After approval

Once you complete the online application, our real-time home loan approval process fires up, checking your credit history and assessing your eligibility for a loan.

Once completed, you will either be:

• instantly approved (huzzah!);
• referred to a home loan expert to complete your assessment or;
• notified we weren't able to offer you a Tic:Toc home loan.

Steps for buyers

If you’re approved to buy, you’ll typically have the green light to buy the named property up to a certain amount (just send us a copy of the contract when you sign it).

• You'll get an email from us with next steps, along with your home loan contract (sign it and our digital conveyancer, MSA, will take it from here).
• We’ll also send you a Settlement Pack which among other things, will ask you to get your identification verified (all the details will be in the email we send you).
• Your conveyancer will then organise settlement directly with us on the appointed day and we’ll provide the funds to purchase the property.
• Once you’ve transferred your deposit, the seller will receive payment (from us) and you’ll get the keys.
• Your new Tic:Toc home loan will begin.
• You’ll then throw a big party and celebrate becoming a home owner.

Steps for refinancing your home

Once your loan is approved, the steps for refinancing are similar to those for home buyers – the biggest difference is we pay off your existing loan with your old provider and your new Tic:Toc home loan will then be in place.

• Your conveyancer organises settlement for you.
• You throw a big party to celebrate paying off your loan faster with lower repayments, thanks to our super low rates.

If you want to find out more about the settlement process, you’ll find a step-by-step guide in our settlement FAQ.

Stamp duty is a state government tax levied on home buyers and it varies depending on the state or territory you’re buying in.

It's generally 3-4% of the property’s value, but it’s best to use our Stamp Duty Calculator to get an estimate of what you could expect to pay. In the meantime, here’s a snapshot of stamp duty costs in each state and territory:

NSW

$80,001 to $300k = $1,290, plus $3.50 for every $100 over $80k

$300,001 to $1m = $8,990, plus $4.50 for every $100 over $300k.

If you're a first home buyer, you can choose between a lump sum stamp duty payment or an annual tax that is based on your property's land value. There are conditions and eligibility criteria, which you can find here.

QLD

$75k to $540k = $1,050, plus $3.50 for every $100 over $75k.

$540k to $1m = $17,325, plus $4.50 for every $100 over $540k.

SA

$250k to $300k = $8,955, plus $4.75 for every $100 over $250k.

$300k to $500k = $11,330, plus $5 for every $100 over $300k.

TAS

$200k to $375k = $5,935, plus $4 for every $100 over $200k.

$375k to $725k = $12,935, plus $4.25 for every $100 over $375k.

WA

$100,001 to $250k = $2,090, plus $3.80 for every $100 over $100k.

$250,001 to $500k = $7,790, plus $4.75 for every $100 over $250k.

VIC

$440,001 to $550k = $18,370, plus 6% of the dutiable value over $440k.

$550,001 to $960k = $28,070, plus 6% of the dutiable value over $550k.

NT & ACT

Stamp duty is determined by a formula in these territories, so you’ll need to use the calculators on the NT Government and ACT Revenue Office websites to determine approximate stamp duty.

Related articles from our Home loan guide

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  Understanding home loan fees

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Lenders' Mortgage Insurance is insurance you’ll need to pay if you borrow more than 80% of a property’s value (i.e. if you have less than a 20% deposit).

It protects the lender from financial loss if you can’t afford to meet your repayments and default on the loan.

Factors that affect how much LMI will cost you include:

• The size of the loan - the bigger your loan, the higher the cost of LMI.
• Your deposit amount - the smaller the deposit, the higher the cost of LMI.
• The purpose of the loan – investors can pay as much as 20% more for LMI than home buyers.
• Your employment status – how much you earn and whether you work full time or casual can influence the cost of LMI.
• The insurer used by your lender - premiums differ between insurers.

Ways to avoid paying LMI or reducing how much you pay can include

• Growing your deposit to 20% or more
• Having a family member go guarantor on your loan
• Applying for the First Home Loan Deposit Scheme and
• Comparing LMI quotes from a number of lenders.

LMI can cost you thousands of dollars, so if you want to avoid paying it, the best way is to save at least a 20% deposit before applying for a loan.

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  Why LMI isn't just for first home buyers

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There are different rules for different Australian states about who can act as a witness, which will be outlined in your home loan documents. The witness may need to meet certain criteria, depending on where you're located. This criteria could be:

• a Justice of the Peace
• a commissioner for declarations
• an Australian lawyer
• a notary public
• a licensed conveyancer, or
• another person approved by the Registrar of Titles.

However, in New South Wales and South Australia, the witness can be any adult who has known you for 12 months.

Now that you’ve been approved, you might be wondering what happens next. Here’s a quick rundown of what the next steps are for folks buying a property (check further below for refinance settlement, which is a much simpler process):

1. Get the house

Make an offer on the home you want.

2. Sign the purchase contract

Seal the deal and make it official. Sign the purchase contract and pay your deposit. Your settlement date will also be confirmed at this point as well.

3. Get building insurance

You’ll need to get some insurance to cover you in case something happens to your property, this protects you and the lender.

4. Approval for the exact amount

Once you supply the purchase contract to your lender, they will approve your home loan for the exact amount on the contract.

5. Confirm you’re, you

You’ll most likely need to do one last ID check. Our partner, GBG, will be in touch with all the info.

6. Receive your home loan contract

Next, you’ll receive your home loan contract and other settlement documents.

7. Hire a conveyancer

Now a conveyancer will need to legally transfer the property to your name. They will deal with your lender and the seller’s conveyancer, to make sure everything is by the book.

8. Sign your home loan contract

It’s time to sit down and read your home loan contract and make sure you’re happy with it. If you are, grab a pen, sign on the dotted line, and send it back to your lender.

9. Final inspection

The property needs to be in the same condition as when it was sold. If not, you should speak to your conveyancer.

10. Organise your utilities

You can now start to arrange gas, electricity, internet, and anything else you might need.

11. Change of address notice

Your conveyancer will advise your new local council, water company, strata (if applicable), and Land Tax department of the change in ownership of your new property.

12. Settlement – finally!

Now your lender will ‘draw down’ on your loan. Which means they are debiting the amount paid to the seller, stamp duty, and other fees from your loan account. This is when your home loan officially begins – hooray, you made it!

For customers who are refinancing, the settlement process is much simpler: settlement is when your old home loan is paid out (by your new lender), and your new loan begins. The timing of this is typically negotiated and worked through by your old and new lender. You'll be contacted by our digital legal partners, MSA National, when this happens.

You can learn more about the settlement process in our settlement process Home Loan Guide below.

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Okay, your Tic:Toc home loan has been approved and you’re now saying “Show me the money!”

Well, even though our loan application process is practically instant, it will take a little bit longer than that for the money to change hands.

In the case of a home loan, if you know the exact property you want to buy, the money will be paid to the seller once you have signed the contract and the settlement day arrives (usually 30 to 60 days from signing).

Or if you don’t have a property in mind yet, the money will be available to you for up to 60 days and when you do find a home and make an offer, the loan amount will then be paid to the seller on settlement day. Remember, if you don’t find the home you want during that 60 days, you can contact us at Tic:Toc and ask for an extension on the loan.

In the case of refinancing, the money is transferred between loan providers (your current lender and Tic:Toc) on the settlement date, which is usually organised by conveyancers or solicitors. While it’s not compulsory to use a conveyancer to refinance in Australia, it is strongly recommended by most state governments, given how time consuming and complex the process can be.

And that’s it in a nutshell … approval – contract – settlement – payment, usually all within a 60 day period!

Related articles from our Home loan guide

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Congratulations! Once your heart rate has lowered from the excitement, you’ll receive a welcome call in 1-2 business days from our in-life team who will cover the following:

• Check if all your accounts have been set up as expected
• Ensure your loan repayment is set-up and your direct debit details are correct
• If you have an offset account, we'll make sure your Visa debit cards have been ordered
• Run through how to access your accounts
• Set-up your internet banking for the primary applicant
• Provide contact details for future enquiries

You can also ask us any questions you may have now and throughout the life of your loan. Our team is available 7 days a week on 1300 842 405.

During the welcome call, we will reach out to the primary applicant. But don’t stress! The secondary applicant can call us on 1300 842 405 option 3 to set up their internet banking. The secondary applicant will need to reference their customer number to do this, which is different from the primary applicant's. You can find this in your welcome letter or we'll share it with you on the call. When you’re ready, give us a call or chat online via the website to receive your unique customer number.

While the funds for our Tic:Toc home loans come from Bendigo and Adelaide Bank, you will be a ‘Tic:Toc customer’.

This means you’ll deal with us, but we do get some help from the bank. We work with the bank to manage our in-life customer experience, so you'll use an online portal powered by Bendigo and Adelaide Bank to make repayments and access your offset account, and the bank will typically process any loan changes you may want to make.