Have a question? We have the answer.
Tic:Toc was built on an open and honest platform. That meant no secrets. And, perhaps unlike other financial offerings, we never understood the need for an asterisk. If there is anything you want to know about Tic:Toc, we'll happily tell you. In fact, if you have a question that's not answered in this section, please email email@example.com.
Applying for a loan with Tic:Toc
Tic:Toc isn’t for everyone. For us to be able to offer you a loan, you’ll need to demonstrate at least the following four things:
- Have at least a 20% deposit/equity for the property you want to buy or refinance. Plus have the fees and charges, such as stamp duty, saved;
- So we can find your property, purchasing a home in a capital city or major regional centre;
- So we know it’s really you applying for the home loan, we need at least one form of government ID, such as a passport, driver’s licence or Medicare card;
- So we can see you have an ability to repay the loan, a demonstrated regular income (or savings) with an ability to repay the minimum loan amount.
Without an ability to meet our four requirements, regrettably Tic:Toc is unable to offer you a loan. At least, not today.
Two simple loan types:
- fixed rate; or
- variable rate.
And two simple loan uses:
- live-in; or
We also offer offset accounts for both fixed and variable home loans. Yep, even fixed rate loans. Your interest rate and LVR will depend on whether your buying to live in or as an investment property.
Find out more about our home loans on offer.
If at any time you're not exactly sure what we're on about, or just to get some more information along the way, click on the ‘help me’ icon bottom right. You can also refer to our dictionary to get a simple translation of the un-simple home loan jargon.
Want to reach out to one of our Tic:Toc humans? Sure.
Livechat - If you need us, our Tictypers are just a click away (during business hours). See that face in the bottom right hand corner of the page? That's the one you need.
Phone - Sometimes we all need a little time out. If at any time you need to chat, our Tictalkers will listen. The let's talk button is always available at the top of the page if you need our contact details.
Email – holler at us virtually, at firstname.lastname@example.org.
Being online means we're quick and easy, but it also means we can't lend money against properties everywhere. We're restricted to lending against properties in capital cities and major regional centres.
Of course you can. Use our online application, and start filling in your details.
The only difference you’ll find (as a self-employed person compared to a PAYG customer), is that we won’t be able to instantly validate your financial statements by linking your bank accounts. Instead, you can upload your statements, and our human credit assessors will take a look them to assess your application. They’re not as fast as our robot (no one in the world is, so they don’t take it personally), but they can still get you an answer within one business day.
Find out more about applying for a home loan when you’re self-employed in our Home Loan Guide article, How to get a home loan when you’re self-employed.
Good question. We think it means different things to different people.
Instant = prepared and designed for immediate preparation and with very little effort (e.g. instant coffee)
In the case of Tic:Toc, we offer the world’s first instant home loan, which means your application is assessed by our secure technology, in real time – or in an instant. So, your home loan could be approved in as fast as 22 minutes. That’s because all data is reviewed by our clever robot, instantly.
Unfortunately, no. We think the coupling of you and your partner; mate; mother; sister; bro; cuz or next door neighbour is just enough to make your loan approval process happen quickly and simply. More than two applicants and it starts to get messy.
If you don’t have a 20% deposit saved (plus enough to cover the fees and charges), you won’t be able to get a Tic:Toc loan. “But whyyyy” you ask? There are a couple of excellent reasons for this:
- When you go beyond an 80% LVR, a lender will normally charge Lenders’ Mortgage Insurance (LMI), just to cover themselves in case you default on your loan. It’s not because they don’t trust you, but kind of. By requiring an 80% LVR, Tic:Toc doesn’t have to bother with LMI. Phew. (Check out our dictionary to brush up on your TLAs – “three letter acronyms”);
- We’re a Very Responsible Lender (VRL, not to be mistaken with LVR), and by ensuring you have a 20% deposit saved, we know you’re a great candidate for a Tic:Toc home loan.
This part is easy. First, we’ll ask you some questions about how much you think your monthly expenses are. Then, we’ll compare these against adopted assumptions based on the Australian average expenditure from the Household Expenditure Measure. This was developed by the clever humans at the Melbourne Institute of Applied Economic and Social Research. And the comparison happens instantly.
What do we do with that information? We use it to make sure you can afford to repay the loan. Which you’ll thank us for later.
Oh, we’re so glad you asked! What an excellent question!
There are oodles of benefits, including:
- It saves you time. Lots of time. Like time filling out paperwork, having to arrange a time to meet your broker, your broker filling out and submitting your paperwork, your broker making mistakes in the paperwork, your broker having to resubmit the paperwork, the lender misplacing the paperwork, the broker forgetting to follow up the paperwork with the lender... and so on and so forth. Our process does in 22 minutes what used to take 22 days;
- No paperwork. I think we’ve explained why this is a good thing, above;
- It saves you money. Less humans involved means less money spent. This is why we can offer you an extremely competitive rate, and not charge any upfront fees. Kapow;
- You’re in control. You get to take control of the process, have all the information at your fingertips, and apply when it suits you. Even if that’s at 2am from your iPhone, in bed.
None. Zip, nada, zilch. It’s one of the reasons why you love us, right?
Some of the upfront fees lenders would normally charge you to take out a loan are the:
- application fee (so that a human can assess your application);
- valuation fee (for each property valuation required); and
- a loan processing fee (to prepare documentation).
We absorb these fees because we believe that, contrary to popular belief, applying for a home loan should be uncomplicated and automated. There are some government charges, however, you will need to pay. There’s nothing our robot can do about stamp duty.
Being the tech-lovers we are, we use external tech providers to check the value of a property, by combining clever mathematical modelling with existing property and land databases. This process is called an Automated Valuation Model (AVM). A property's value is calculated at a specific point in time by analysing values of comparable properties.
For more information on the statistical model visit Core Logic.
Don’t be mad. We can still be friends, right?
There could be a number of reasons why your loan application didn’t progress, depending on what stage in the process you got up to.
Right off the bat, you’ll need:
- to buy or refinance a home in a major city or major regional town;
- have a 20% deposit saved, plus enough to cover fees and charges.
Then you’ll also need to:
- demonstrate you can afford to repay the loan, which we’ll assess by your savings history and income and expenses;
- verify that you’re you;
- have an acceptable credit file.
Any hiccups along the way could stop your application in its tracks or slow the process. But it’s not necessarily goodbye forever. Check in with us at email@example.com to see how we can help.
Trust us, the Tic:Toc robot will be as annoyed as you are. He likes to move fast, but there may have been selections you made along the way – such as providing us with your transactions statements manually – that meant Tic:Toc humans had to look at your application. Bah humbug!
When my loan is approved.
Huzzah! You’ve been approved to buy or refinance your house. That’s really exciting. If you’re buying, you’ll need to supply the purchase contract (what you sign to buy the house), so we can confirm the property purchase and price.
The next step is to send you your home loan contract via email or post, which you will sign and send back to our lawyer, LeadPoint. This contract will document our agreement, and confirm the total amount you have borrowed from Tic:Toc. At settlement, we’ll provide the funds to purchase or refinance the property.
If you’re buying a home your conveyancer will organise settlement directly with us, according to the settlement date on your contract of sale. Once you’ve transferred your deposit, the seller will receive their payment for the property, and you become the legal owner. That’s when you get the keys and throw a big party.
If you’re refinancing your home, Tic:Toc will transfer the funds to your old lender to pay off your old home loan, and your new Tic:Toc home loan will be in place. Which means it's also time to throw a big party, preferably themed green.
Find out more about the settlement process, including a step by step guide, at your settlement.
When you apply for a Tic:Toc loan, you’ll give us information about your savings and income so we can be sure you can afford to repay your loan. The next part is easy. You can set up direct debit repayments (weekly, fortnightly or monthly) so that your required payment is automated, and you can choose to make additional repayments whenever you want (for variable rate loans only).
There will be information about online banking when you get your home loan contract. Any issues, just contact firstname.lastname@example.org and we can help you out. We’re good like that.
My personal security and Tic:Toc.
In short, it’s by the book.
Your personal information includes things like your name, address, date of birth, or driver’s licence number. When you apply for our home loans, we collect your personal information, which for the most part, will be directly from you. There are some cases where we might collect personal information about you from other people or organisations, such as your employer or the credit bureau.
Generally, we’ll only use your personal information to help us assess your application. Because we need to be a little more acquainted to offer you a home loan. We never use your personal information to sell you things. Promise.
No human will ever see your online banking credentials (the information you enter so we can validate your financial information online). Your password isn’t retained. It’s encrypted and hashed all the way back through the hardware.
There’s no secrets with our Tic:Toc robot. If you'd like more detail about how it works, go forth and investigate further at our security page.
It is as safe as houses. We promise. Your data is secured by our world leading encrypted technology partner, Envestnet Yodlee (Yodlee). We chose them because they’re the best in the business – used by 12 of the 20 largest U.S banks.
Your banking login details are requested for one sole purpose: to fetch read-only copies of your transaction history, direct from your banking sites. As soon as your details have been entered and validated in the validation stage of your home loan application, your login data gets obliterated. Kaput, shazaam, kapow. This happens in a matter of minutes.
It is not possible for Tic:Toc to transfer, move or do anything else with your bank accounts aside from receive a copy of your transactions and loan statuses. We only see the information we need to approve your loan application – the same information you would supply us if you were submitting the documents manually (once you find them, print them, scan them, email them). It’s just much faster this way. Like, Usain Bolt fast.
Our Tic:Toc bot will be a little hurt because he’ll feel left out of the process, but it is perfectly fine for you to upload copies of your transactions statements manually. Just be aware that this will mean a Tic:Toc human will be required to review them, so the application process will take a little longer. But we’ll try to keep it to a business day.
We’re new and CANSTAR requires six months of operation before they can give a rating.
Your loan is given to you by us, Tic:Toc. Which makes you a Tic:Toc customer. The lender is Bendigo and Adelaide Bank, because they provide the finance. Thanks guys.
Nope. Sorry. We live in the virtual world, and in person we are a rather unruly bunch of financiers and tech geeks. And while we are super friendly, it’s best you talk to us by phone or online.
That’s right. No stripy shirted broker with the jangly gold watch and sports car, dropping by your home to eat all the fancy biscuits, while asking deeply personal questions in your own kitchen, that you didn’t have time to clean because you had better things to do… Yes, we thought you’d prefer us just the way we are. Virtual. It’s better that way.
Want to chat? Let's talk.
Tic:Toc is a private company, established by the management team with the single mission to build the world’s first instant home loan online. To uncomplicate what has been, up until now, a baffling and arduous process. You can find out about the business and meet the Tockers after the click.
You can also find out more about us by placing our ABN into the ASIC website: Tic:Toc Online Pty Ltd’s ABN 41 605 696 544.
Yes, of course.
We are partnered with Australia’s most customer connected bank, Bendigo and Adelaide Bank. And, together, we are pretty good business partners. In fact, some of our team used to work for them. We like to think that means we work well together. So much so, that when we started our business, Bendigo and Adelaide Bank invested in Tic:Toc because they could see how this alliance would help make things easier for more customers. What terrific folk they are.