Instant Home Loans Launched, With Full Approval In 22 Minutes


South Australian based fintech Tic:Toc, today announced the launch of its world first instant online home loan platform, offering eligible customers full home loan approval in just 22 minutes.

Tic:Toc, an Australian online lending platform backed by Bendigo and Adelaide Bank, uses a digital decisioning system to assess and approve an online application in real-time, without the need for a human credit assessor.

This allows Tic:Toc to radically improve turnaround times from the typical 22 days to just 22 minutes, as well as pass on the cost savings of digitisation to the customer via competitive interest rates and no application, settlement or valuation fees.

By delivering the first genuinely online and fully automated home loan, Tic:Toc aims to redefine the way customers secure home finance, and disrupt the home finance landscape on a world stage.

Tic:Toc founder and CEO, Anthony Baum, said he was excited to establish a world-leading company in Adelaide.

“The beauty of being a digital business is we can base ourselves anywhere in Australia, and deliver the same great service to all our Australian customers.

“Fintech is a major growth sector, both internationally and within Australia. As a proud South Australian, I find it satisfying to launch and grow a major national fintech company from Adelaide.”

Mr. Baum said the Australian market was ready for a fully digital home loan.

“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. It’s about time.

“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,” said Mr. Baum.

Bendigo and Adelaide Bank backs Tic:Toc; underwriting the loans and supporting the development and launch of the business.

Bendigo and Adelaide Bank Managing Director, Mike Hirst said the Bank is pleased to support Tic:Toc to launch this unique approach to home finance.

“We believe it’s important for customers to have choice when it comes to how to interact with a financial institution, and we believe Tic:Toc offers an appealing alternative for eligible home buyers and home owners.


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