Australian fintech Tic:Toc slashes rates to the lowest in the market for everyday Australians
Australian lender, Tic:Toc Home Loans, has slashed rates to the lowest in the market for everyday Australians, with customers with as little as a 10 per cent deposit or equity set to save thousands on their repayments.
The award-winning fintech has cuts its headline variable rate to 3.27 per cent, following the Reserve Bank’s highly anticipated decision to cut rates to a historic low of 1.25 per cent.
Tic:Toc Home Loans has passed on a 0.20 per cent cut to new and existing customers of its variable (P&I) loans.
Customers with as little as a 10 per cent deposit or equity will be eligible for the variable rate cut, while other lenders typically only offer their lowest rates to those with deposits of 30 or even 40 per cent or an equivalent amount of equity in their home.
Tic:Toc founder and CEO, Anthony Baum, said now is an ideal time for home buyers to crack into the market and for homeowners to secure a competitive rate from the digital platform.
“It is an excellent time for first-time home buyers to get into the market or to refinance your home loan, with historically low borrowing rates anticipated to stabilise house prices and the government’s plan to close the deposit gap in full swing.
“Tic:Toc’s low deposit option allows everyday Australians to get the same low rates, with as little as a 10 per cent deposit.
“With the incredible savings to be made, we hope the low-rate climate encourages customers who have been putting off reviewing their home loan, to dive in and make the most of the benefits of our low rates. Because of the cost efficiencies our digital platform delivers, we can offer cheaper home loans with fast approvals, saving customers potentially hundreds of dollars on their monthly repayments.
“We understand some homeowners may be deterred to refinance because of the break fees from existing lenders. That is why Tic:Toc is offering a limited time offer of $1,000 to customers upon settlement, to cover these costs,” Mr Baum said.
Since its launch in 2017, the multi award-winner lender has received more than $2.75 billion in value of submitted home loan applications. Tic:Toc is available throughout Australia at tictochomeloans.com.
