A home run for home buyers: Tic:Toc launches new low deposit home loans and $1000 cashback

Award-winning fintech company, Tic:Toc, today announced the launch of its low deposit home loans, offering low-cost digital home loans to customers with as little as a 10% deposit. The fintech has simultaneously launched a $1000 cashback offer to all customers who take out a Tic:Toc home loan. 

Tic:Toc’s new low deposit option, allows customers with a low deposit or less equity in their home, to access the benefits of Tic:Toc’s fully digital home loan assessment and approval platform.

By covering the cost of lenders’ mortgage insurance (LMI) – delivered by leading LMI provider and Tic:Toc shareholder, Genworth Financial Mortgage Insurance Pty Ltd – customers with a 10-20% deposit can buy their home sooner. 

The low deposit option home loans can be used in conjunction with Tic:Toc’s $1000 cashback offer to all customers who take out a Tic:Toc home loan, regardless of loan size or type, upon settlement.

Announcing the launch of its low deposit option, Tic:Toc founder and CEO, Anthony Baum, said Tic:Toc was thrilled to support first home buyers who currently face serious challenges entering the housing market.

“We’re proud to offer first home buyers the same opportunity to access our award-winning home loans, as customers who have been fortunate enough to build equity in an existing home or save larger deposits,” Mr. Baum said. 

“While housing affordability is a huge concern for home buyers, it’s actually a good time to have a home loan because of market competition. Online home loans are typically reserved for customers with a 20% deposit, so we’re excited to give first home buyers, and those home owners with a smaller equity base, the same home finance options.        

“For example, compared to the Big Four banks’ average standard variable home loan rate^[1], customers borrowing $500K could save $510 a month on repayments with Tic:Toc’s low deposit option, as well as benefitting from no application, valuation, assessment, or settlement fees, and $1000 cashback on settlement. That’s simply the icing on the cake.    

Since its launch, Tic:Toc has received more than $2.2 billion in value of submitted home loan applications. Tic:Toc’s low deposit option home loans are available throughout Australia at tictochomeloans.com. 

[1] https://www.finder.com.au/home-loans-with-the-big-four-banks