2.14% p.a Fixed 1 Year P&I Investment Home Loan (2.79%p.a. CR, 90% LVR, $10/month offset @ 2.92%p.a. CR) @ Tic:Toc Home Loans

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Marketingtictochomeloans on 07/09/2021 - 12:01 tictoc.com.au (190 clicks)

Tic:Toc have a leading rate for their Fixed 1 Year P&I Investment Home Loan.

Loan features

Minimum 10% deposit/Maximum 90% LVR (after LMI added)
No upfront or ongoing fees
Unlimited additional repayments
Free online redraw
Optional offset available for $10/month
Roll-to-rate of 2.84%p.a. after 1 year
Up to 30 years loan term
Fully online application
Bank-backed and funded by Bendigo and Adelaide Bank

Eligibility

Property type – must be buying or refinancing an established property (not off-the-plan or under construction)
Location – property must be located in a capital city or major regional centre
Borrowing amount – at least $50k but no more than $3m
For loans under $2m, at least a 10% deposit or equity, plus savings to cover fees and charges such as stamp duty. If you have less than a 20% deposit, you'll need to pay Lenders' Mortgage Insurance (LMI). If you choose to have LMI added to your loan amount (instead of paying upfront), LVR must not be greater than 90% after LMI is added
Employment – either PAYG, or self-employed for at least 2 years
ID – passport, driver's licence, or Medicare card
Country – 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 2.92% 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

No honeymoon rates
Existing borrowers may have a different interest rate, depending on the price we were able to negotiate with our funder at the time the loan settled, and any reductions made over time. We don’t do honeymoon rates, or make loyal customers subsidise lower prices for new customers. We’re transparent with our rate history, you can read about it here.

Our current rates
Our rates are 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 Investment Loan Loan

22 Oct 2021

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Tic:Toc Home Loans

closed Comments

Mandalorians on 07/09/2021 - 12:49

-3

2.14% is quite high, higher than big 4.
- mduncan2 on 07/09/2021 - 12:55
  
  +4
  
  Not for an investment loan it isn't. This post is for an investment loan.
Kammi on 07/09/2021 - 13:13

Hey op!

What kind of docs do you need to get this over the line and what types of interactions should I expect and for how long will i speak with staff for?

Trying to compare e.g. whether to just get a broker to deal with this stuff (find something/apply etc for some loan somewhere) or if it's simple enough..

Can you also please advise of what kind of time commitment with tic toc one should expect to get this done? Whats steps you need me to do?
- Marketingtictochomeloans @ Tic:Toc Home Loans on 07/09/2021 - 14:57
  
  +1
  
  Hey Kammi! Generally, you'll just need a form of ID handy (Medicare, drivers licence, or passport). With our digital verification, we automatically receive read-only copies of your transaction statements – so you won't need to provide any paper.
  
  Where there is an account you can't link, or if you have a unique circumstance where we can't digitally validate your financials, we'll ask you to manually upload copies of your transaction statements. Occasionally there will be a specific piece of documentation we'll need – for example, an insurance certificate if your property is part of a strata group. Or if you earn a commission, we might ask you to provide your last two income statements. But if our credit assessors need anything, they'll let you know ASAP.
  
  The process is pretty simple overall, and we approve plenty of people from all sorts of situations and backgrounds every day. Here's a rundown of how it works and here's a video of what the application looks like. Generally, you'll submit an application, then a credit assessor will pick it up for assessment. They'll be your sole contact at Tic:Toc (so if you have questions, you can reach out to them directly). If they need any more info for your application they'll let you know, and once they have all the info they need, they'll give you a final answer. After approval, you'll move towards settlement and start signing loan docs.
  
  In terms of time commitment, if you're well-prepared it should only take ~30 minutes to submit your application, give or take. If you're applying for conditional approval, our wait times are a little longer than usual at the moment due to high demand. If you have a signed purchase contract, we can usually expedite your application to the front. Settlement is organised pretty quickly (especially for a refinance application), but will typically depend on terms agreed to with the seller, if you're purchasing.
  
  Hope that helps! If you have any other questions, please get in touch with us directly on 1300 842 405, or email us at [email protected] – we're available 7 days. Cheers ~ Bailey
  - Kammi on 07/09/2021 - 17:16
    
    Thanks Bailey, sounds pretty simple!
    
    Just to organise myself I'll just grab pdfs of bank statements? or will your team's grab them electronically when I supply my details?
    - Marketingtictochomeloans @ Tic:Toc Home Loans on 07/09/2021 - 18:35
      
      +1
      
      No worries!
      
      You probably won't need to fetch any transaction statements. In most instances, you'll be able to link your accounts and the statements will be received digitally in a matter of seconds – so this is definitely the preferred option as it can speed things up dramatically (and makes it a lot easier for our assessors to assess your application).
      
      For example, if you have a credit card with CBA, an existing home loan with ANZ, and a savings account plus a personal loan account with Westpac, you'll simply need to provide access three times. And we handle the rest.
      
      In specific circumstances, we might not be able to offer digital validation, so may request you upload your statements manually. So could be worth having your statements ready to go just in case. We also give the option to upload everything manually, if you really want to (but this is obviously much slower).
      
      Just sing out if you have any other questions. Cheers ~ Bailey
tg on 07/09/2021 - 13:42

Hi OP,
What is the hurdle rate?
What is the maximum debt-to-income ratio?
What is the cash out policy?
- What is the maximum cash out without proof of intended use?
- What is the maximum cash out with proof of intended use?
- Marketingtictochomeloans @ Tic:Toc Home Loans on 07/09/2021 - 15:10
  
  +1
  
  Hey tg, those are all great questions! I recommend getting in touch with one of our team on 1300 842 405, or emailing us at [email protected], as our team will be able to talk through them with you and give you a much more complete answer. Thanks ~ Bailey
  - tg on 08/09/2021 - 11:11
    
    +1
    
    I rang yesterday.
    Below were the answered I got:
    Q: What is the hurdle rate?
    ANSWER: There is no hurdle rate, only advertised rate.
    
    Q: What is the maximum debt-to-income ratio?
    ANSWER: It depends on your circumstances. You will need to apply to know.
    
    Q: What is the cash out policy?
    - What is the maximum cash out without proof of intended use?
    - What is the maximum cash out with proof of intended use?
    ANSWER: You need to apply to know the maximum cash out. If you got approved for extra cash, then you can use it at will. The cash out cannot be used to pay down other debt (debt consolidation) and cannot use for construction (anything that requires council approval).
    
    Did I just waste 20 minutes on the call?
    - Brokerr on 16/09/2021 - 15:46
      
      Looks like it unfortunately - these online only lenders hammer your credit file because you just want to know what you can borrow but have to actually apply for credit to find out - let's not talk about the rate creep either…

This was posted 3 years 2 months 15 days ago, and might be an out-dated deal.