More Aussies gain access to 22-minute mortgage

by Miklos Bolza19 Dec 2017
Australian fintech Tic:Toc has announced that its ‘instant home loan platform’ is now available to borrowers purchasing or refinancing properties in Tasmania and the Northern Territory.

The platform was launched in July and uses a digital decision-making system to assess and approve finance in as little as 22 minutes. While originally excluding properties in Tasmania and the Northern Territory from being eligible for finance, this has since been rolled back.

This expansion comes at a time when the property market is booming in Tasmania. In fact, Hobart has had the largest increase in home value year-on-year at 11.49%, according to CoreLogic.

While the choice to offer its products to Tasmanian borrowers had nothing to do with the flourishing state market, Tic:Toc CEO Anthony Baum said he was pleased the platform could help local borrowers purchase their homes through a faster, more cost effective home loan offering.

“We have had a lot of customer enquiry about purchasing property in Hobart – particularly from investors living in NSW – and we’ve had to turn them away, until today,” he said.

Tasmania was initially left out of Tic:Toc’s initial product offering as the firm wanted to bring its platform to as many Australians as possible as soon as it could, he said. This meant originally launching the service without a solution for customer identification verification for those in Tasmania.

“We’ve worked hard to ensure Tasmanians and those investing in Tasmanian property can now benefit from Tic:Toc too.”  

The firm’s home loans are backed by Bendigo and Adelaide Bank and are available at a variable comparison rate of 3.59% for owner occupier principal and interest loans.

Tic:Toc has already processed over $340m worth of loan submissions across the country since its launch five months ago.

Related stories:

Major bank unveils unsecured SME loan

Brokerage first to hire chatbot assistant

Brokers to reveal lending data under CIF reforms

COMMENTS

  • by 30 second loan broker 19/12/2017 12:38:57 PM

    Surely that’s false advertising... For the vast majority, it’s not going to be 22 minutes.
    I can decision a deal in 30 seconds. Declined! Now can I advertise a 30 second home loan decision?
    When our reasonable enquirers take at least that long, it’s just rubbish. Something has to be missing