From today, Tic:Toc will be reducing its variable principal and interest (P&I) live-in home loan rate for new customers to a low 2.19% p.a. (2.20% p.a. comparison rate).
The new low variable rate comes with no upfront or ongoing fees and is available with a deposit as low as 10%.
It also comes with an optional offset account, and because Tic:Toc is backed and funded by Bendigo and Adelaide Bank, any money in the offset is covered by the $250k deposit guarantee scheme.
Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
5.69% p.a. | 6.16% p.a. | $2,899 | Principal & Interest | Fixed | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
5.99% p.a. | 5.90% p.a. | $2,995 | Principal & Interest | Variable | $0 | $0 | 80% | Apply in minutes |
| Promoted | Disclosure | |||||||||
6.09% p.a. | 6.11% p.a. | $3,027 | Principal & Interest | Variable | $0 | $250 | 60% |
| Promoted | Disclosure |
To put Tic:Toc's new low rate into perspective, Savings.com.au's research shows a number of home loans below 2.00% p.a.
While many of these loans are fixed rates, variable rate home loans that have a lower advertised interest rate include:
- Reduce: 1.89% p.a. (1.92% p.a. comparison rate*) variable rate for owner-occupiers on principal & interest payments with LVR of 60% or less.
- Easy Street Financial Services: 1.95% p.a. (1.99% p.a. comparison rate*) variable rate for owner occupiers borrowing at least $750,000 on principal & interest repayments with LVR of 80% or less.
- Pacific Mortgage Group: 1.99% p.a. (1.99% p.a. comparison rate*) variable home loan for owner-occupiers on principal & interest repayments with LVR of 60% of less.
- Loans.com.au: 1.99% p.a. (2.48% p.a. comparison rate*) one-year introductory variable rate for owner occupiers on principal & interest repayments with LVR of 80% or less.
- Illawarra Credit Union: 1.99% p.a. (2.93% p.a. comparison rate) two-year variable introductory home loan, or two-year fixed home loan for owner-occupiers on principal & interest payments.
However, these loans have either introductory interest rates, meaning they're temporary, or have higher deposit requirements than Tic:Toc's loan.
"We’re excited we can offer new customers such a sharp home loan rate, which at 2.19% and with no upfront or ongoing fees, delivers on Tic:Toc’s promise of a smarter home loan," Laura Osti, Tic:Toc Head of Marketing & Communications told Savings.com.au.
“The best part is, our digital application and assessment process means a faster and simpler experience.”
Savings.com.au's research shows refinancing to a 2.19% p.a. interest rate could save the average mortgage holder $241 a month in repayments (this is based on a $400,000 owner-occupier home loan making P&I repayments on an original rate of 3.33% p.a.).
It doesn't stop there: Tic:Toc are also offering a sharp fixed two-year principal and interest (P&I) live-in home loan of 2.09% p.a. (2.35% p.a. comparison rate).
Borrowers also only need a 10% deposit and there are no upfront or ongoing fees.
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