Tic:Toc expands home loans offering to underserved business owners
The fintech lender that pioneered the 22-minute home loan in Australia is now targeting small business owners and the self-employed.
Online home loans provider Tic:Toc has today launched CO:Lab home loans, a new lending option which is targeted towards business owners and self-employed Australians. The new offering has come about as a collaboration between Tic:Toc and La Trobe Financial.
The founder and CEO of Tic:Toc Anthony Baum said that as more than 17% of Australians work for themselves, it's important that the mortgage market keeps pace with the shifting workforce.
"Our partnership with La Trobe Financial, one of Australia's longest operating and leading non-bank credit specialists, has created a broader set of loan options via Tic:Toc's streamlined home loan assessment and approval technology. This means business owners and self-employed customers now have more loan options, with less hassle and at a lower cost," he said.
"For example, a business owner can use the equity in their home to invest in their business at home loan prices. This could save them up to around 6% per year on standard business loans from the major banks, and they can apply and be approved the same-day via our award-winning online platform."
Tic:Toc launched in July 2017 with the bold pitch of allowing Australians to apply for a home loan online in just 22 minutes. It was able to do this by eliminating paperwork and processing the information digitally as it was being entered. Tic:Toc launched in partnership with Bendigo and Adelaide Bank.
Tic:Toc's offering includes a fixed and variable rate home loan, no upfront fees and an optional offset account for $10 per month. However, the loans are only available to residents in major Australian cities and regional centres.
On the launch of CO:Lab home loans, President and CEO of La Trobe Financial said the organisation was excited to bring the new digital solution to business owners that need finance "at such a very important time in the credit cycle".
"As one of Australia's longest operating and leading non-bank credit specialists, we want to support innovation in our industry. We are very proud to back Tic:Toc as they embrace smarter and more customer-centric ways to assess and secure home loan and other finance for a broader range of clients moving forward."