Lowest in the market: online lender Tic:Toc slashes variable rate to 3.47%

Online lender, Tic:Toc has announced that it will cut rates on their variable and fixed rate home loan, which according to them, are the lowest rates in the market.

The decision came in response to the Reserve Bank’s decision to once again hold rates at the current record low of 1.50%.

The previous variable rate of 3.57% has now dropped by 10 basis points to 3.47% (3.48% comparison rate*) and is only available to new customers.

However, current Tic:Toc customers will also benefit from a rate cut, as the lender has slashed rates on their 1 year fixed home loan by 20 basis points, from 3.59% to 3.39% (3.56% comparison rate*)

But before existing customers jump to the chance to fix their home loan with Tic:Toc’s new fixed rate, Mozo’s Product Data Manager has encouraged customers to think wisely before making a decision.

“Many lenders are expecting the RBA to cut rates in the following months, and if that happens variable rates could fall quite a lot over coming months,” he said.

“The RBA could cut the cash rate as early as next month, and that could very well be followed by another cut before the end of this year. While it can be tempting to lock in your home loan with an ultra cheap rate now, before the next 12 months is up we could be seeing variable rates starting with a ‘2’.”

In addition to the super low rates, customers looking to refinance their home loan will also receive $1,000 cashback upon settlement which Baum said is to ease the financial burden of switching home loans.

“We know the cost of refinancing - such as break fees from the existing lender - can be a barrier to switch to a lower cost home loan. That’s why Tic:Toc is also trialling an offer of $1,000 to customers upon settlement, to cover these expenses.”

The award winning variable home loan

The new reduced rate might start to make the Tic:Toc Variable Home Loan look like a winner, which only makes sense given that the online lender was recently crowned Online Lender of the Year in the 2019 Mozo Experts Choice Awards.

The loan itself received three Mozo Experts Choice Awards in the Low Cost Home Loan, Offset Home Loan and Investor Home Loan categories.

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Last updated 19 July 2024 Important disclosures and comparison rate warning*
Tic:Toc - Variable Home Loan
  • 3.47% variable rate (3.48% comparison rate*)
  • Free extra repayments
  • No upfront of ongoing fees
Find out more
Tic:Toc - Fixed Home Loan
  • 1 year 3.39% fixed rate (3.56% comparison rate*)
  • Free redraw facility
  • Option offset account
Find out more

So if you’d like to compare Tic:Toc’s new offer against other low rate home loan deals, check out our home loan comparison tool.

* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loan Awards

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