Anyone taken the plunge?
Apparently backed by Adelaide bank. Has a bricks and mortar presence not far from me. Rates competitive at 3.58%, approval supposedly in 22 minutes!
What could possibly go wrong! ;)
Anyone Used TicToc Homeloans?
tunzafun001 on 18/05/2018 - 16:24
Last edited 21/05/2019 - 15:15 by 1 other user
Last edited 21/05/2019 - 15:15 by 1 other user
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To be able to do that, they’re likely sticking with safe options. I.e. loans with low LVR, capital cities properties with reliable valuations
Yep, that's what i'm looking for..with a good rate. BUT looks like they aren't offering to brokers at a discount, so an average loan with 0.2 rebate is still better.
Merged from Thoughts on Home Loan from Tic: Toc
Just doing a review of my home loan and noticed that Tic:Toc is offering a very low rate (3.53%) with all of the usual requirements (No fees, unlimited redraw). They also offer an offset account for $10 a month.
It looks like they act as some sort of broker for / are backed by Bendigo and Adelaide Bank.
Does anyone have any experience with them, or thoughts?
'It looks like they act as some sort of broker for / are backed by Bendigo and Adelaide Bank."
yes they are.
https://www.tictochomeloans.com/about-tictoc/We use technology to give our customers an instant answer to one of the biggest financial decisions in their lives. We’ll have your home loan approved in as little as 22 minutes, not 22 days. It’s about time.
We’re plain speaking, no nonsense, no asterisks and no disclaimers. And because our humans have orchestrated technology to automate what was once arduous, we save you time and money.
Where does the money we lend you come from? The good folk at Bendigo and Adelaide Bank – Australia’s most customer connected bank.
I realise it's an old blog. However for anyone else searching for homeloans get this: We settled the homeloan with tic toc last month. Got a great rate. Today we get a letter advising of a 0.12% rate rise, which is not published on their website or anywhere else.
I called to voice my distaste. Feel like we have been taken for a ride….they get you to complete a mountain of paperwork only to then increase the rate once the settlement has gone through.And 22 minutes…..no it took more like weeks and several at that.
Unfortunately in the current landscape, whilst many lenders are adjusting their rates up, this is happening across many new loans. But it does feel like a bait and switch to the individual. Just funny the lenders were never as quick to pass all the rate cuts!?
Interesting feedback, thanks.
Hearing this across a range of lenders at the moment. I ended up hedging my bets with a Split offset loan (yes, the fixed is 100% offset as well). Borrowed a little extra with the equity in the house, placed it in the fixed offset account side at 3.69 for 3 yrs. This leaves a variable loan of 3.49. If they raise the variable above 3.69, then will just switch the funds over to the variable side. Net result is a 3.49 loan with a 3.69 ceiling over 3 yrs. My best attempt at beating the banks!
Old thread but since I'm looking I thought I'd add a link to:
https://www.productreview.com.au/p/tic-toc.html
In the Q&A they claim to be covered by Financial Claims Scheme through Bendigo & Adelaide. Which would cover 250K deposits.
Also a few comments about the out of step rate rise. Seems to be a 0.12% hike on 23/7 which stung a few.
Everything about TicToc looked fantastic until I received the contract to sign.
Apparently, there is an Offset Percentage Rate which is not equal to the Annual Interest Rate and can be changed without my consent.
Also, the Schedule does not indicate what this Offset Rate is…Do you understand what an offset account is / does?
All it does is offset your loan value against the offset value.
Then the interest and principle split is then calculated on this new loan value at the current variable rate (currently 3.57%)
ie; offset value: $50,000
remaining loan value: $500,000value that repayment split is calculated upon: $450,000 @ 3.57%
There are some offset accounts that do not offset 100% (e.g. Offset 80%) or has a max offset amount (e.g. 30k). That's why it's important to read the fine print and confirm it is a 100% offset, and furthermore, make sure there is no limit to the amount that is able to be offset …
This is true,
However a simple search would reveal that tictocs offset is indeed 100%
https://www.ratecity.com.au/home-loans/tic-toc/variable-home…
https://www.finder.com.au/tictoc-live-in-variable-rate-home-…
@[Deactivated]: Those pages are not binding. The contract is and it says the Offset Rate can be changed.
I contacted TicToc on this and they confirmed that 100% offset is not written in stone although unlikely that Adelaide Bank will change this.
But… what's not in the contract is not in the contract :)
Hi Maxim, I had the same issue. Everything went smoothly until I read the term. Do you mind sharing what happens so far with the offset. Is this 100%?
People with TicToc had any further rate increase?
The rate for new customers is going down so we got an email to go 1 yr fixed at 3.39 (from 3.57). New customers also getting 1000 back which will offset the offset!
A few of my ex-workmates moved across to work for TicToc. Their loan application process sounds great, and does a lot of the legwork for you.
But you do need to fit into a nice box to be suitable for their loans (LVR requirements etc.). They offer a basic product and not much outside of that.
Thanks.
They offer Offset and a good rate along with cashback to cover the move to them. That is quite good I will say.
LVR ratio for my situation is good too.
I wanted to know if these mob are not nasty to keep jacking rates unlike major banks.Not saying it’s a bad product. But it’s a very simple product and there are not many choices there.
You’re at the mercy of the market right now. Banks are justifying rate rises with RBA cash rate sitting stagnant due to “increased funding costs”. If the majority of the market move their rates up, most of the little players will too.
True. But few small lenders are doing it out of sync with big lenders too.
We were offered a free changed to 1 yr fixed (at a lower rate) since new customers are getting 3.47 and 1000 back.
Thanks. What was your experience with them prior to changing to Fixed?
Were you with them for 1 or 2 years?
Merged from Tictoc Home Loan - Anyone Ever Used This and Can Share Experience?
Straight to the point, anyone ever use this financing company for their home loan?
How's your experience and how's their reliability?They seem to be proud with their technology that can provide quick assessment of your loan application in 22 minutes. They are also backed by bank of Bendigo.
Looks quite solid and they have good rate as well, sounds too good to be true?
Considering their definition of instant ranges from 'in minutes' to 'on the same day', their marketing speak is not very reassuring.
They send Joe Pesci to your door to collect, so they are able to do the rates they provide.
I am currently with them, it took a lot longer than 22 minutes to get approval. Looking at my emails it was from 21st of March to 10th of April 2018.
Other than that no complaints from me although they did raise my interest rate after 3 months but not since. Been with them for 13 months now.
Did they increase the interest rate for new customers as well when your interest rate was increased?
I took out a loan with them earlier this year. Interest rate has dropped twice with the RBA and is now 3.17% from 3.57% initially.
Automated process relies on you giving them your credentials to your bank(s). Doesn't seem to work with all institutions and my application took a few weeks but I wasn't the most straightforward so probably pretty good.
TicToc do the initial approval then pass it to Leadpoint DMS to collect docs. The actual loan is with Adelaide Bank and the online banking is basically the Adelaide one:
https://inetbnkp.adelaidebank.com.au/OnlineBanking/TicToc
It's a bit crap but serviceable.
I didn't get the offset but use redraw payment no problem. I'm assuming the redraw account would be with Adelaide Bank so with DTI. Don't know if anyone can confirm this? Might be important if you might be wanting the loan for investment at any point and it would be covered under the gov 250k guarantee.
It's been almost a year I'm with tictoc. All good so far - rba cuts are passed to clients, although not 100%. Nevertheless, the rates are amongst the lowest on the market, so still happy.
reviving the thread. does your rate match to what is advertised on their website?
I have been with HSBC for a while and my rate is now different to what they have for public which is annoying.
FYI - They do not offer split loans or a loan with multiple offsets.
Interesting as when i enquired this option was available to me. I prefered the variable with 100% offset.
Bumping this thread
Do any current loan holders who refinanced in the last year have any issues with them?
Are your rates still competitive with what is currently advertised 2.19%?I'm @ 2.39 when i signed up in Aug and last month. Will try to see if they can reduce this to the advertise rate of 2.19 :)
That is still pretty good.
I read in other forums they might be some "bait and switch" tactics - suck you in with the low rate and jack up an out of cycle increase shortly after.Will be interested to know if you can get the lower rates
Called today, short 2-5mins wait on the phone got transferred twice.
They lodge a request to the team that handles rate request and will get back to me Monday/Tues. Good customer service overall.Let see how this goes.
Just coming off a fixed term and the variable rate they are quoting 2.77%. About to call and start haggling for the advertised 2.2 rate.
In case anyone was curious, they called back the next day and gave me the 2.19% variable rate.
Update, got put on 2.19%
Got 2.19% two weeks ago. Had to ask twice.
+$10 pm offset if that is a factor.