After you’ve applied, we’ll let you know where you stand by giving you an answer on the spot: it’s either a “yes”, a “no”, or a “we need more info”.
If it’s a “yes”
Once we fully approve your application, we really mean it. Your last hurdle will be signing the documents and then settlement — after that, the house is 100% definitely, forever-until-you-sell, yours, and no one can steal the deed.
If it’s a “no”
Please don’t be offended if we decline your application. There are many reasons we might have to do this. We wish we could tell you specifically why sometimes, but we're not allowed to disclose the exact reason for declining an application.
If we find a red flag as you’re filling out the application, we’ll halt it and let you know straight away so you don’t waste any more of life’s most precious commodity — time. We check for things like address eligibility, your credit history, your status as a citizen or permanent resident, and of course your financials.
We know that not everyone will be suitable for a Tic:Toc home loan. If you’re not a match right now, don’t hesitate to check again later in the future. We’re still friends, right?
If it’s a “we need more info”
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.
After full approval, here's generally how it works:
If you’re buying a property for yourself, we pay the seller the agreed price and your home loan begins.
If you’re refinancing, we pay out your existing lender and your new loan begins.
Then you’ll sign the contract for your new home, pay your deposit to the agent and confirm your final settlement date, which is usually 30 – 60 days.
Other things you’ll need to take care of include building insurance for your new property, organising for the utilities to be switched over on settlement day and having your mail redirected.
Then the only thing left is to wait for the phone call, grab your new keys and get the party started!
Home Loan Guide