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Digital home loan platform Tic:Toc and NRMA Insurance have announced a partnership to introduce NRMA Home Loans. According to NRMA, the digital home loan product offers a “competitive rate and easy application process” with Tic:Toc managing the home loan application process through to settlement.
The partnership has been funded by non-major bank Bendigo and Adelaide Bank, along with invesments in Tic:Toc by IAG Firemark Ventures. Tic:Toc and NRMA Home Loans first commenced with its partnership in 2018.
The new home loan product offers variable and fixed-rate home loans for both owner-occupiers and investors, along with the option to include an offset account and a linked Visa debit card.
NRMA Insurance chief executive Julie Batch commented: “We’ve helped Australians protect their homes for nearly 100 years and now we’re extending our help to home loans. NRMA Home Loans will enable us to meet more customer needs across the home ownership journey.”
This offering is not available through the broker channel and is direct-to-customer.
“This is an opportunity for us to deepen our long-term relationship with existing customers and attract new customers early in the home buying process,” Ms Batch said.
“NRMA Home Loans will help customers by offering a competitive rate and through our partnership with Tic:Toc, offering a fast and simple application experience.”
Founder and CEO of Tic:Toc, Anthony Baum, stated the platform has made the home loan application process “smarter, faster and simpler”.
“Customers can apply for a home loan and finalise their application in less than an hour,” Mr Baum said.
“The demand for digital home loan experiences is growing exponentially, with fully digital home loan processes already being offered by an increasing number of lenders and brands in market, a number of which are powered by Tic:Toc.
“We expect this trend to continue with more and more customers seeking low-cost home loans via a seamless digital experience.”
Tic:Toc obtained accreditation from the Australian Competition and Consumer Commission (ACCC) to operate as an unrestricted accredited data recipient (ADR) under the Consumer Data Right (CDR) in mid-March this year.
The digital home loan platform announced in February 2023 that its platform powers Qantas Money Home Loans, a white label mortgage offering through Qantas’ money service Qantas Money, while giving borrowers up to 100,000 Qantas Points per year.
Since the Qantas Money Home Loan is powered by Tic:Toc, it’s only currently available direct and utilises the digital lender’s technology to confirm borrower details in real time to “get an answer in minutes”.
[RELATED: Tic:Toc obtains CDR accreditation]