An Adelaide fintech switched on its platform today following more than two years of development, claiming it can grant a home loan in just 22 minutes.
Tic:Toc says it has digitised every decision making step human loan officers go through, enabling the application and approval process to be shrunk down from the traditional 22 days.
“Other ‘online’ home loan providers digitise only part of the process, so while their application may begin online, it ends in the exact same way every other traditional home loan process does,” said Tic:Toc founder and chief Anthony Baum.
A company spokesperson said five steps are performed in the background while a potential borrower completes the application:
- Property valuation
- Assessment of borrowing power
- ID check – they verify the customer’s personal ID (e.g. driver’s licence, Medicare card) against government databases
- Credit check
- Financials validation: after the customer enters their financial information (income, expenses etc.), Tic:Toc uses Yodlee to digitally validate what they’ve told them. The company receives read only copies of their transactions, and can verify (or decline) what the customer has told them about their financial information in minutes. If the customer is uncomfortable providing their banking credentials, they can upload their statements (as they’d provide to a bank or broker) and Tic:Toc’s credit assessors will do the assessment within a business day
Tony Yoo – Business Insider Australia – 11 July 2017