Tic:Toc has become the latest lender to drop interest rates following last Tuesday’s Reserve Bank official cash rate cut, with the online lender now offering some of the most competitive home loan rates around.
The changes apply to a number of variable and fixed rate home loans, and come into effect immediately. Some of the highlights include:
• A 0.15% cut to the Variable Home Loan rate. Owner occupiers making principal and interest repayments will now be able to grab a rate of 2.84% (2.85% comparison rate*).
• A 0.15% cut to select Fixed Home Loan rates. Owner occupiers making principal and interest repayments will be able to access rates of 2.84% (2.92% comparison rate*) for 3 year fixed terms.
According Mozo’s home loan repayments calculator, the 0.15% cut would reduce repayments on a variable rate Tic:Toc home loan of $400,000 (for a borrower making principal and interest repayments over 25 years) by $31 a month, or $9,312 over the life of the loan.
Today's cuts also mean that Tic:Toc now sits in illustrious company.
That’s because, with a variable rate of 2.84% (2.85% comparison rate*), Tic:Toc’s Variable Home Loan is now among the lowest rates in the Mozo database and well below the current average variable rate in the Mozo database of 3.72%^.
So too is the Tic:Toc Fixed Rate. It’s rates of 2.84% (2.94% comparison rate*) for a 1 year fixed term, 2.84% (2.93% comparison rate*) for a 2 year fixed term and 2.84% (2.92% comparison rate*) for a 3 year fixed term all rank among the lowest in the Mozo database.
Ready to find out more? Here’s a snapshot of Tic:Toc’s variable and fixed rate loan offers.