Tic:Toc has become the latest lender to cut interest rates after the Reserve Bank’s official cash rate cut last Tuesday, with the online lender now offering some of the most competitive home loan rates in the market.
The changes apply to a number of variable and fixed rate home loans and are effective immediately. Some of the highlights include:
• A decrease of 0.15% in the variable rate of the mortgage loan. Owner occupiers repaying principal and interest will now be able to benefit from a rate of 2.84% (comparative rate of 2.85%*).
• A reduction of 0.15% on certain fixed mortgage rates. Homeowners repaying principal and interest will be able to access rates of 2.84% (comparator rate of 2.92%*) for fixed terms of 3 years.
According to Mozo’s home loan repayment calculator, the 0.15% reduction would reduce repayments on a $400,000 variable rate Tic:Toc home loan (based on a borrower paying principal and interest over 25 years) by $31 per month, or $9,312 over the life of the loan.
Today’s cuts also mean that Tic:Toc is now in illustrious company.
Indeed, with a variable rate of 2.84% (comparison rate of 2.85%*), the Tic:Toc variable mortgage is now among the lowest rates in the Mozo database and well below the current average variable rate in the Mozo database of 3.72%^ .
The same goes for the Tic:Toc fixed rate. These are rates of 2.84% (comparison rate of 2.94%*) for a CDD of 1 year, 2.84% (comparison rate of 2.93%*) for a CDD of 2 years and 2.84% (comparison rate of 2.92%*) for a 3-year CDD. all rank among the lowest in the Mozo database.
Ready to discover more? Here is an overview of Tic:Toc’s variable and fixed rate loan offers.