TICTOC HOME LOAN REVIEWS MANUAL

About 35% are first-home buyers.īaum told AFR that Tic:toc hasn’t seen a drop in applications even with the advent of tougher lockdown restrictions in Sydney and Melbourne. About 60% of successful applicants are seeking to refinance with loan-to-valuation ratios in the mid-60s. The average loan at Tic:toc is around $500,000, in line with the standard mortgage, AFR reported.

TICTOC HOME LOAN REVIEWS MANUAL

At a bank with a fully manual process, assessors achieve a run rate of around one per day. Read next: Fintech lender gets ASX-backed listingĪccording to Tic:toc, its loan assessors achieve 7.3 outcomes per day. “If you’re a bank and you’ve got access to the fastest-growing channel at the lowest operational cost generating industry-leading asset quality, why wouldn’t you partner up extensively and leverage their market-leading capability?” “We are generating asset quality that is around five times the industry average,” Baum told AFR. Its arrears rate is around 12 basis points, compared to an industry average in the mid-to-high 70s. It can validate a prospective borrowers income, assets and expenses and deliver the necessary paperwork in about 60 minutes, according to AFR. Tic:toc’s platform speeds up the mortgage approval process.

Australia’s banks still collect the vast majority of Australia’s savings, and I don’t see that changing.” “It’s a logical partnership for us because what it enables us to do is focus on making our technology better and our customer experiences better.

“If we are able to maintain a five to 10% market share of digital and we are able to do that as digital trends towards the 30% of the market, which we think it will in the medium term, that’s a big market share,” Baum told AFR.

Anthony Baum, founder and CEO of Tic:toc, says the fintech platform has settled about $1.7 billion in loans on Bendigo’s balance sheet, and that the agreement will underpin the next phase of Tic:toc’s growth, AFR reported.

Tictoc home loan reviews