We offer a form of conditional approval at Tic:Toc, which is everything we can assess without knowing your property. Our preferred option is to give you full approval, giving you maximum confidence. But our digital application can work towards either. We understand everyone shops for a house differently, and sometimes conditional approval may suit your needs better. So, here’s how it works.
What does conditional approval (subject to property) with Tic:Toc look like?
Our conditional approval is for applicants who are red-hot ready to get a house and are actively attending opens and auctions. Once you receive conditional approval, you’ll have 60 days before the application lapses and you’ll need to resubmit your financials. So only apply if you’re confident you’ll be purchasing within the next two months.
Subject to property means we can assess you as much as possible until the only outstanding item we need from you is your choice in property. When you find the right one, just let us know and we’ll complete your assessment to hopefully give you full approval!
Our online application asks for details about the property you’d like to purchase. If you are seeking conditional approval (subject to property), we’ll only ask for the suburb you’re looking to purchase in. If you’re considering multiple suburbs, just choose the one you’re most likely to purchase in. When you find the right home down the track, let us know the address and we’ll update your application.
It’s important to understand our general application eligibility before applying, as we can’t lend to everyone or to all properties in all locations. If you’re unsure, just ask us. We’re available to chat 7 days over the phone or through our LiveChat.
We also run a credit check on your file during the application, so make sure you’re really ready (we’re not an online lead-capture form, we’re the real deal trying to give you a real, digital answer).
Our digital application has the ability to fully approve you on the spot. Our quickest ever full approval to date was just 58 minutes. But sometimes we can hit delays if we need a little more info. Opting for manual financial validation instead of securely linking your accounts slows us down significantly, and one of our Credit Assessors will need to step in to assist. Submitting an incomplete application or providing inaccurate estimates of your expenses (or any information regarding your income, expenses and debts which doesn't match your actual situation) also requires timely manual work. Again, make sure you’re really ready before you apply.
If your application is urgent or you’re trying to meet a deadline, please contact us as we may be able to escalate your application.
What does full approval with Tic:Toc look like?
If you’re super serious, you’ll know exactly which property you want to purchase. Go further than conditional approval and apply for full approval.
To give our full approval for the property we need to confirm its value by doing one of two things: conduct a satisfactory valuation, which we can do instantly as part of our application with an automated valuation (AVM) OR if we’re unable to get an AVM, receive a signed copy of the purchase contract (once you’ve made an offer).
We’ll always try to conduct an AVM first where possible, because (as the name implies) it’s automatic and, like, scary-good accurate and way faster. Not all properties or applicants will be eligible for an AVM, so if we can’t conduct one on the spot, we’ll need to order a desktop or a full valuation. This will take slightly longer. If you’ve already got a signed purchase contract, we can usually skip the valuation step (unless you require LMI, or if your property is classed as “high density” — then we’ll need to order a full valuation).
P.S: you’ll pay nothing for the valuation, even if we have to order a full valuation. Tic:Toc gobbles the cost. Because if we can't do it instantly using tech, we make it our problem, not yours.
To apply for full approval, give us the exact address and complete the rest of the application. We’ll let you know where you stand by giving you an answer on the spot: it’s either a “yes”, a “no”, or a “we need more info”.
If it’s a “yes”
Once we fully approve your application, we really mean it. Your last hurdle will be signing the documents and then settlement — after that, the house is 100% definitely, forever-until-you-sell, yours, and no one can steal the deed.
If it’s a “no”
Please don’t be offended if we decline your application. There are many reasons we might have to do this. We wish we could tell you specifically why sometimes, but we're not allowed to disclose the exact reason for declining an application.
If we find a red flag as you’re filling out the application, we’ll halt it and let you know straight away so you don’t waste any more of life’s most precious commodity — time. We check for things like address eligibility, your credit history, your status as an Australian citizen or permanent resident, and of course your financials.
We know that not everyone will be suitable for a Tic:Toc home loan. If you’re not a match right now, don’t hesitate to check again later in the future. We’re still friends, right?
If it’s a “we need more info”
We refer to this as a ‘refer’ (ha). If we need a little more information, we’ll refer your application to one of our Credit Assessors. This is where a member of our team will jump in to help bring your application up to scratch and over the line. Our Credit Assessors can usually move fast, and your application can sometimes be completed quite quickly, especially if you’re proactive in responding to their requests for more information.
Sometimes they’ll only need one or two things — some updated payslips or a bank account statement. Everyone’s unique, so if your specific situation is more complex than most, they might ask you to provide more detail. If you’ve chosen to validate your financials manually, they’ll typically need to request more info from you and it will take longer to assess your application. When you choose digital validation, they receive the exact same information, just much faster.
How do I bid at auction?
It’s common for buyers to bid with only pre-approval, which can be quite risky. Since auction sales are typically unconditional and final, you are required to pay your deposit immediately after the hammer falls. But with pre-approval, your lender hasn’t guaranteed to lend you funds, and could decline to lend (perhaps emotions ran high and you bid well over the top with an amount the lender was unprepared to lend you).
Or, you can aim for full approval, where you provide the exact address. We’ll take you and your application as far as we can — we’ll validate everything, run our checks, and will be waiting with the rubber stamp. If (and only if) we were able to run an automated valuation (AVM) during the application, you’ve been fully approved and you can go to auction with maximum confidence. (It’s normal for the selling agent to be shocked when you tell them your bid is unconditional on finance — Tic:Toc’s full approval is unique in the Australian market).
If we can't run the AVM, you won’t be able to bid at auction with full approval. We’ll need to order a full or desktop valuation before we can fully approve you. Or, if you’ve got a signed purchase contract already, send it to us so we can use the value from that.
There are a few scenarios where we won’t be able to run an AVM. If you require LMI, if you are purchasing a high density property, or if the property you’re buying has a value of more than $2 million — we won’t be able to run an AVM (sorry). Sometimes the property is just too obscure, or there’s not enough sales data on the suburb to run the AVM (looking at you, Thorngate SA).
If you intend on using full approval to bid at an auction, let us know. Speak with your Credit Assessor or chat with our Home Loan Specialists on 1300 842 405, or through our LiveChat. We can help you through the process.
What if I don’t get the property?
Whether you had conditional approval and your offer didn’t interest the vendor (it can be competitive out there!), or if you had full approval and your settlement fell through for some reason — just let us know. If you want to continue house hunting, we can help. If you need to change the suburb you’re looking in, or if you’ve found a specific property, contact your Credit Assessor or speak to one of our Home Loan Specialists over LiveChat or on 1300 842 405. There’s no need to submit a new application (and incur multiple credit checks!). We can alter your existing application.
Read more about applying for a Tic:Toc home loan.
Related articles from our Home loan guide
The top 3 things to know before applying for a home loan
Is your financial situation serviceable? Serviceability explained
Getting a home loan online - is it safe?