Modern technology gives us many things.

How online lender Tic:Toc can approve a home loan in just 22 minutes


Years ago you almost had to get down on your knees to get a bank to lend you money for a home loan but today that process can take as little as 22 minutes with new online lender Tic:Toc.

Thanks to this connected world we live in, Tic:Toc can give you an answer on one of the biggest financial decisions of your life in 22 minutes, not 22 days.

This streamlined practise has come about thanks to the connected and automated process that once used to take days and weeks to complete.

Tic:Toc is based in South Australia and offers the world’s first complete online home loan platform.

The online business is backed by Bendigo and Adelaide Bank after being awarded a $900,000 grant from the South Australian government.

“The Australian market was ready for a fully digital home loan,” said Tic:Toc founder and CEO Anthony Baum.

“Australia has one of the highest take up rates of online banking in the world.

“The on-demand economy has shifted customer expectations when it comes to personal finance, but home loans have been left behind.

“We believe customers deserve a faster, easier and more transparent way to get a home loan; and Tic:Toc can deliver on this promise.

“Other ‘online’ home loan providers digitise only part of the process, so while their application may begin online, it ends in the exact same way every other traditional home loan process does.”

So how does it work?


Not everyone can apply for a home loan through Tic:Toc.

To be offered a loan, a customer must have at least 20 per cent deposit for the property they want to buy as well as the fees and charges.

The property you’re purchasing must be in a major capital city which, at this stage, excludes Tasmania and the Northern Territory. But they’re working on that.

Customers applying for a home loan must also provide at least one form of government ID like a passport, driver’s licence or Medicare card.

Of course, just like any other loan, you also must demonstrate you have the ability to repay the minimum loan amount.

Tic:Toc performs a credit check and can even check the value of your current property.

There are plenty of benefits from using the Tic:Toc service apart from the fast 22-minute turnaround.

There is also no paperwork and you can apply 24/7 even from your smartphone.

And because there are less people involved in the process, Tic:Toc can offer competitive rates and don’t charge any upfront fees.