Currently about to come off a fixed term mortgage with Comm bank and I'm looking to get the best deal on a variable rate. I have come across Tic Toc in my searches and would like to get some feed back from current customers. Pros and Cons.
Their advertised rates appear to be about 1% less than any deal I can get with Comm bank.
TIA
They were great to deal with when we were joining them. They really do have no fees (beyond mandatory government ones) too.
They're good and easy to deal with. Especially calling because I've never experienced wait times. Once you're approved the loan is with Adelaide and Bendigo Bank with your offset through the Adelaide bank app.
Just be warned that their approval process is entirely automated, so if you have anything non-standard then you might be rejected with no recourse.
For example, my townhouse's address is stated as "Unit X" - I think this caused Tic Toc to reject my application as it viewed my loan as an absurdly overvalued apartment rather than a reasonably priced townhouse, but I have no idea why and any follow ups to ask got essentially a "computer says no" reply. Had no issues getting approved with a conventional lender after that mishap.
Just be warned that their approval process is entirely automated,
Every lending institution's approval process is entirely automated.
There are none that do it manually
No I don't believe that is correct, unless you are being semantic.
The initial "instant" approvals are usually automated. But if the automated approval fails then it will fall back to manual review for many lenders.
Tic Toc does not bother with the manual review step, so it just rejects everything that fails automatic approval.
Interesting. I failed the auto-approval and they got back to me 3 days later asking for some extra documentation.
When the rates were going down they were slow to pass on cuts and didn't pass on the full amount.
I guess we don't need to worry about that for a while.
Been with them for about a year. Approval process was long. Don't fall for their automated approval process bs thats only for extremely straight forward applications.
No fees apart from a $10 monthly offset account fee.
Their internet banking is woeful feels like its from the 2000s. No PayID support either so transfer to/from external bank accounts takes a couple of days.
However you can deposit cash into your tic toc offset account via human teller at Bendigo Bank branches.
It's a basic no frills set and forget kind of home loan.
Thanks for all the info everyone…appreciated.
Pro - good rates
Con - decreases attention spans and encourages negative comparison