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.

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