FAQs / Applying for a home loan

How long does it take for a home loan to be approved?

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How long does it take for a home loan to be approved?

Generally we’re pretty quick, but the time it takes us to get to your application can change depending on how many applications we’re currently receiving and the complexity of your application.

After you apply, we’ll let you know if we’re experiencing any delays. Once we pick up your application for assessment, we start working towards approval. Things will move really fast here. If you’re ready and can respond quickly to requests from our Credit Assessors, you and your application will be fully assessed in no time.

The quickest we’ve ever fully approved an applicant from the time they submitted their application (including assessment, verification, and running all our digital checks) was 58 minutes. Try doing that at a bricks and mortar lender!

Because our application process is entirely online, we’ve been able to streamline it right down to the basics. We reimagined home loans from the ground up, making it more efficient and easier to understand. Because home loans should be simple.

Once you’ve completed the application process (and real-time assessment), you’ll either be instantly approved (huzzah!), politely declined (sorry), or referred to one of our home loan experts to fill in any blanks.

If you're approved, you'll get an email from us with next steps, along with your home loan contract. You’ll also get a settlement pack which will outline further steps such as getting an in-person ID check.

At Tic:Toc, we’re able to offer interest rates that are lower than many other lenders in the market thanks to our tech efficiencies, and because we have fewer overhead costs. That’s why we can also offer low or no fees with our home loans.

What may delay my home loan approval?

Sometimes we can hit delays if we need a little more info. Opting for manual financial validation instead of securely linking your accounts, submitting an incomplete application, or providing inaccurate estimates of your expenses (or any information regarding your income, expenses and debts which doesn't match your actual situation) may require manual work for you and our credit assessors. These things all slow us down significantly. So make sure you’re really ready before you apply.

Our rates have proven to be quite popular, so we receive large volumes of applications from time to time. During these times, it takes us a little longer than we’d like to assess and approve your home loan application, and we’ll be sure to communicate this in a timely manner. We’re continually growing our team and are working hard to keep up with demand.

If your application is time-sensitive or if there is a deadline you’re trying to meet, please speak with our team to get an understanding of our current turnaround times. You can chat with us over LiveChat or on 1300 842 405.

What happens if my application needs to be reviewed by a Credit Assessor?

We refer to this as a ‘refer’ (ha). If we need a little more information, we’ll refer your application to one of our Credit Assessors. This is where a member of our team will jump in to help bring your application up to scratch and over the line. Our Credit Assessors can usually move fast, and your application can sometimes be completed quite quickly, especially if you’re proactive in responding to their requests for more information.

Sometimes they’ll only need one or two things — some updated payslips or a bank account statement. Everyone’s unique, so if your specific situation is more complex than most, they might ask you to provide more detail. If you’ve chosen to validate your financials manually, they’ll typically need to request more info from you and it will take longer to assess your application. When you choose digital validation, they receive the exact same information, just much faster.

Are you ready to try the better way to do home loans? You can start the application process for your Tic:Toc home loan here.

Home Loan Guide

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