Australian fintech operator Anthony Baum has launched a complete online home loan platform - backed by Bendigo and Adelaide Bank - which is deemed to be the first of its kind in the world.
The Adelaide-based business platform is called Tic Toc and claims to provides its customers with mortgage decisions in just 22 minutes, instead of as much as 22 days in some cases.
Tic Toc CEO Anthony Baum has extensive experience in both the finance and banking sectors and says the opportunities in property and mortgages for the digital economy are endless.
“Fintech is a major growth sector, both internationally and within Australia. As a proud South Australian, I find it satisfying to launch and grow a major national fintech company from Adelaide,” Baum said.
“Australia has one of the highest take-up rates of online banking in the world. The on-demand economy has shifted customer expectations when it comes to personal finance, but home loans have been left behind.”
The fully automated digital home loan platform will not only slash turnaround times, but also pass on the cost savings of digitisation via competitive interest rates and no application, settlement or valuation fees.
“The beauty of being a digital business is we can base ourselves anywhere in Australia and deliver the same great service to all our Australian customers,” Mr Baum said.
Tic Toc is based in Adelaide and expected to create 200 full time jobs over the next five years.