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Tic:Toc’s bold pitch: The world’s first instant home loan

Hand and stopwatch

Hand and stopwatch

This Australian startup promises to automate and speed up the home loan application process from weeks to just 22 minutes.

Australian home loan applications typically take 22 days to process. Tic:Toc says that it has sped up the process through digital automation.

Here's how it works: There’s no physical paperwork involved. You go online and enter details such as your credit history, your borrowing power and your identification details, which Tic:Toc processes digitally as you enter them.

Your home loan application is still assessed based on your personal and financial details, but the decisions are made without a human being involved.

What kinds of loans does Tic:Toc offer?

Tic:Toc offers two loans, a “live-in” loan and an investment loan. Both come with:

  • Variable and fixed rate options
  • No upfront fees
  • Offset account for $10 a month
  • Unlimited additional repayments for variable rate loans and $20,000 in additional repayments for fixed rate loans
  • Unlimited free redraw for variable rate loans and $20,000 in free redraw for fixed rate loans
  • Loan terms of up to 30 years

Unfortunately Tic:Toc loans aren't for everyone. You'll need to consider the following restrictions before taking out a loan with Tic:Toc:

  • You need a deposit of at least 20%
  • You need to be living in a major Australian city or regional centre (but Tasmania and the Northern Territory aren't covered yet)
  • You need to be buying an existing home or apartment, not land or a property off the plan

Tic:Toc says that it plans to offer more loans across a wider area in the future. In terms of data security, Tic:Toc says that its services use “bank level security and encryption”.

The money for a Tic:Toc loan is provided by Bendigo and Adelaide Bank. Compare Tic:Toc's products and learn more.

If you're not sold on the 22-minute loan you can compare and apply for home loans the old-fashioned way.

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