Tic:Toc home loans

Tic:Toc made the whole process easy. Customer service was very helpful and answered any queries I had on the first call. The application process was straight forward and efficient, and the rate is great. I would recommend Tic:Toc to anyone seeking a change from the big four banks.

Customer service has been good. Since the loan is backed by Bendigo and Adelaide bank, the online banking uses the same system as Adelaide Bank which works well, and on par with other banks like NAB/Commsec online banking which I also use. The rates are pretty unbeatable and the reason I re-financed to Tic Toc. No regrets. The extra $10 for the offset account is a no brainer for me. So far I've found the company to be pretty reasonable, honest and transparent. Unlike my previous lender, I haven't had any mysterious rate increases due to "increased running costs".

Given the low rates I can handle the lack of features, what I can't handle is the extremely poor and dishonest customer service. I've had a homeloan with Tic:Toc for 3 years, and starting with the homeloan application process, the promise of quick and easy loan approvals via the wonders of FinTech didn't eventuate, despite me having one of the most basic applications that could be processed (simple refinance, less than 80% LVR, dual PAYG full time income, single transaction account, one credit card). The low rate kept me, but it was one of the most convoluted and mandraulic processes to get loan approval, far worse than other lenders I've used, even among the big four. Eventually I got loan approval and switched over. The actual features provided by Tic:Toc account portal are pretty minimal, but you are paying a low rate so that is fair enough. Most annoying was the very slow timeframes to transfer money to other bank accounts, 3 days is the average which is very 20th century. The issues came about when at the end of the loan and we went to refinance with a lower rate vendor (UBank). Compared to our experience with Tic:Toc the UBank homeloan application process was a breeze, couldn't fault it. Come settlement, wow did Tic:Toc show their true colours. They refused to engage with UBank, provided zero proactive communication to me about what issues were being experienced, and everytime I was eventually able to contact them (which is a battle, despite the number of communication channels they allegedly offer) I kept getting different stories about what the issues were, to the point that the only explanation I can come up with is flat out dishonesty. It really felt like I was getting told whatever they thought would get me to hang up, rather than the reality of the situation. Settlement dragged far longer than it should have, required far too much chasing up by me and far too much pointing out obvious contradictions and falsehoods that each customer service rep I talked to tried to pull off assuming I was an idiot. Like I said, I feel like my expectations were set appropriately low based on the low rates offered, but there is no excuse for such poor customer service. Being a neo-bank doesn't exempt you from the basics of customer service: 1. Care about your customer, 2. Be honest and 3. Be responsive. The real problem for Tic:Toc is that there are now plenty of other FinTech/neo-bank/low rate vendors out there who can compete on rates but smash Tic:Toc on the basics of customer service. Because of that I'd recommend you avoid, you can do better elsewhere.

Great rate pulled me in. Then I find application is for full credit approval (not just pre-approval like other lenders). But it says I'll find out straight away so I apply. Then it says my file is too complicated so I have to wait for someone to get back to me. Then I wait about a month and receive an email saying my application hasn't been successful. No call to explain or discuss, just a rejection email. Then I call back and speak to credit assessor Ryan who tells me they don't consider loans if the debt to income ratio is above six. If I would have known that at the start I would never have applied. Don't bother unless your situation is super vanilla and straight forward. Total lack of transparency about serviceability requirements and wait times. I had to wait a whole month and now have the credit application on my file.

The services, processes and the rate is pretty competitive. However, as an online lender, they don't support government support funds such as first home buyers benefits sort of things. You have to deal with it by yourself and they did not seem very knowledgeable about that, especially local state government supports. If you are good at that, tic toc is good.