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Owner Occupier Home Loan 1.89% (1.90% CR) and $2022 Cashback on Minimum $300,000 Loan @ Tic: Toc Homeloans

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Owner Occupier Home Loan 1.89% (1.90% CR) and $2022 Cashback on Minimum $300,000 Loan @ Tic: Toc Homeloans
Go to Deal
aussie-bargainz on 01/02/2022 - 11:20 tictoc.com.au (1353 clicks)
Last edited 01/02/2022 - 18:33 by 1 other user

Great offer if your looking to refinance your homeloan.

Low interest rate and you can add a offset account for $10 per month.

They are backed by Bendigo/Adelaide bank so they are an ADI approved entity.

Tic:Toc cashback offer: Apply for a loan during promotion period 1 February 2022 and 28 February 2022 (‘promotional period’) + settle by 30 May 2022 to receive $2,022 cashback. Offer is available to eligible Live-in and Investment customers purchasing a property or refinancing from another financial institution. Minimum loan amount $300K. This offer is only available per loan. Cashback will be credited to your nominated bank account within 45 days of settlement. This offer may change or be withdrawn at any time. Excludes refinance of existing Tic:Toc home loan

Financial Home Loan Loan Refinance

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Tic:Toc Home Loans
Tic:Toc Home Loans

closed Comments

  • Aureus on 01/02/2022 - 11:23

    Good deal. 1.89% and cashback.

    Anyone have any experience with Tic:Toc. Do they treat their existing customers okay? Do they pass on rate cuts? (Not that we are going to get any of those anytime soon).

    • aussie-bargainz on 01/02/2022 - 11:26
      +1

      I've been with them for about 4 months and they have been good so haven't experienced any rate cuts. But I heard if you send them an email they will come to the party and match the new customer rates. Only thing to look out for is there mobile application uses the Adelaide bank app and it does not have Osko payments yet. But I get around it by using Beem It.

      • damo3032 on 01/02/2022 - 11:35
        +5

        I've been a customer for over a year and have been generally happy. FYI, I asked via to match the new customer rates and got the below response… Maybe I should try again.

        "The current advertised rates are only available for new applications with Tic Toc. Think of it like this – when you get a Tic:Toc loan, we’ve locked in a ‘price’ with our funder (Bendigo and Adelaide Bank) for that loan, which is reflected in your interest rate.

        When we have a new variable rate for new customers, it means we’ve been able to lock in a lower price with our funder. It doesn’t change the price we secured for your loan. So, having a lower rate for new customers doesn’t mean we’re making more money off our loyal customers to pay for the discount – because we don’t believe in that. It means our funder has been able to give us a better price for new customers at that specific time. At some point, our funder may actually increase the price they’ve agreed with us, which means the rates for new customers will go up. And some existing customers will be better off.

        The new rate offers work differently to cash rate changes. If there’s an RBA cash rate cut and our funder’s costs ease, they may be able to pass on the cut which means all our customers will receive the same discount off their rate – new and existing. The good news is, all of our rates are seriously good because of our tech-driven proposition. And even if your rates are a fraction higher than the new headline rate, you will still be saving thousands compared to the average loan."

        • Kas on 01/02/2022 - 11:37
          +5

          This graph from their website explained lot…. it shows they don't automatically rate match with existing customer with new rates…
          See they didn't drop their rate for EXISTING CUSTOMERS since March 2020. Some are stuck in 3%, 2.8%, 2.6%….
          https://tictoc.com.au/_next/image?url=https%3A%2F%2Ftictoc.c…

        • Nanokillaz on 01/02/2022 - 11:59
          +4

          So what they're implying is if the RBA increases their rates which causes their funder to increase price for NEW customers, then existing variable rate customers like myself should stay at the current rate?

          • slickvic on 01/02/2022 - 12:25
            +2

            @Nanokillaz: Fat chance. They'll increase it on the first possible opportunity.

            • slickvic on 01/02/2022 - 12:26
              +1

              @slickvic: But maybe someone (@tictochomeloans) can confirm?

              • Marketingtictochomeloans @ Tic:Toc Home Loans on 02/02/2022 - 10:48

                @slickvic: @Nanokillaz @slickvic – The way we get paid by our Funder is separate to their funding pressures and decisions on how to price new and existing customers. So, if the RBA increases the cash rate, just like with all Banks, our Funder will have discretion to increase rates for new and/or existing customers. The amount we get paid in commission for existing customers won’t change. ~B

        • PB on 01/02/2022 - 12:29
          +2

          This comment from TicToc does not make any sense. (@damo3032 if you have satisfactory mortgage performance, keep pursuing a rate reduction)
          The funding they would receive for new and existing customers would be the same, thus the comment about "locking in" pricing implies its match funded which I doubt, if it was a fixed rate home loan, that's a different story.
          Each time TicTock renew their funding arrangements with Bendigo they would renegotiate funding costs and these would apply to font book and back book loans. This is evidenced by the below comments where existing customers are able to have their rates reduced, likely because perceived risk has reduced due to lower LVR's since the loan settled thus allowing for different pricing.

          In July-2021 they announced they had extended their funding arrangements with Bendigo Bank for 7 years, hence the same funding costs for all home loans. https://www.afr.com/companies/financial-services/tic-toc-sec…

          • damo3032 on 01/02/2022 - 12:31
            +1

            @PB: Thanks @PB, I've already called them and tried again - they are re-evaluating as we speak. Based on the comments here, I'm hopeful for a good outcome. Shame I didn't push it earlier.

          • Tyrx on 01/02/2022 - 17:04

            @PB: It's also worthwhile noting that we don't know how other digital lenders with "automatic rate matching" (i.e. Athena, Nano) will perform in an environment where interest rates are rising. We may have seen a glimpse of this with Athena when RBA rates went in the opposite direction and they didn't pass on the cut, but came out with that differing rate tier "feature" based on your LVR four months later.

            Ultimately their funders call the shots, and they're more likely to want to improve the quality of their books in an environment where interest rates are changing. I can see that raising an interesting scenario for the automatic rate matchers where their competitiveness is reduced due to having to effectively "subsidise" higher risk loans. At the end of the day, if you're considered higher risk you are less likely to see rates matched. If this is automatically granted to you or through having to manually ask is kinda besides the point.

          • [Deactivated] on 01/02/2022 - 20:47

            @PB: Funding agreement timeframes don't necessarily specify rates, they only really indicate a company has secured x funding per year for x years.

            Likely a non-bank wouldn't even take on risk of funding at a secured, their profit would be upfront kickbacks. Similar to a mortgage broker, but more digital and efficient. The risk would be with the bank still.

        • bin555 on 01/02/2022 - 16:13

          What rate are you on now as existing customer?
          Whats annual fees? Looks like just $120

        • Marketingtictochomeloans @ Tic:Toc Home Loans on 02/02/2022 - 10:46
          +1

          Thanks for being a customer, damo — glad to hear you've been generally happy with us!

          To explain a bit further, the ‘price’ we lock in with our funder for a new customer rate is how we get paid as a ‘mortgage manager’ for Bendigo and Adelaide Bank for a specific rate offer. When the bank (Our Funder) makes the decision to increase rates due to funding pressures, the payment Tic:Toc receives for existing customers does not change. So, when a Tic:Toc customer negotiates a rate change with Our Funder, either Our Funder has decided to reduce their margin on their end, or the amount of commission Tic:Toc receives (‘trail’) has been reduced to cover the difference. The reason Tic:Toc can’t always match rates to the new customer rate, is because if the trail amount has already been reduced, we may have to pay the bank to retain the customer. We will always go as far as we can to help our customers, but will do what’s sustainable for everyone. ~B

    • dottjt on 01/02/2022 - 11:49
      +6

      They've been incredible! I've asked them for four rate cuts, and every time they've approved it. Customer service is amazing, you literally just chat with someone on the website and it's instant.

      Honestly, it's been such an incredible experience. It's the first time I've actually ever felt like actively promoting a company, it's really weird.

      • Marketingtictochomeloans @ Tic:Toc Home Loans on 01/02/2022 - 12:09
        +4

        Literally keeping me in a job 🤝 Thanks for your support! ~B

        • bio on 01/02/2022 - 13:59

          What do you think about this comment?

          "The current advertised rates are only available for new applications with Tic Toc. Think of it like this – when you get a Tic:Toc loan, we’ve locked in a ‘price’ with our funder (Bendigo and Adelaide Bank) for that loan, which is reflected in your interest rate.

    • onetwothreefour on 01/02/2022 - 12:42
      +1

      I'm with them and have been for a few years. Was variable at first and they were slow to pass on rate cuts and didn't pass them on in full, let's hope they are the same when rates increase. I have been fixed with them for the past couple of years, not much to say about them other than they do what I expect and let me pay down my mortgage.

    • jonow83 on 01/02/2022 - 13:49

      I'm very happy with them. Easy to get through phone calls with them .

  • Chickenleg on 01/02/2022 - 11:28

    Dammit.. just refinanced to them in December with no cashback

    • bin555 on 01/02/2022 - 16:14

      How was the process?

      • Chickenleg on 01/02/2022 - 16:20

        Fairly straightforward as far as refinances go. Approved after a week and a half from application and settled about 6 weeks after that.

        • bin555 on 01/02/2022 - 18:04

          Thanks. And compared to 1.89%, what is your current rate as existing member?

          • Chickenleg on 01/02/2022 - 18:23
            +1

            @bin555: Still 1.89% which is what it was end of last year when I applied

  • Marketingtictochomeloans @ Tic:Toc Home Loans on 01/02/2022 - 11:34
    +1

    Thanks for posting aussie-bargainz — our full terms and conditions for our $2022 cashback deal can be read here.

    If you have any questions about Tic:Toc or our home loans, please let me know here (or slide into our DMs) ~B

    • poczynek77 on 01/02/2022 - 13:12

      I just brought everything over to TicToc and so far has been great.

      Just a question for the TicToc person - we only just transferred everything over from late December - would we still be able to get the cash back?

      • Marketingtictochomeloans @ Tic:Toc Home Loans on 01/02/2022 - 13:15
        +1

        Glad you're enjoying it!

        I'm really sorry, but this cashback is only available to new applications that are submitted during February 2022 ☹️ ~B

    • Elliot on 02/02/2022 - 09:02

      Hi. Minimum loan amount for cashback is $300k. If someone was looking to refinance an existing loan with, say, $200k outstanding, is there anything in the terms and conditions that would prevent them just borrowing $300k anyway (assuming this is within the required LVR range for the property), taking the extra $100k and then immediately using it to reduce the new Tic:Toc loan balance to $200k?

      • Marketingtictochomeloans @ Tic:Toc Home Loans on 02/02/2022 - 11:12

        Great question! Our credit policy would prevent this from happening. If you're looking to undertake a 'cash-out refinance', we'll typically ask about what you'll use the additional funds for, and may ask to provide documentation to support the reason. Taking out cash to pay it straight back into the loan would not be an acceptable reason for us to allow the cash-out refinance. ~B

  • Kas on 01/02/2022 - 11:35

    This graph from their website explained lot…. it shows they don't automatically rate match with existing customer with new rates…
    See they didn't drop their rate for EXISTING CUSTOMERS since March 2020. Some are stuck in 3%, 2.8%, 2.6%….
    https://tictoc.com.au/_next/image?url=https%3A%2F%2Ftictoc.c…

    • dottjt on 01/02/2022 - 11:51
      +2

      You just have to ask. I asked 4 times and they automatically dropped the rate each time without question.

    • aussie-bargainz on 01/02/2022 - 11:52

      I've seen existing customers that have had plenty of success getting the new rates matched.

    • bin555 on 02/02/2022 - 08:26

      So someone on 3% wouldn't make sense now. Then basically they need to refinance out in worse case.

  • Marcus Peranara on 01/02/2022 - 11:56

    This or home loans com au

    • Loki556 on 01/02/2022 - 11:59

      I had a bad experience with home loans com au

      • aussie-bargainz on 01/02/2022 - 12:01

        Yeah if its the same interest rate I'd definitely recommend TicToc especially with the extra cashback! They have been excellent to deal with.

    • GrooveThing on 01/02/2022 - 12:00

      Check out Athena. Do not do loans com au

      • tg on 01/02/2022 - 12:33

        homeloans.com.au is different from loans.com.au

        • GrooveThing on 01/02/2022 - 12:38

          Oops. My mistake, thanks for pointing that out. I still stand by no loans com au though.

  • GrooveThing on 01/02/2022 - 11:58

    I recently moved to Athena home loans and their policy is to automatically drop existing customer rates if new customer rates drop. Mine went from 1.99 to 1.89 without me having to raise a finger. Was previously with loans.com.au and the rate for existing customers actually went up while new customers got lower rates. Hence the reason for me to move.
    To be fair no cash back with Athena so there is that.

    • Loki556 on 01/02/2022 - 13:45

      Athena is not available in many locations, unfortunately

  • tg on 01/02/2022 - 12:32
    -3

    I will wait until 10000 to get $10000 cash back.

  • Flintz on 01/02/2022 - 12:44

    Last time a colleague mentioned tic:toc had a minimum lvr they wanted to qualify for a refinance deal. Is there a minimum lvr for this deal?

    • Marketingtictochomeloans @ Tic:Toc Home Loans on 01/02/2022 - 13:12

      No specific LVR requirements for this cashback deal, beyond our usual LVR requirements. We allow up to 90% LVR for the majority of cases — just note that LMI applies for LVRs above 80%. You can read more on our eligibility requirements here: https://tictoc.com.au/faqs/category/considering-a-home-loan/…

    • [Deactivated] on 01/02/2022 - 20:57

      Main difference to standard "80% no LMI, 90% with LMI" appears to be the 70% no LMI for high density rule

  • baron33 on 01/02/2022 - 15:18

    any fee for application to settlement? (not include government fee)

    like application fee settlement fee , valuation fee?

    • Aureus on 01/02/2022 - 15:40

      According to the spreadsheet on the Ozbargain finance forum, there is no upfront , Application, Settlement or Valuation fee. Legal fee is at cost and discharge is $325

      • FatTofu on 13/03/2022 - 07:54

        So what usually would be the total refinance cost if someone refinances from big 4 banks to Tictoc?

        • Aureus on 13/03/2022 - 11:44

          Probably around 800-1000 assuming you discharge fee is around $330 with your current bank.

    • Marketingtictochomeloans @ Tic:Toc Home Loans on 01/02/2022 - 17:22

      You can see an overview of associated costs here: https://tictoc.com.au/faqs/category/considering-a-home-loan/…

      We charge no application, settlement, or valuation fees. There are government costs involved. You may need to pay a conveyancing fee to our digital conveyancer. If you opt for an offset account, it's $10/month. But typically you won't need to pay us a cent just in order to become a customer. ~B

      • FatTofu on 13/03/2022 - 07:55

        Can the offset account be used as a regular transaction account with a debit card?

  • chasingstoke on 01/02/2022 - 15:36

    My partner is self employed as a GP, with 12 months trading history which means just one notice of assessment has been issued.

    Would TicToc consider lending to us? Do you have contact details for a specific team that could help us? We have a large deposit, and would only be looking for 30% LVR

    • Marketingtictochomeloans @ Tic:Toc Home Loans on 01/02/2022 - 17:30

      Hmm sorry, we might not be the right fit. We can only consider the income of a self-employed applicant if they have been self-employed for more than 2 years — so this would exclude your partner's income. There's a few more details here: https://tictoc.com.au/faqs/category/considering-a-home-loan/…

      If you still wanted to chat to one of our Home Loan Experts (they're all part of one team, so no endless transfers through to random departments), you can reach them on 1800 842 405, or through the web chat at tictoc.com.au. ~B

  • chakel on 01/02/2022 - 16:11

    My sister is unemployed and has an investment property. The long term tenants more than cover the mortgage with their rent payment, but the interest rate on her current loan is too high.
    Could she refinance with you?

    • Marketingtictochomeloans @ Tic:Toc Home Loans on 01/02/2022 - 17:35

      It would be unlikely, sorry. At least one application on the loan needs to hold PAYG employment (e.g. full-time, part-time, casual) or be self-employed. ~B

  • bin555 on 01/02/2022 - 18:05

    This all sounds good. My concern is that after you switch and after 6 months, the lender increases your rate or you be on significantly higher rate compared to new members.
    How much is difference typically between new and existing in terms of the rate.

    • [Deactivated] on 01/02/2022 - 21:02
      +1

      They're quite transparent about this one

      https://tictoc.com.au/media/Home-Loan-Guides/rate-history-ch…

      Like most non-bank lenders some RBA rate drops are skipped, but no random rises yet. Newer loans seem to get a better deal though

      • bin555 on 01/02/2022 - 21:07

        That's quite promising in that case. So, then one can weigh up whether they refinance to another lender or stay here. It looks like the ones who were on 3.6%, would have refinanced out to someone else as they would be on 3% which is really high.

        Out of curiousity, I haven't refinanced before. What is reasonable number of refinance before the banks start rejecting you? I would expect once every 3-4 years should be acceptable

        • [Deactivated] on 02/02/2022 - 18:09

          Not entirely sure, I would assume they wouldn't really consider refinancing often as increased risk?

          Note there's a lot of fees involved in refinancing. Tictoc lists the fees as $325 (exit fee) + $260-440 (government fees) + $60-200 (legal fees). The exit fee would vary between lender, others would be quite similar

          https://tictoc.com.au/faqs/category/considering-a-home-loan/…

          That said, 0.2% for 1 year is already a saving of $1,000 on 500k.

  • Attaca on 01/02/2022 - 18:06
    +1

    Interested but a bit confused with the t&c, if I have multiple loans amounting to well over $300k, does that qualify for cashback? Also, are there any fixed term promo? Thanks

  • JohnoAU on 02/02/2022 - 10:19

    Is there any increased risks in going with a company such as Tic:Toc over dealing with say Adelaide/Bendigo bank directly? the later looking like it would cost you more.

    • [Deactivated] on 02/02/2022 - 18:14

      Most non-banks just offload the contracts to banks anyway, so your loans are basically with them

      Non-banks usually have better up front rates but not as quick as major banks to drop them for existing customers if RBA drops rate

  • bin555 on 02/02/2022 - 11:24

    Does anyone know of alternatives? They are the only one's i've come across with low rate. Lowest i have seen otherwise for offset is around 2.20%.

    • pyramid on 02/02/2022 - 18:09

      Athena

    • [Deactivated] on 02/02/2022 - 18:12
      +1

      https://ad.aussie.com.au/Application

      Bit higher rate and no cashback offer, 1.99%

      • bin555 on 04/02/2022 - 13:32

        Athena looks good.
        Do you know if they have offset? It is not obvious on their website

  • [Deactivated] on 03/02/2022 - 12:43

    Quick question - how fast is their redraw? Within one business day or instant?

  • clover on 04/02/2022 - 10:59

    What features does the offset account offer? PayID? any debit card?

    • [Deactivated] on 04/02/2022 - 21:28

      Debit card is available via an apparently instant transfer linked account, unsure about PayID

  • Shien87 on 04/02/2022 - 23:47

    Can a variable loan be split into two so that one portion can be cashed out to be invested in shares? I.e. Debt recycling and claiming a tax deduction on the portion of the interest that is associated with the cash out amount?

    • [Deactivated] on 10/02/2022 - 20:25

      There's no tax advantage to split due to TD 2012/1; ie you can't get a tax advantage by opting to pay off the investing part last

      https://www.ato.gov.au/law/view/view.htm?docid=TXD/TD20121/N…

      If you are able to claim the interest, you can simply claim it as a % of total interest (corresponding to % of investment)

      Not tax advice - speak to an accountant for specific advice

  • peteryoung on 05/02/2022 - 14:05

    Be warned - Tic Toc is aweful to deal with. Applied online for a refinance and got declined in Nov. I called a few times to try to find out the reason but they were not forthcoming other than that I failed their scorecard. They were not willing to have it reviewed by the credit assessor either. I then went straight to HSBC and got approved for an amount that’s 25% more at 1.88% 2 year fixed rate plus $3288 cash back

    Stay away from tic toc if you can. There are so many good lenders out there.

    • bin555 on 05/02/2022 - 16:51

      Just curious when you looked around, apart from HSBC, what other lenders did you shortlist?

    • pyramid on 05/02/2022 - 17:12

      I had pretty opposite experience. 9 months back I applied and got declined ….had a chat with their manager and they explained me the reason. 2 months back I applied again and approved in couple of days( this time my financials were different though )

    • Chickenleg on 05/02/2022 - 17:55

      That's odd that they wouldn't give you a reason. I didn't get declined for my refinance but my credit assessor was pretty good to deal with.

  • Aureus on 10/02/2022 - 14:47
    +1

    Have applied, was approved. Whole process was very quick. Didn't have to provide heaps of statements or anything. Waiting on settlement.

  • Vote for Pedro on 20/02/2022 - 13:52

    Hey OP had a look at their site. Do you have a link to their deposit guarantee?

  • CantonasKungFuKick on 20/02/2022 - 16:19

    Should we be going variable, split or fixed?? Can't decide what's best to do right now.

    • Tyrx on 20/02/2022 - 16:30
      +1

      I don't believe Tic: Toc supports split loans. In terms of variable versus fixed, the general rule of thumb is that fixed is what banks expected interest rates to be at the loan term end plus their margin and an additional buffer for increased risk for the lender. This was not true during COVID because the RBA were providing banks with special conditions to access funds cheaply, but that's over now.

      In short, it's good to go for fixed if you want the certainty of payments or you're willing to bet against entire teams of analysts employed by the banks. Generally speaking, the bank usually wins with fixed loans.

  • FatTofu on 13/03/2022 - 07:53

    Do you get the $2022 cashback for interest-only loans?

  • vawiyoci on 17/03/2022 - 10:32

    This offer is only available per loan

    Does this mean the offer is one time use only? ie Can I refinance my current loan and then also apply for a new loan to buy another house (as we're hoping to keep the current house) and get the cashback multiple times or only for the first application?

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