Australian fintech Tic:Toc, today announced their world first instant home loan platform will be made available to customers purchasing or refinancing properties in Tasmania. We featured the firm in a recent Fintech Spotlight.
The online home loan, which uses a digital decisioning system to assess and approve finance in as little as 22 minutes, launched in July 2017 and initially excluded Tasmanian and Northern Territory properties from being eligible for finance.
The expansion coincides with the latest results from CoreLogic RP Data, which shows Hobart has had the largest increase in home value year on year at 11.49%, ahead of Melbourne (10.10%) and Canberra (5.84%).
Mainlanders have accounted for 23% of sales in Tasmania to date (REIT), with gross value of sales up 22.7% on last year at the end on the September quarter, putting the Tasmanian real estate market on track to for its highest ever accumulated market value of sales.
Tic:Toc CEO Anthony Baum said while the expansion had nothing to do with the buoyant Tasmanian market, he is pleased that Tic:Toc can now help people purchase Tasmanian properties via a faster and 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.
“We’re so excited to now be able to assist these customers get a better home loan experience online, with all of the unnecessary costs stripped from the process.
“We wanted to bring Tic:Toc to as many Australians as possible, as soon as possible, which meant not having a solution to verify customers’ identities at settlement in Tasmania at launch. We’ve worked hard to ensure Tasmanians and those investing in Tasmanian property can now benefit from Tic:Toc too.”
The home loans originated by Tic:Toc and backed by Australia’s fifth largest retail bank, Bendigo and Adelaide Bank, are now available throughout Australia at tictochomeloans.com; with variable comparison rates from 3.59% for live-in, principal and interest home loans.
Just five months from launch, Tic:Toc has already processed more than $340M worth of loan submissions Australia wide and were one of only ten Australian companies globally recognised in the recent KPMG and H2 Venture’s Fintech 100.
