Always check that the lender you are applying with has an Australian Credit Licence. If the lender you’re thinking of applying with is trying to get you to pay money before you’ve even been approved. Upfront costs for quotes or pre-approvalĪpplying for a home loan shouldn’t cost you anything. When looking at online home loans, you do need to make sure you apply with a reputable lender that is offering a true online home loan (and isn’t just gathering information). ![]() Not all online home loans are created equal. This standard is currently used by most banks in Australia, so you better believe it’s secure. We encrypt your information according to the industry standard Transport Layer Security (TLS) 1.2. You can find out more about Yodlee and their general security statement here. And we only see the information we need to approve your loan application (which is exactly the same information you would provide to us if you chose to manually submit your documents). It is impossible for anyone to transfer, move or do anything else with your bank accounts aside from receiving a copy of your transactions. Once your financial validation has been completed they are completely obliterated, never to be seen again. As soon as your details have been entered and validated in the approval stage of your home loan application, they are encrypted, separated, and securely stored. We know it sounds odd asking for your banking login details but rest assured that nobody (not even Yodlee) sees them. This software fetches read-only copies of your transaction history from your bank. In order to validate your financial information we ask you to enter your online banking details using software by Yodlee. They are available via phone or email to answer all of your questions and help you through the application process. Our delightful customer service team is available every day from 8am to 6:30pm (AEST) on weekdays, and 9am to 5pm (AEST) on weekends. They make sure our security is always up-to-date and state of the art. Our dedicated security operations centre is responsible for securing our system, identifying vulnerabilities and responding to security events. Here’s how we keep things safe and sound: 1. We want to make the home loan process as quick, easy and secure as possible. Mr Baum revealed that Tic:Toc is currently in negotiations with interested parties looking to opt in to the platform, with the fintech to make an announcement “relatively soon” regarding a major reseller agreement with a “large industry player.At Tic:Toc, we pride ourselves on our security and our customer service. “We do run it as a separate business and effectively the direct business is a customer of the enterprise business.”īendigo and Adelaide Bank – which holds a minority stake in the fintech – signed a white-label agreement with Tic:Toc in 2019, becoming the first lender to offer Tic:Toc technology under its own brand. “At the moment, we’re very comfortable with the combined strategy of running a direct business and running the enterprise business separately,” he said. However, according to Mr Baum, the fintech has no immediate plans to phase out its customer-facing business, which is reportedly experiencing 8-10 per cent growth each month. ![]() He added: “The best to develop those technologies is to be understanding of what they do to the customer, which means you need a direct business for a period at least.” In response, Mr Baum said the rollout of its SaaS platform was part of a broader strategy to leverage its customer-facing business to build and develop an enterprise business. Speaking to Mortgage Business, Tic:Toc CEO and co-founder Anthony Baum was asked why the fintech has opted to share its processing capabilities with competitors. The fintech claimed that its customer-facing home-lending businesses, which has already adopted the platform, has experienced an 85 per cent assessment efficiency improvement while also maintaining credit quality, with the fintech revealing that the platform does not have any loans more than 30 days in arrears in its $600-million portfolio. Last week, fintech lender Tic:Toc Home loans announced the launch of its inaugural “software as a service” (SaaS) product, XAI Validate, which has reportedly been designed to simplify the home loan application process for lenders and brokers.Īccording to Tic:Toc, its new service seeks to address pain points associated with compliance relating to responsible lending obligations under the National Credit Act by enabling users to gain a deeper insight into a borrower’s income and expenses in a more timely manner.
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