Tic:Toc tactic is 22 minutes for home loan approval
Tic:Toc founder and CEO Anthony Baum
Australia-based start-up Tic:Toc has launched an online home loan platform, offering customers approval in 22 minutes, instead of 22 days.
The firm is backed by Bendigo and Adelaide Bank, as well as the State Government in South Australia, which approved a $900,000 grant to Tic:Toc through its Investment Attraction Agency’s (IASA) Economic Investment Fund.
Tic:Toc’s online lending platform uses a digital system to assess and approve an online application in real-time, without the need for a human credit assessor.
Tic:Toc founder and CEO Anthony Baum says the “beauty of being a digital business is we can base ourselves anywhere in Australia” and the country “has one of the highest take up rates of online banking in the world”.
Baum adds: “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.”
There will be the usual competition in some shape or form. Back in May, UBank, a subsidiary of National Australia Bank (NAB), launched RoboChat, Australia’s “first virtual assistant” for online home loan applications.
Along with its speedy tactic, Tic:Toc says it is creating new jobs in South Australia including relocations from Perth and Sydney to Adelaide to expand its 14-person office.
The start-up was founded in 2015. It says it expects to create up to 200 full-time positions over the next five years.
