Anyone used Tic Toc home loans ?

I'm looking at refinancing with Tic Toc home loans once my fix period ends.

Their rates are very attractive and process seems what you expect in the 21st century. Anyone used them before and how'd you fine them.

 

It's funded by Adelaide Bank, so if you're happy with that and don't need any structuring advice or future planning considerations, go for it.

 

hmmm looks like you just spend 30 mins in front your laptop and tomorrow you can get your refinance/settlement docs.

 

Tic Toc loans in 22 mins

Perhaps they have improved their process since the first post about tic toc?

 

Tic Toc has currently 2.99% variable P&I for OO.
But the thing that has got me worried is current customers are on 3.07%, so you now have two sets over rates.
There previous appeal was that everyone got the same rate.

 

Athena has that promise.
Was funny the other day when a customer wanted Athena, purchasing OTP, titles registered....

 

I tried them, but their online application hits you with a full credit search so be careful! I was knocked back on serviceability, which I think for them is very conservative. You won't find this out until you go through the process, by which time you have 'earned' a smudge on your credit score.

 

Think about it.
How can they approve you that fast without a full credit check? Of course they do one on application.

 

They could at least measure your financial information against their servicing and other policies before they run the credit check.

 

Yes..BUT my point was it's a roll of the dice. Others like U Bank at least "screen" your app for serviceability (which we all know is hit-and-miss these days), then push it through credit check as a final hurdle. To me, separating those 2 steps seems sensible/appropriate.

 

Thanks Peter, you overlapped my preceding comment!

 

Can someone explain what this smudege refers to ?

 

They have offered $400K for PI investor at 3 year fixed 3.09. My wife was a bit shocked that I was dealing with a non-bank lender and is concerned that being with a non-bank lender will expose us to significant risk. I have read arguments about needing to stay a good credit proposition so we could shift if needed. Over the longer term my assumption is that they will remain competitive with the big banks - so we might not want to move anyway. My PPOR is with a big bank and has all the singing dancing lines of credit, rewards cards, decent variable rates on OO PI rates and free offset accounts etc, so I just need a vanilla loan. The 3.09 is way below anything they will offer me for a fixed 3 year rate (or variable for that matter). Anything else I need to worry about? Can I cross my heart and hope to die if its not all good (we have been listening to the "Who the hell is Hamish" podcast).

 

If you have a PPOR, you're likely not doing yourself any favours paying P&I on your INV loan.

Loan Structuring is an important part of investment strategy and is much more than just a low rate.

 

Thanks for the comment Jess. The loans are investment loans secured against the PPOR - so all deductible. I am accumulating money in offset accounts against deductible loans, so I figure that getting lower interest on a P and I makes sense. If I was saving for another deposit then it woud be good pay interest only,

 

Just checking, I understand the Investment loans are secured by the PPOR but do you have any non-investment (non-deductible) debt against the PPOR ?

 

None.

 

Good job