Meet the world’s first instant home loan: Tic:Toc

Australian fintech Tic:Toc, today announced the launch of its world first online instant home loan platform, offering eligible customers full home loan approval in just 22 minutes.

Tic:Toc, an Australian online lending platform, uses a digital decisioning system to assess and approve a customers’ online application in real-time, without the need for a human credit assessor.

This allows Tic:Toc to radically improve turnaround times from the typical 22 days to just 22 minutes, as well as pass on the cost savings of digitisation to the customer via competitive interest rates and no application, settlement or valuation fees.

By delivering the first genuinely online and fully automated home loan, Tic:Toc hopes to redefine the way customers secure home finance, and disrupt the home finance landscape on a world stage.

Tic:Toc founder and CEO, Anthony Baum, said the industry was ripe for innovation.

“Australia has one of the highest take up rates of online banking in the world. The on-demand economy has shifted customer expectations when it comes to personal finance, but home loans have been left behind.

“We believe customers deserve a faster, easier and more transparent way to get a home loan; and Tic:Toc can deliver on this promise. It’s about time.

“Other ‘online’ home loan providers digitise only part of the process, so while their application may begin online, it ends in the exact same way every other traditional home loan process does.

“Tic:Toc customers can also test us out to see whether our loans are right for them, before they need to provide personal details,” said Mr. Baum

Though automation has reduced approval times to 22 minutes, Tic:Toc have ensured they do not compromise customer service by combining the digital application with human interaction.

“We have a team of experts available across extended business hours, to offer human and nonintrusive assistance when a customer decides they want it,” said Mr. Baum.

Bendigo and Adelaide Bank backs Tic:Toc; underwriting the loans and supporting the development and launch of the business.

Bendigo and Adelaide Bank’s Managing Director, Mike Hirst said the Bank is pleased to support Tic:Toc to launch this unique approach to home finance.