paying 4.89% variable rate with tictoc but their website has 4.56% variable rate for new customer. Advertised rate looks good in current time . Its no frill loans .
Variable P&I LIVE-IN
4.56% p.a. Interest rate
4.57% p.a. Comparison rate
Dance monkey dance, or we'll put up your rates.
Dance monkey dance, uh oh, sorry it's too late.
Experience of TicToc being with them the last year
Repeatedly up rates beyond RBA increases. Constantly offer less to new than old. Force customers to call, and jump through hoops to get a revised rate. Take 30 days to do increases, and 60-90 days to do decreases. Have repeatedly taken time to then negate and change and increase due to RBA.
E.g. was 4.11%. They agreed to drop it to 3.99% to match the new rate. RBA went up .25. They not only upped the rate, they then never completed the drop, so it went to 4.36% and had to go through it all again. But because they take 60-90 days to do the decrease you never see it drop as RBA pushing up. All in all, not much worse than others, just annoying and better providers out there.
People choose small el cheapo lenders then can't work out why they don't get the service of the big pricier lenders.
I choose a lender who is backed 5th largest lender voted best customer service in the sector.
I left large banks as whilst TicToc take 60 days to reduce, NAB, Westpac, ANZ and CBA all haven't actually answered my calls nor replied for 60 days. They're far far worse.
mind dm who's the lender? i am about to give up in my search.
nowadays even big banks are getting into the action (lol. tbh, if we follow the money it will end up going to major banks)…
@slowmo: TicToc is owned by Adelaide & Bendigo bank. Who are 5th largest and also win on customer service.
I'm about to move after the last rate decrease just got reset again today due to yesterdays rate rise.
Moving to Unloan and see how that goes.
@mxlmxlmxl: I just put in a ubank app, would love to know how unloan goes for you, the reviews looked horrible.
@mxlmxlmxl: don't go with Adelaide & Bendigo..wasn't good to me. Customer service just terribly bad since the beginning, had to made complaint to higher level at the end they apologised. Non negotiable for rates, I moved to HSBC now.
Gee this is really good feedback. Thanks for letting us know!
They always caught my eye when comparing rates but the absolute d*ck move of raising rates beyond the RBA multiple times when no one else is doing this is damning.
This comment should be linked any time anyone mentions them.
This has not been my experience.
All rate rises were matching the RBA in the past 12 months. Once their advertised rate started being lower than my rate, I sent a message through my online banking asking them to review the rate. They dropped it to their adverstised rate within 3 days. No phone calls, no waiting.
They then dropped their advertised rate to this new 4.56%so I messaged them again through the online banking and within 3 days they dropped my rate to match. Yes we shouldn't have to ask, but to their credit they have actioned mine quickly.
This may not be everyones experience, Im assuming loan size and other factors come into it. But I never have to call them when I want to make a change (like direct debit amount) - I just use their online messaging system.
So for me its always been a positive experience.
I wish mine had been that way. I would stay! :(
A bit late but i thought i'd comment just in case anyone else is reading through past deals and sees all the negative posts in this thread.
I sent them a message 9 days ago asking to review my rate and they responded today saying they're going to drop my 5.14% to 4.79%, so i'm happy.
Thanks for the tip.
was looking to change lenders, and trust pilot reviews seems to not be convincing.
just moved to Unloan - 4.44%, was with Westpac 6.66%, spoke to them they dropped to 4.79% - see ya
Adelaide and Bendigo Bank are a bank and been fine for me.
personally i think those banks are fine. but some of the things involves rate increases but very slow in the decreasing… is featured quite frequently in a lot of those comments.
depends on where you are at with your current lender, that sort of 'tactics' is something i'd avoid.
my current lender increase/decrease rates at around the same time so it's consistent, albiet more expensive. they offered me 4.79% (i think most of the major banks landed at this rate) to keep me. so it's more about trusting the new lender wouldn't pull a fast one and do what @mxlmxlmxl is saying above.
my conclusion is if you are on a fixed rate with them, no dramas. it gets iffy when it's variable and you need to give them a push to 'update' your rates accordingly (if you look at the T&Cs, they don't have to… but well)
"Tictoc" now, there's a name for a home lender that would instill confidence …(not)
Might as well call it 'Here today/gone tomorrow" loans company
unfortunate names aside…
i guess you need to keep up.
honestly, people been crying about major banks having 'monopoly'.. now there are many digital lenders with licences and you cry about them too?
it's not mickeymouse and sons pty ltd
Hey I'm all for competition. No ones crying. Its just a stupid name for a lender imho
So glad I went fixed with them when everyone was getting the 1.89% variable. Their fixed at the time was the lowest and with an offset account even better.
Plus your loan is with Adelaide and Bendigo Bank once everything is approved.
You win!
It was a no brainer when people were still talking about how good the variable rate was just as the media started talking interest rate rises. Variable is always risky.
fixed for 5 years?
How's people's experiences with unloan. I haven't found any deal on ozb so far.
Interested too! Applied to ubank and will probably give unloan a go too!?
To answer my own question, applied to unloan and got approval in a week. All process was online…pretty happy so far 4.48% variable.
Left tictoc last week as they moved me to 5.19% variable in Jan and wouldn't negotiate a lower rate over the phone. Sent the case to their review team who just sent an email back saying 5.19 was the best they could do. Can put up with shit services if you have a good rate but 5.19%? Ha good riddance
No osko pay or payID. Transfers take days.
Forced to use Adelaide bank app which is still stuck in 2010 and has a very clunky interface.
Doesn't have biometric sign in.
Bank transfer transactions renamed to some random letters and number that make it impossible to know any details of the transaction like to who and what account.
Yowl 5.19%. Not used to seeing 5. anything yet
Guess it's coming though
For online/digital bank their online platform is horrible and have no app. Have to use Adelaide Bank app which is terrible as well.
They have increased my rate beyond RBA increases in last 12 months.
Doesn't include yesterdays 0.25% increase