We answer all your questions around eligibility, loan types, and fees and charges, so you’ve got all the info you need before applying.
Our eligibility criteria looks across a range of factors including:
Check our comprehensive eligibility table to see if a Tic:Toc home loan, or a Tic:Toc + Choice home loan from our in-house broker offering, is best for you.
Australia-wide.
For Tic:Toc home loans, we're restricted to lending against properties in Australian capital cities and major regional centres.
For Tic:Toc + Choice, our panel of lenders can service pretty much the entire country.
As you work through the application, we’ll let you know where we can lend and with who (Tic:Toc or via our lender panel). The application process is exactly the same for both so start now and we’ll keep you in the loop the entire way.
Of course you can. Just jump onto our application like everyone else and start filling in your details.
To be eligible, you’ll need to:
Financial validation requirements to note – Tic:Toc requires a years' worth of up-to-date tax returns or business financial statements.
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 income by linking your bank accounts.
Instead, you will need to upload your business financial statements and tax returns as well as your personal tax returns and notice of assessment, and our human credit assessors will take a look at them to assess your application. They’re not as fast as our tech, but they can still get you an answer much faster than your average lender because they're only checking the bits the tech couldn't.
Get prepared and learn more about potential roadblocks you may face as a self-employed applicant.
There are typically a range of costs involved when you take out a home loan. These can include application fees, valuation fees, establishment fees and discharge fees.
But not if you’re applying for a Tic:Toc home loan.
Because we’re a purely online service with none of the overheads of the brick and mortar lenders, we’re able to eliminate most fees altogether.
Check out the savings you can make:
| Fee type | Industry standard | Tic:Toc |
|---|---|---|
| Application fee | Up to $600 | $0 |
| Monthly fee | Up to $15 | $0 |
| Annual fee | Up to $400 | $0 |
| Redraw fee | Up to $50 per redraw | $0 |
| Valuation fee | Up to $3500 | $0 |
| Settlement fee | Up to $650 | $0 |
Solicitor/Conveyancer costs | Up to $2,200 | Approx. $60 - $200 Our digital conveyancer will charge a PEXA fee around $60 for online settlement, or $80 to $200 for paper settlement (if required), which we pass on. If you're buying a home, you may also need to cover the cost of your own conveyancer or solicitor. |
| Exit / discharge fee | Up to $700 | $325 |
Government refinance costs These vary by state, but include title registration, discharge of mortgage, and title search fees. | Around $260 - $440 | |
Government buying costs These vary by state, but include stamp duty, title and mortgage registration, and title search fees. | Dependent on your property value and which state you're in, but can be thousands. | |
Click here to see a full list of our rates and fees, or to get a breakdown of fees and government costs by States and Territories, check out our home loan guide here.
Curious about the cost to refinance? We've got that covered too.
A comparison rate is the rate you see displayed next to the interest rate being offered by a lender.
It must be included with any advertised home loan interest rate and is designed to give you a more accurate picture of the loan you’re considering with some of the costs included.
The comparison rate is calculated by adding any fees and charges to the interest rate and then converting that figure to a percentage rate.
But as well as the interest rate and fees being charged, other factors can affect the actual cost of the loan, such as the loan amount, the loan term and the repayment frequency.
That’s why it’s always a good idea to use one of the many free comparison rate calculators that are available online to come up with a rate that provides a more accurate cost of the particular loan you’re considering.
Sure, you can apply to refinance multiple properties! (Good for you, property baron.)
However, we will need separate applications for each property. We're working to make this experience better, so stay tuned.
Most people use the words ‘home loan’ and ‘mortgage’ interchangeably, but it might surprise you to learn that they actually refer to two entirely separate things.
What is a home loan?
A home loan is the sum of money a lender gives you to purchase your chosen property. You then pay this money back to the lender over a number of years, along with interest on the loan calculated at either a variable (fluctuates with the market) or fixed (1 to 10 years) interest rate.
What is a mortgage?
A mortgage is a security measure that’s put in place when you take out your home loan which protects the lender if you default on your loan repayments. If you don’t pay the money back to them, the mortgage gives the lender the legal right to sell your property to recoup their losses. The mortgage stays in force until you have paid off your home loan, after which the property becomes totally yours.
What's the actual difference?
Simply put, they’re as different as chalk and cheese. A home loan is a means of buying a home when you don’t have the money yourself, while a mortgage is a means of guaranteeing a loan and protecting the lender from non-payment.
If you’re planning on buying a property, it’s always a good idea to know what terms like these mean. So be sure and talk to our expert team at Tic:Toc any time you aren’t clear on something you read
Whether you’re after the best variable home loan rates or the best fixed rate home loans — chances are, you’ll find some of the lowest home loan rates here. Because we’re digital, our rates are low. Here’s why.
There’s no blanket answer, because everyone’s situation is different. Generally, we’re pretty quick.
We offer a form of conditional approval, where we assess everything we can without knowing the final property you’ll be purchasing. Learn more about conditional approval subject to property.
If you’re looking for the lowest home loan interest rate, we recommend viewing all of our home loans and weighing up which one might be best for you.
If a Tic:Toc home loan really isn’t for you (it’s chill, we won’t be offended), it’s still a good idea to know what else to look for beyond an interest rate.
Your borrowing power is an approximate measurement of your ability to borrow funds. Basically, it’s an indication of how much you can afford to borrow while still being able to meet your other financial obligations. Each lender will calculate it differently, but generally speaking, a borrowing power calculator takes into account things like your income, current loans and liabilities, credit cards and their limits, and your living expenses. You can use our borrowing power calculator to get an idea of what your borrowing power is. Learn more about what goes into calculating your borrowing power
A home loan repayment calculator takes multiple variables into account before coming to a final repayment dollar amount represented on a monthly basis.
The calculator will ask the user to enter information about their loan amount, their loan term, the intended property usage (live-in or investment), rate type (variable or fixed) and repayment type (principal and interest or interest only).
After calculating, the user will be able to see their estimated repayment amount as well as their total loan repayments and the total interest charged over the life of the loan.
The same way we calculate the repayments for any type of home loan.
At a very basic level, we take your loan amount, add the total amount of interest we’ll charge over the life of the loan, and then divide that total up evenly into a weekly, fortnightly, or monthly amount (whichever suits you best) based on the length of your loan term.
This will depend on many different factors, like your income and your current living expenses. To get an estimate, check out our borrowing calculator and run the numbers.
Live-in home loans do generally have lower interest rates than investment home loans. This is because live-in home loans are generally seen as less risky than investor home loans.
You can’t get an owner occupied loan for an investment property. You’ll need to specify in your loan application if you’re planning to live in the property you’re taking a loan out against. If you’re not going to be living in the property, you’ll need to get an investment home loan. Likewise, if you plan to move into your investment property you can turn your investment home loan into a live-in (owner occupied) home loan.
If you are applying for a Tic:Toc home loan you need at least one valid (i.e. not expired) form of government ID, for example: A passport, A driver’s licence, or Medicare card.
For a loan through our in-house broker offering Tic:Toc + Choice You’ll need at least 2 forms of government ID: Medicare card (must-have) a passport, and or a driver's licence