If you’re looking for a low rate mortgage, the Tic:Toc Variable Rate Home Loan is well worth considering with an interest rate of only 3.58% (3.59% comparison rate) for owner occupiers and 3.99% (4.00% comparison rate) for investors. The fintech lender has one of the fastest approval times in the market - it can literally approve your loan in 22 minutes! While you apply 100% online Tic:Toc also has customer support you can talk to over the phone or via an online chat.
The Tic:Toc Variable Rate Home Loan is suitable for those looking to borrow as much as 80% of the property’s value and loan amounts can range from $50,000 to $1,200,000. While there are $0 application fees required, if you choose to have an offset account active, which is a great way to reduce the interest on your home loan, you’ll pay $10 every month.
On the flexibility front, you can choose between weekly, fortnightly or monthly loan repayments, make extra repayments at any time, and if needed, dip into any additional home loan repayments free of charge via a redraw facility. At the end of the loan term, just be aware there is a $325 discharge fee.
Who it's good for:
Homeowners in the market for a low rate home loan that offers a quick application turnaround, while at the same time doesn’t fall short on the perks of an optional offset account and free redraw facility.
The maximum loan to value ratio is 80%, so to be eligible for this mortgage you’ll need at least a 20% deposit saved up.The Tic:Toc variable loan is only available for established dwellings so if you’re looking to buy off the plan or a block of land you’ll need to apply for a different home loan. To start your search, head over to Mozo’s home loan comparison hub.