Tictoc is doing 2.9% interest on P&I home loans. They do have offset but with $10 additional fees per month.
Investment loans -
Variable - Principal & interest loans.
3.35% p.a. Variable rate - 3.36% p.a. Comparison rate.
Interest only variable - 3.55% p.a. Variable rate.3.38% p.a.Comparison rate.
Fixed Principal & interest loans.
3.09% p.a. 1 year fixed rate. - 3.34% p.a. Comparison rate.
Interest only fixed -3.25% p.a. 3 year fixed rate. - 3.33% p.a.Comparison rate.
Anyone have a loan with these guys?
Do they pass on FULL rate cuts to existing customers?
Previous discussion -> https://www.ozbargain.com.au/node/455595
But largely comments in above thread is positive.
I do, and no they do not pass on the full amount.
Other than that I've been happy with them but not much to judge on really as I just have a home loan with offset for my PPOR.
Also, how often do they increase rates for existing customers?
From their CSR: For the past 2 RBA cash rate reduction, they have reduced the variable rates for live-in by 20 basis points each time.
I had one increase not long after I signed up with them in 2018, since then I've had two decreases. Currently on 3.24%.
Really good rate, but not sure worth the trouble for me refinancing from nab to save $2,520 per year.
I'll refinance for you if you give me 2520 a year.
They don't provide finance for off the plan 😢
spoke to a rep about this and they do provide finance if your off the plan is ready to be valued (which is when you would take out the loan anyhow) - so basically no pre-aprovals but they will provide finance so long as they are able to value the place
I'll give them call and confirm. Previous advise was provided from their Facebook support.
https://www.tictochomeloans.com/get-tictoc-ready
To be borrowing at least $50K but no more than $2 million, to buy (or refinance) an established home worth at least $150K (not land, or off the plan).
No dice. They said the purchase contract will state off the plan and they do not provide finance for this.
Money is so cheap right now. If you aren't investing in something right now, you're going backwards
Do they offer refinancing under $150k loans?
minimum $50k, as long as property is above $150k
basically instead of giving the $1000 cash back, they are offering 0.08% discount.
a bit worrying, as now they will have two sets of customers, existing on 3.07% and new on 2.99%
100% online banks not good for new house builds - OK for existing house buys
Why is that?
Too slow with progress payments so build takes longer.
Many don't do construction loans at all as the people putting up their money won't take land only as security. Something to do with risk ratios and a house on a block (even if derelict) is still better than a vacant site.
Should be advertising their IO investment loan instead!
3.55% p.a.
Very attractive!