FAQs / Considering a home loan

Am I eligible to apply for a Tic:Toc home loan?

All FAQs

If you can answer yes to the following few questions, there’s a good chance we can help you with a home loan.

  • Property value: we can only lend to a property worth $150,000 and up.
  • Property type – you’re buying or refinancing an established property (not off the plan or under construction). Units and apartments within a high-density complex are subject to additional criteria and require a 30% deposit. (Not sure if your property is high-density? Chat with us before you apply.)
  • Location – you’re buying a home or investment property in a capital city or major regional centre. If you’re purchasing, - an approximate address of the property you’re looking to buy (if you know the exact address, use that!). If you don’t have an address, you can use a dummy one and we can fix that up later.
  • Deposit amount – you have at least a 10% deposit or equity, plus savings to cover fees and charges such as stamp duty. If you have less than a 20% deposit, you'll also need to pay Lenders' Mortgage Insurance (LMI). Loans above $2m require a minimum 25% deposit.
  • Loan amount – we can lend a minimum loan amount of $50k, and a maximum loan amount of $3m.
    • Loans above $2m require a minimum 25% deposit. Funds in this instance can't be used for an equity release or 'cash out' refinance.
  • Employment – you’re currently employed, either through PAYG or self-employment.
    • For full-time and permanent part-time PAYG roles, you've held your job for 6 months, or had 12 months of continuous service in the same industry.
    • For dependent contractor PAYG roles, you've held your job for 6 months, or had 2 years of continuous service in the same industry.
    • For casual PAYG roles, you've held your job for 12 months, or 6 months if you've had 2 years of continuous service in the same industry.
    • For self-employed roles, you've traded for 2 years and meet our other self-employment criteria.
  • ID – you have at least one form of government ID, such as a passport, driver’s licence or Medicare card.
  • Country – you’re an Australian citizen or permanent resident of Australia or a New Zealand citizen who lives in Australia.
  • Refinancing with your plus one – you are both listed on the current property title. If you are both noted as owners on the title, you must both be applicants to the new loan. We can’t consider loans involving guarantors.

If you answered yes to all of these, it sounds like we could be a good fit for each other. So let's get started.

Types of loans that aren't eligible (for now, anyway):

Digitising the home loan process is complex, so we're working to do the simple stuff well first. This means we're not able to provide a home loan if you need the following:

  • A construction home loan
  • A loan for land, properties purchased off the plan, or homes under 50m²
  • A guarantor loan
  • Split loans (where you need a mix of fixed and variable rates)
  • If there are more than two applicants on the loan, and trust or companies
  • Debt consolidation
  • Bridging loans
  • Cross-securitisation

What is considered 'high-density'?

Our policy defines high-density as 'complexes with more than 50 units/apartments, or is more than 5 storeys (excluding car parking)'.

There are a few more details we'll check before we can give you the thumbs up on your property. If you'd prefer to check if your property meets the requirements, you can chat to our team, or you can enter the address on the first page of the application to see if it's eligible.

Our system may not always be able to identify a high-density property straight away (especially recently built complexes), but we'll try and give you as much info up front as possible.