Is Tic:Toc a bank?
No, we’re not a bank. But we’re bank-backed.
So what does it mean to be bank-backed?
Tic:Toc has the backing of Bendigo and Adelaide Bank, and they help us out in a few ways, like funding our home loans, providing our offset accounts and importantly, giving our customers the protections a bank has in the unlikely event something goes bad. Read more on the Financial Claims Scheme (FCS) and why it’s important our offset accounts are covered under the FCS.
More than that, we have an agreement with them to fund our Tic:Toc home loans. This means when you get a Tic:Toc home loan, any funds we loan you come from the Bank. Because our tech is so efficient at assessing customers for a home loan, we get market-leading pricing on those funds, which means we can offer customers bank-grade products but with really low rates and no fees. It’s a no-brainer.
Us and the bank? We go way back. As an initial funder in our early days, Bendigo and Adelaide Bank continue to be an important shareholder, too. They’re invested in our future.
All of this means you’re still a Tic:Toc customer, though. And we’re still a lender, with an Australian Credit Licence to boot.
What’s in it for Tic:Toc?
Partnering with a bank enables us to:
reduce our overhead costs and offer lower interest rates
focus on being a tech company to innovate in the home loans industry
combine the best features of a bank (like offering a real offset account) with the best features of a Fintech (like applying 100% online).