South Australian-based financial technology (fintech) company Tic: Toc recently launched the world’s first complete online home loan platform offering customers home loan approval in just 22 minutes, instead of 22 days.
The world leading fintech company has its head office in the Adelaide CBD and has partnered with Bendigo Adelaide Bank to bring 200 new jobs and investment in banking to South Australia.
By delivering the first genuinely online and fully automated home loan, Tic:Toc hopes to redefine the way customers secure home finance, and disrupt the home finance landscape on a world stage.
The investment is expected to result in a $209 million contribution to GSP by 2025-26, achieving gross impact on GSP of $758 million over 10 years in 2015-16 values.
Tic: Toc founder and CEO, Anthony Baum said 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.
“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.”