Australian fintech company Tic:Toc slashes mortgage rates to the lowest in the country
Australian fintech, Tic:Toc, today announced it has slashed its mortgage rates to the lowest in the country, saving home owners and buyers thousands on their repayments.
The online lender has cut its headline variable rate to 3.47 per cent, following the Reserve Bank’s highly anticipated decision to hold rates at its current record low of 1.5 per cent.
While the reduced mortgage rates are only available to new customers, Tic:Toc has worked with its funder Bendigo and Adelaide Bank, to offer existing Tic:Toc customers the new 1 year fixed rate of 3.39% with no charge to switch.
Tic:Toc founder and CEO, Anthony Baum, said now is an opportune time for both home owners and buyers to secure a competitive rate from Tic:Toc’s digital platform.
“We are thrilled to pass the savings from reduced funding costs and our home loan assessment technology, on to customers.
“It is a great time for first-time buyers to get into the market, with record low interest rates and falling property prices in most Australian capital cities. Tic:Toc’s low deposit option allows these customers to get the same low rates, with as little as a 10% deposit.
“We hope the low-rate climate also spurs customers who have been putting off reviewing their home loan, to do so. With Tic:Toc’s online process, customers can receive their home loan documents on the same day they apply – potentially saving them hundreds of dollars on their monthly expenses.
“We know the cost of refinancing – such as break fees from the existing lender – can be a barrier to switch to a lower cost home loan. That’s why Tic:Toc is also trialling an offer of $1000 to customers upon settlement, to cover these expenses.
“The benefit of Tic:Toc’s platform is our customers can get full approval for finance in one sitting online, and we pass on the savings of our digital automation to the customer with lower rates and no application, valuation, assessment, annual or settlement fees,” Mr. Baum said.
Since its launch in 2017, Tic:Toc has received more than $2.4 billion in value of submitted home loan applications. The multi award-winning home loan is available throughout Australia at tictochomeloans.com.