Tic: toc uses technology to speed up the approval process. It can validate a client’s income, assets and expenses and deliver the documents in about 60 minutes. Its arrears rate is around 12 basis points compared to the 1970s industry averages to highs.
“We generate an asset quality that is approximately five times the industry average,” Mr. Baum said.
“If you are a bank and have access to the fastest growing channel at the lowest cost of ownership generating top quality asset quality, why don’t you partner intensively and pull you take advantage of their capacity as market leader?
Tic: toc claims that its loan assessors, who oversee the process, are able to get 7.3 results per day compared to a fully manual banking process at a bank where assessors get much less with an execution rate of d ‘about one a day.
The average loan paid is around $ 500,000 or in line with the standard mortgage. About 60 percent of successful applicants seek refinance with loan-to-appraisal ratios in the mid-1960s. About 35 percent are first-time buyers.
Mr Baum says loan application volumes remain high and the platform has not seen a drop in requests since the introduction of tighter restrictions in Sydney and Melbourne last week.
“In fact, it’s the opposite. June was a record, May was a record, April was a record before that and we are on track to deliver another record in July for submissions, approvals and settlements, ”said Mr. Baum.
“If you think about it, if you’re stuck, now is a great time to refinance because you can save money. If you are one of our fastest clients, you will have the loan documents in your inbox the same day. The savings are significant.
Tic: toc is not limited to using Bendigo financing if growth exceeds what the bank can make available to it. FinTech has a white label product with Aussie and offers a software as a service offering in Australia and New Zealand.