In July 2017, South Australian-based fintech Tic:Toc, launched the world’s first online home loan platform, offering eligible customers full home loan approvals in just 22 minutes.
The 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.
The project is expected to create almost 200 full-time, highly skilled local jobs and win the state a bigger share of the A$1.6 trillion national mortgage industry.
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 lending landscape on a world stage.
Tic:Toc founder and CEO, Anthony Baum, said he was excited to establish a world-leading company in Adelaide.
“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.
“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.
“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.”
Bendigo and Adelaide Bank backs Tic:Toc; underwriting the loans and supporting the development and launch of the business.