Australian fintech Tic:Toc, has today announced a reduction in its fixed home loan (live-in) rates by up to 0.10%, bringing their headline 1-year fixed rate to 3.59% (comparison rate 3.64%).
I discussed this rate price move and the current dynamics of the mortgage industry with Founder and CEO Anthony Baum today. See my earlier post on their business model.
Tic:Toc’s 2-year fixed home loan (live-in) will match their standard variable rate at 3.64% (comparison rate 3.65%).
The rate cut increases Tic:Toc’s standing as holding the lowest 1 and 2 year fixed rates in the market (27 August, https://www.finder.com.au/home-loans/fixed-rate-home-loans), possible due to the cost efficiencies in Tic:Toc’s automated assessment and approval platform.
Tic:Toc founder and CEO, Anthony Baum, said the decision to reduce fixed rates was great news for home loan customers and new home buyers looking for stability for the foreseeable future.
“We recognised there is a lot of confusion in today’s market; with slumps in house prices; out of cycle rate changes; and erratic predictions around interest rate rises.
“Helping Australians better manage their home loan repayments, or move into home ownership, is our priority, and we want to do so with full transparency.”
Since its launch, Tic:Toc has received over $1.3billion in value of submitted home loan applications.
The home loans originated by Tic:Toc and backed by Australia’s fifth largest retail bank, Bendigo and Adelaide Bank, are available throughout Australia at tictochomeloans.com; with the latest fixed rates advertised at www.tictochomeloans.com/instant-fix.
