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Tic:Toc cuts mortgage rates to encourage refinancing

Tic:Toc cuts mortgage rates to encourage refinancing

Tic:Toc is the latest online lender to slash interest rates outside of the traditional RBA cash rate cycle, to encourage refinancing by offering Australia’s lowest fee-free investor variable P&I rate.

Investors paying principal and interest will now be able to benefit from an interest rate of just 2.19 per cent (comparison rate 2.20 per cent), down from 2.33 per cent.

For owner occupiers, Tic:Toc’s live-in variable P&I rate is being reduced by 15 basis points to 2.04 per cent (comparison rate 2.05 per cent).

Tic:Toc head of marketing and communications, Laura Osti, said that Tic:Toc wants to prove to Australians that refinancing to a lower rate isn’t a burden, but a right.

“There’s no excuse to sit on an interest rate that’s not competitive. With no fees and a faster process, Tic:Toc customers can take control for themselves and get a better rate now. And that means if our customers can find a better fee-free rate than what we can offer, we’re happy for them to do what’s best for them.”

Tic:Toc’s announcement follows hot on the heels of online lender Athena, which also recently slashed its variable rates to help encourage Australian mortgage holders to refinance.

Before you consider refinancing, it’s important to compare interest rates, features, benefits and more from a range of lenders, including online lenders and traditional banks, as the best mortgage for you may not come from the lender you expect. A mortgage broker may also be able to help you find a home loan that suits your personal goals and financial situation.

Company
Product
Interest Rate

1.99

% p.a

Variable

Comparison Rate*

2.05

% p.a

Repayment

$1,270

monthly

Go to site
Company
Product

Standard Variable Loan

Real Time Rating™

0.00

/ 5
Interest Rate

3.74

% p.a

Variable

Comparison Rate*

3.78

% p.a

Repayment

$935

monthly

Go to site
Company
Product

Basic Home Loan

Real Time Rating™

0.00

/ 5
Interest Rate

3.09

% p.a

Fixed - 3 years

Comparison Rate*

2.41

% p.a

Repayment

$1,437

monthly

Go to site
Company
Product

Base Variable Rate Home Loan

Real Time Rating™

0.00

/ 5
Interest Rate

2.99

% p.a

Variable

Comparison Rate*

3.03

% p.a

Repayment

$1,421

monthly

Go to site

Cashback

$2,000 cashback when you refinance a loan of $250,000 or more

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This article was reviewed by Head of Content Leigh Stark before it was published as part of RateCity's Fact Check process.

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