Offset account Yes, $10 per month
What do you mean?
A lot of Australians are overstretched with their mortgage and rising interest rates will set of the debt bomb
gov will print more money and let the economy dies into stagnant for decades just to avoid raising too much interest rates triggering crash
what's the story ?
Is it tick this year or toc ?
Applied with tic toc to try it out about one month ago, my experience with them is very highly recommended for the application and settlement process which is as far as i got but was absolutly blown away how simple and easy and quick it all was the only reason i think there process isnt more adopted and mainstream is that they dont do big advertising so not to pass on costs to you and its not seen as a bank and seems suspicious because the claim of 22minute home loan being safe i think?. got settlement the next day from when i applied (loan was from Adelaide bank whom they are backed by) . What concerns me in relation to the ticking time bomb chumlee is referring to in relation to interest rates rising,(ticking time bomb) is the so called "liar loans" combined with rates rising. I think Tictoc will be much more protected as there system("robot") verifies your spending habits ability to repay a loan and you can't fudge your spending habits, like you can with a broker or loans officer.
Anyway i was made another in the end from another lender which i couldn't pass up so i let tictoc know to cancel the settlement and they were understanding and so professional and did it straight away. Would feel completely safe with tictoc and would happily recommend them to anyone the process was fantastic and no stress.
Be cautious of non ADI lenders. Your offset account will not be guaranteed by the government ($250k, used to be $1mio)in the even of lender being bankrupted.
If the lender goes bust the money in offset would likely just be amalgamated into the loan and transferred to the new lender. so you wont have the offset money to draw on if you need them if you have a big expense coming up to . might be able to increase the loan with the new lender to have those funds available, uncertain tho. Very right in saying its no gov guaranteed and uncertain tho defiantly something to consider not leaving large amounts in the offset with non adis.:)
Nonsense, don't spread incorrect information.
what you mean?
No. They are kept as separate accounts. Many lenders sell off their mortgage book or use it to issue RMBS.
"We work with some other organisations to arrange for the Tic:Toc home loan to be provided to you, our customer.The lender of record for the Tic:Toc home loan is Bendigo and Adelaide Bank Limited (ABN 11 068 049 178). We have an arrangement to act as an intermediary for them and this means that we provide credit assistance to Tic:Toc customers and manage the relationship with them up until settlement of the loan."
I wonder if the offset account will be guaranteed by the government or not ? Do you have the offset account with them or Bendigo/ Adelaide Bank ?
It will not be, unless the funds are held at an ADI, or one of its 100% owned subsidiaries.
In the statement you have quoted, likely TicToc is a broker/introducer, and the load (as well offset) is offered by Bendigo/Adelaide Bank.
Best to confirm with lender.
tictoc is the mortgage time bomb when interest rates start rising