Tic toc homeloan?

Discussion in 'Loans & Mortgage Brokers' started by mr_alex, 29th Jun, 2020.

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  1. mr_alex

    mr_alex Well-Known Member

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    Does anyone have any experience with these guys? I'm thinking about refinancing from commbank as my PPOR discounted rate (used to live in before renting it out, wealth package and negotiated a decrease) is still higher than Tic tocs advertised investment rate. Appreciate any thoughts. Thanks.
     
  2. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    Understand this is an online lender.

    Apart from the interest rate, what is your goal for this owner occupier property? Any plans for investing in future?
     
  3. Lindsay_W

    Lindsay_W Well-Known Member

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    There are already a few threads on them if you have a search, serviceability is tougher then most, adelaide/bendigo bank funded. Every time you fill out their online form to the end you get a credit check which can reduce your credit score so just be wary of that.
     
  4. mr_alex

    mr_alex Well-Known Member

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    Sorry i mean it is an investment property now which used to be my ppor, which is why I am still on PPOR rates with commbank. (3.15%) I'm really just looking for a better rate and more simple homeloan with less bells and whistles. We are currently on the wealth package, we mainly just use the multiple offset feature, as in all our accounts are offsets. We have no credit cards and think maybe not getting the best value for the $395 p.a fee


    Weird, I did a search for tic toc but couldn't find much, had another look and there's plenty there, my bad. - had a good read. Thanks
     
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  5. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    Do you have any other properties?

    Will you be purchasing another home in future?
     
  6. mr_alex

    mr_alex Well-Known Member

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    Only have the 1 rental property, and looking to purchase a ppor this or next year.
     
  7. Peter_Tersteeg

    Peter_Tersteeg Finance broker and strategist Business Member

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    The CBA (and every other lender) will go a lot lower than what you're paying. Perhaps explore your options to negotiate and possibly consider fixed rates before moving.
     
  8. thydzik

    thydzik Well-Known Member

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    Tic Toc is good if you want a low, no frills rate. and it is a simple refinance.
     
  9. Property Twins

    Property Twins Mortgage Brokers & Buyers Agents Business Member

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    Given your goal to buy PPOR next year, it may be worth looking at this holistically rather than just chasing a low rate.
     
  10. Max S

    Max S Member

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    You won't get many recommendations for them from brokers, as they only go direct
     
  11. Marty McDonald

    Marty McDonald Mortgage broker Business Member

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    Id been keen to hear from someone who has been with them for 2 years + to see what rate they are on now. Very easy to offer a low variable rate to win business and then creep the rate up. All lenders do it but some more than others.
     
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  12. Morgs

    Morgs Well-Known Member Business Member

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    Fair point I reckon - we settled one last month which was a refinance from Tic Toc that'd been with them a while and got them a marginally better deal with a mainstream lender with full offset account
     
  13. Max S

    Max S Member

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    The rate moves with Bendigos. However they sometimes sweeten the deal for new customers, in which case you have to call them up to ask if they can match the new customer rate.
     
  14. Lindsay_W

    Lindsay_W Well-Known Member

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    And more often than not the answer is a big fat NO
     
  15. Max S

    Max S Member

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    Success rate is the same as for any other bank really. Probably about 50% chance.
     
  16. Lindsay_W

    Lindsay_W Well-Known Member

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    Nah more like 99.9% chance they'll say no - "that rate is for new lending only"
     
  17. Max S

    Max S Member

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    Based on what evidence?
     
  18. Lindsay_W

    Lindsay_W Well-Known Member

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    same evidence you've provided, experience.
     
  19. Property Baron

    Property Baron Well-Known Member

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    Any chance you could share the rate you got with the full offset and perhaps name the lender?
     
  20. Morgs

    Morgs Well-Known Member Business Member

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    There are plenty of full package options circa 2.59% - 2.64% depending on the loan size, LVR, etc.