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1.89% p.a. Variable P&I Live-in Home Loan (1.90% p.a. CR, 10% Deposit, $10/M offset @ 2.04% p.a. CR) @ Tic:Toc Home Loans

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1.89% p.a. Variable P&I Live-in Home Loan (1.90% p.a. CR, 10% Deposit, $10/M offset @ 2.04% p.a. CR) @ Tic:Toc Home Loans
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Marketingtictochomeloans on 08/07/2021 - 10:16 tictoc.com.au (367 clicks)
Last edited 08/07/2021 - 12:49 by 1 other user

Tic:Toc have lowered home loan rates for new customers across a number of products, including their Variable P&I Live-in home loan. Get Australia's leading fee-free Variable P&I Live-in rate for 10% deposit home loans.

Loan features
  • Minimum 10% deposit/Maximum 90% LVR
  • No upfront or ongoing fees
  • Unlimited additional repayments
  • Free online redraw
  • Optional offset available for $10/month
  • Up to 30 years loan term
  • Fully online application
  • Bank-backed and funded by Bendigo and Adelaide Bank
Eligibility
  • Must be buying or refinancing an established property (not off-the-plan or under construction)
  • Property must be located in a capital city or major regional centre
  • Minimum 10% deposit or equity, plus savings to cover government/third party fees such as stamp duty. Lenders' Mortgage Insurance (LMI) payable with less than 20% deposit
  • Loan amount between $50k and $2m
  • Employed – either PAYG, or self-employed for at least 2 years
  • ID – passport, driver's licence, or Medicare card
  • Open to Australian citizens or permanent residents who live in Australia
Offset account

Get an offset account with your home loan for $10/month. When you choose an offset account for our Variable P&I Investment Home Loan, the comparison rate will be 2.04% p.a.
Our 100% offset accounts are optional and available with all of our home loans (even fixed rate home loans). They fall under the ADI licence of Bendigo and Adelaide Bank and are covered by the Financial Claims Scheme. They also come with a nifty VISA debit card 💳 You can find more detail here.

Legal things about our rates

They're current as of 8 July 2021; available to all home loans approved on or after this date, and they can change. Our comparison rates are calculated for a $150,000 loan over 25 years. They factor in our fees associated with applying for the loan; our ongoing fees and our fees associated with leaving the loan. Our fixed loans roll to a variable principal and interest rate at the end of the fixed term. If the interest only period is not specified, the comparison rate is calculated on a one year period.
WARNING: The comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Tic:Toc Home Loans. Australian credit licence 496431. ABN 41 605 696 544

Financial Home Loan Loan

Related Stores

Tic:Toc Home Loans
Tic:Toc Home Loans

closed Comments

  • FrugalFrella on 08/07/2021 - 10:24
    +2

    Dope! Any progress on getting those VISA debit cards for existing customers, or still in the works?

    • Marketingtictochomeloans @ Tic:Toc Home Loans on 08/07/2021 - 10:40
      +2

      We're still working out the process of changing over all our existing customers to the new cards. However, customers can now change over by request!

      Just call 1300 842 405, hit option 3, and let our post-settlement team know. It will, however, mean your current debit card will become inactive for a week or two, so please ensure you have other means of accessing your money should you need to (internet + branch banking will still be available as normal, of course). ~ Bailey

      • FrugalFrella on 08/07/2021 - 10:41

        Aww yisss, that's such a huge upgrade. Thanks for the info!

        • FrugalFrella on 08/07/2021 - 10:56
          +1

          For anyone in the same situation as me, I ended up at the sales line through Option 3 somehow, but they got me transferred to the right area and got my card ordered nice and easy. Have you account number on hand when you call too.

          • Marketingtictochomeloans @ Tic:Toc Home Loans on 08/07/2021 - 11:15
            +1

            @FrugalFrella: Oops, sorry, not sure how that happened. For others, you can also call the direct line on 1300 135 481. Thanks FrugalFrella! ~ Bailey

        • knobbs on 08/07/2021 - 12:21

          Not a tictoc customer but you are going from a debit card to VISA debit card? What is the difference to make it a huge upgrade?

          • Marketingtictochomeloans @ Tic:Toc Home Loans on 08/07/2021 - 12:30

            @knobbs: The debit card was just a basic EFTPOS card. It didn't have PayWave, and didn't have the ability to make online purchases 😭. It was dark-ages tech.

            The new card is a VISA debit card, so you can PayWave stuff and do way too much online shopping. It's also neon green and looks badass. ~ Bailey

            • FrugalFrella on 08/07/2021 - 13:04

              @tictochomeloans: Ye this lets me slowly phase out my CBA account. Only thing I'd really be holding on for is Google Pay which sounds like it's coming soon as well.

              • Marketingtictochomeloans @ Tic:Toc Home Loans on 08/07/2021 - 13:11
                +1

                @FrugalFrella: We're pushing really hard for Google + Apple pay! We have to work closely with our funder, Adelaide Bank, on this one. No hard dates at this stage unfortunately. ~ Bailey

            • hen dawg on 08/07/2021 - 16:54

              @tictochomeloans: Benefit of the Visa card is convenience of keeping as much as possible in the offset, only spending out of it what you need on the day?

              • Marketingtictochomeloans @ Tic:Toc Home Loans on 08/07/2021 - 17:10
                +2

                @hen dawg: That's one of the great benefits of an offset account; having a place to park your savings which, at the same time, reduces the payable interest on your home loan. The funds are also accessible instantly through the VISA Debit card, as well as being covered by the Financial Claims Scheme. There are some tax implications to take into consideration, too.

                A downside is that Tic:Toc's offset accounts are $10/month. But, we also allow offset accounts with our fixed rates, which is a rare combo.

                An alternative to an offset is a redraw facility, which, while similar, can take a few days for funds to clear into a spendable account. Most redraws aren't covered by the FCS. We offer a free redraw for all of our loans, but only allow additional repayments of $20,000 into the redraw for our fixed rate home loans. ~ Bailey

                • hen dawg on 08/07/2021 - 19:15
                  +1

                  @tictochomeloans: Thank you. Seems like only need $3k of savings for the $10pm to start paying for itself so that's very reasonable.

      • elfst0ne on 09/07/2021 - 12:21

        Finally!

        Even if just an opt-in basis, it is still better.

        Thanks Bailey.

  • chickenchipsgravy on 08/07/2021 - 10:27

    UBank continue to lead the market with their 85% no LMI PPOR offering

    • kosh52 on 08/07/2021 - 10:32

      Is YouBank’s interest rate better?

      • AloraanGrogu on 08/07/2021 - 10:36

        Doesn’t look like it… I think they’re saying to only need 15% deposit for no mortgage insurance?

    • CodeXD on 08/07/2021 - 10:37
      +2

      UBank does not offer offset accounts tho

  • Global Nomad on 08/07/2021 - 10:55
    -7

    A variable rate loan where the rate only goes one way, up, for existing customers, right !

    • CodeXD on 08/07/2021 - 10:57
      +1

      that's literally every bank LOL

    • Marketingtictochomeloans @ Tic:Toc Home Loans on 08/07/2021 - 11:03
      +2

      We've gone up one time in our history, in August 2018 🥲 Here's a graph of our interest rate movements. ~ Bailey

      • Global Nomad on 08/07/2021 - 11:15
        -6

        That's not exactly my point is it !
        And, anyone who thinks official interest rates will not start rising again sooner rather than later is very naïve and in for a nasty shock.

      • Cranky-af on 08/07/2021 - 11:29

        That's true technically…..but the same graph also shows how existing loyal customers are rewarded based on the timing of joining the "offer". For example, my loan is now almost 1% higher than the current "offer". Athena home loan is a much better example of a true variable loan. And before anyone replies with "if you are not happy then leave", that is what I am exactly doing at the moment. Caveat Emptor.

        • CodeXD on 08/07/2021 - 11:33
          +1

          Athena is the only bank I know who offers the same rate to old customers as they do to new, but they do not provide offset which I need.

          Ask 10 people with commbank variable for their interest rates and they'll give you 10 different numbers. This is just more obvious since Tic Toc already has the data available but that is how it works with ALL other banks.

          • squarepants on 08/07/2021 - 12:12

            @CodeXD: Ubank does the same as well, and similarly has no offset.

    • FrugalFrella on 08/07/2021 - 12:00

      I've requested each rate drop since I got my loan and they've honoured the drop each time. Have requested this latest one and will see how that goes.

      • nachie on 09/07/2021 - 10:48

        So you are currently getting Tic Toc's 2.04% rates from their May 21 Offer or 2.40% from last year?

        • FrugalFrella on 09/07/2021 - 13:40
          +1

          Yup down to 2.04 from 2.39 last year

  • Almost Banned on 08/07/2021 - 11:15

    If there are no fees on this loan product, why the 0.01% difference in the CR?
    As for only going up once in Tic Toc's history - you've only existed since 2017, and in that time IIRC the official rates have never gone up…???

    • Marketingtictochomeloans @ Tic:Toc Home Loans on 08/07/2021 - 11:23
      +1

      The difference is caused by the discharge fee, which is $325 and payable should you refinance before you've repayed the loan. You can see a breakdown of the fees, or general lack thereof, here

      And yes, the cash rate hasn't risen since November 2010. However, wholesale costs (the BBSW rate) have fluctuated since then, and it caused quite a few lenders to do an out-of-cycle rate increase in August 2018. We explain this unusual circumstance some more here. ~ Bailey

      • griffy on 08/07/2021 - 13:14

        Is the fee payable when switching products within TicToc like at the end of a fixed term to variable or changing to a fixed term when on an existing variable loan?

        • Marketingtictochomeloans @ Tic:Toc Home Loans on 08/07/2021 - 14:06
          +2

          The fee is payable when you want to leave Tic:Toc for another lender. If you want to stay with us but change product, it's a $200 variation fee.

          An exception would be at the end of a fixed-term, where you'll automatically roll onto a variable rate at no cost. Also at the end of an Interest-Only (IO) period, where you would roll to a Principle and Interest (P&I) loan.

          If you're in the middle of a fixed period, break costs may apply if you want to refinance away or change to a variable rate. ~ Bailey

  • VerticallyIntegrated on 08/07/2021 - 11:24

    Do you offer cash back incentives?

    • Marketingtictochomeloans @ Tic:Toc Home Loans on 08/07/2021 - 11:27

      Not at the moment, sorry. We like to keep things simple, so we just offer the lowest possible rates, 24/7. Please let me know if you have any other questions :) ~ Bailey

      • VerticallyIntegrated on 08/07/2021 - 11:31

        Thanks Bailey.

        With your investment loans, if selecting IO and say a period of 1 year, can rates be (re)negotiated at the end of your term?
        i.e. just extend the IO period but at the rates of the day in 12 months?

        • Marketingtictochomeloans @ Tic:Toc Home Loans on 08/07/2021 - 12:05

          Great question. Typically ~1–2 months before a fixed or IO period ends, we'll give you a call or email to discuss what you'd like to do. Some customers choose to fix or go IO again, some will choose to do nothing and be put on a variable/P&I loan. If you're looking to enter another IO period, we might ask for some updated financial info first. There is also a variation fee to fix or go IO again, which is usually $200 — in this instance, you would get the IO or fixed rate of the day. Hope this helps! ~ Bailey

  • Toph Beifong on 08/07/2021 - 11:29
    +1

    I was recently knocked back by tic toc on my refinance application. How soon is too soon to try again? Can I call up and ask for the reason for being declined?

    • Marketingtictochomeloans @ Tic:Toc Home Loans on 08/07/2021 - 11:32

      Sorry to hear! We know that a Tic:Toc application won't be for everyone. If you'd like to know more about your application, we'd be happy to discuss with you. You can give us a call, with your application # handy, on 1300 842 405. ~ Bailey

  • shadow131 on 08/07/2021 - 11:55

    Hi, can you please share what is considered to be high density? E.g above x number of levels or x units

    • Marketingtictochomeloans @ Tic:Toc Home Loans on 08/07/2021 - 12:23

      If you require LMI: acceptable high density is an apartment/unit in a building with more than 10 dwellings with a minimum of 40m2 in living area, excluding balcony and garage spaces.

      If you don't require LMI: high density is any complex with more than 50 units/apartments or more than 5 storeys in height (excluding car parking). For a studio or 1 bed, minimum living area (excl balcony and garage) must be 50m2, or 60m2 for 2 or more bedrooms. Maximum LVR is 70% for a high-density property without LMI.

      Hope this helps :) ~ Bailey

      • shadow131 on 08/07/2021 - 13:12

        Is there any option to do valuation before credit checks?

        • Marketingtictochomeloans @ Tic:Toc Home Loans on 08/07/2021 - 14:14

          The short answer is no. We always run the valuations at the very end of our application, right before our final decision, because they can be quite expensive. We absorb the cost, so we hold off on doing it until the right moment — which for us is after you've provided information about the property, and your financial and personal info.

          We run our credit check at step 3 (of 5) during our online application, and only after you've agreed for us to run it. The valuation won't happen until step 5 (and if we can't run an instant valuation, we'll need to perform a quick 'desktop' valuation or order a full valuation, which will happen after you've submitted the application).

          Hope this helps answer your question! ~ Bailey

      • countmein on 08/07/2021 - 13:23

        My high-rise 2BR apartment is 100m2, i believe the value is currently around 75-80%. That means LMI (or portion of it) is still required for my case?

        • Marketingtictochomeloans @ Tic:Toc Home Loans on 08/07/2021 - 14:16

          Based on that information alone, I would say that yes, you would require LMI as the minimum 70% LVR threshold hasn't been met.

          If you would like to discuss your situation in more detail you can chat with our Home Loan Experts — they're available 7 days on 1300 842 405. Cheers ~ Bailey

  • Cinema28 on 08/07/2021 - 12:54
    +1

    I'm new at this so I hope I word it right but do you offer split loans? Am wanting to go in with a friend so 50/50 split.

    • shadow131 on 08/07/2021 - 13:01

      Lol which a-hole decided to down vote your comment?
      Ill give you a plus to balance it out.

      The term you want to google is "tenancy in common".

    • Marketingtictochomeloans @ Tic:Toc Home Loans on 08/07/2021 - 13:05

      Great question! A split loan usually refers to a mixture of both variable and fixed interest rates. Essentially a portion of your home loan is on a variable rate and a portion is on a fixed rate. A split loan lets you have the best of both worlds. So if you’re unsure about fixing your entire loan to a rate, you can just fix a portion and keep some of your loan on a variable rate. This way if interest rates rise, you won’t be as bad off, and if interest rates lower, you still get to benefit. We unfortunately don't offer split loans at the moment.

      As for going in 50/50 with a friend, we can consider these home loans — you just need to submit a joint application. You will both need to be listed on the property title and you will both need to be party to the loan.

      If you have any other questions, feel free to get in touch with our Home Loan Experts on 1300 842 405 :) Cheers ~ Bailey

  • frazel on 08/07/2021 - 13:27

    ING had 1.89% fixed, principle and interest with $3k cash back

    • hen dawg on 08/07/2021 - 14:39

      ING showing fixed rate 2yr at 1.84% but 3.73% comparison rate compared to tictoc 1.9%. Huge gap before the cashback

      • frazel on 08/07/2021 - 15:37

        CR is for lazy people who can't work it out properly. It can be very very misleading.

        • shadow131 on 08/07/2021 - 15:49
          +1

          CR assumes a 150k loan.

  • hdus002 on 08/07/2021 - 14:48

    Is LMI waived for certain medical professions for 90% LVR, as some bigger banks do?

    • Marketingtictochomeloans @ Tic:Toc Home Loans on 08/07/2021 - 14:58

      No, sorry, the same LMI requirements apply regardless of profession. ~ Bailey

  • Kas on 08/07/2021 - 15:34

    Hi Bailey, is this new rate apply for existing customers also?
    Do you have something like "Automatic rate‑match" - Existing customers on variable rates score the same rate as new customer rates on like-for-like loans?

    • Marketingtictochomeloans @ Tic:Toc Home Loans on 08/07/2021 - 16:06

      Hey Kas, this offer is for new customers only. We don't have an automatic rate match, and we don't do like-for-like loans. Our customers will have different rates depending on when they joined us.

      At certain points in time, our funder is able to give us lower rates for new customers, however, we do not negotiate to raise the interest rates of existing customers in order to make this happen. As an existing customer, the price of your loan has already been agreed, and so will only move up or down in line with changes to funding costs.

      We can’t offer the same interest rate to both new and existing customers. This means that over time, even with the same movements based on funding costs, your interest rate may be different from our current new business offer. We also can’t guarantee that rates will always move lower — they may also vary upwards. This is the risk of choosing a variable rate with any lender. ~ Bailey

      • nachie on 09/07/2021 - 10:09

        So you're saying if a customer is on a Variable Loan with Tic Toc you can't call up and negotiate a lower rate?

        e.g. If a customer took a loan last year on your May 20 offer (2.40%) they would be stuck on that rate until you raise the rate above that (2.40%) for new customers?

        The risk of choosing a variable rate with any lender is it can go up … or down.

        • Kas on 12/07/2021 - 23:54

          Exactly that what it is… see their rate graph… all existing customers stuck on their variable rate since March 2020… RBA start to cut cash rate couple of times from March 2020. No benefits or rate cut to existing customers since then. They time to time advice new customers low rate to attract more new customer from cost of existing customers… this graph from THEIR website shows them without cloths…
          https://tictoc.com.au/media/Home-Loan-Guides/rate-history-ch…

  • dresh on 09/07/2021 - 09:54

    How does the offset in a fixed rate loan work? Is there a max amount that can be offset?

  • Kas on 12/07/2021 - 23:59
    +1

    All existing customers stuck on their variable rate since March 2020… RBA start to cut cash rate couple of times from March 2020. No benefits or rate cut to existing customers since then. They time to time advice new customers low rate to attract more new customer from cost of existing customers… this graph from THEIR website shows them without cloths…
    https://tictoc.com.au/media/Home-Loan-Guides/rate-history-ch…

  • dami on 13/07/2021 - 09:18

    Applied over a week ago, file is still waiting to be picked up for verification. Definitely not the fast process Tic Toc claim it to be.

    • pyramid on 24/07/2021 - 14:59

      Applied on 20th July, approved on 23rd… Fastest I have seen but then real pain is all doc's need to be signed and couriered to them post approval.

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