Tic toc homeloan?

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.

 

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?

 

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.

 

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

 

Do you have any other properties?

Will you be purchasing another home in future?

 

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

 

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.

 

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

 

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

 

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

 

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.

 

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

 

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.

 

And more often than not the answer is a big fat NO

 

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

 

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

 

Based on what evidence?

 

same evidence you've provided, experience.

 

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

 

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