Australian fintech company Tic:Toc has launched the world’s first online instant home loan platform, a system which approves lending in 22 minutes.
Using a digital decisioning system to assess and approve a customers’ online application in real-time, without the need for a human credit assessor, turnaround times have been cut from the typical 22 days.
Tic:Toc also boasts competitive interest rates and no application, settlement or valuation fees.
By delivering the first genuinely online and fully automated home loan, Tic:Toc hopes to redefine the way customers secure home finance, and disrupt the home finance landscape on a world stage.
Tic:Toc founder and CEO, Anthony Baum, said: “Australia has one of the highest take up rates of online banking in the world. The on-demand economy has shifted customer expectations when it comes to personal finance, but home loans have been left behind.
“We believe customers deserve a faster, easier and more transparent way to get a home loan; and Tic:Toc can deliver on this promise. It’s about time.
“Other ‘online’ home loan providers digitise only part of the process, so while their application may begin online, it ends in the exact same way every other traditional home loan process does.
“Tic:Toc customers can also test us out to see whether our loans are right for them, before they need to provide personal details.
Bendigo and Adelaide Bank backs Tic:Toc, underwriting the loans and supporting the development and launch of the business.
Bendigo and Adelaide Bank's Managing Director, Mike Hirst said the Bank is pleased to support Tic:Toc to launch this unique approach to home finance. “We believe it’s important for customers to have choice when it comes to how to interact with a financial institution, and we believe Tic:Toc offers an appealing alternative for eligible home buyers and home owners.
“Our Bank is known for our partnering mind set, which gives our customers choice and makes them successful. Helping to bring this innovative approach to home lending to market aligns with our mission to help Australians own their own home.”
Tic:Toc also offers customers the option to take a more traditional route of supplying financial details via document upload, if they feel more comfortable doing so.