An awards night held by comparison site finder.com.au has celebrated the best finance products across 20 categories including three in home loans.
The gala event held in Sydney saw fintech lender Tic:Toc take away three awards, two of which were for home loan products.
Hosted by comedian Adam Spencer, judges had analysed thousands of products to find the best deals for customers. It also included Finder’s Innovation Awards, identifying the innovations across the industry which make lives easier.
Major lender ANZ took home two awards for its credit card products. Bank of Queensland won the third home loan award for Best Owner Occupier Home Loan – 3 Year Fixed for its Home Loan Privileges Package.
Tic:Toc was awarded Best Owner Occupier Home Loan – Variable; Best Investor Home Loan P&I Variable; and Best Tech Innovation.
The fintech’s founder and CEO, Anthony Baum, said the awards recognised the immense value Tic:Toc brings Australians.
He added, “It was so exciting for us to receive yet another source of validation for us that we’re filling a real need in the home loan market. It’s an industry that has been ripe for disruption, and we’re proud to have made such a big impact on behalf of the customer.
“Our technology eliminates many of the sources of friction in the home loan application and fulfilment process, including the manual paperwork. Our automation means we not only provide a huge time saving for Australians seeking home finance, but we also dramatically reduce the cost involved.
“We want to relentlessly pursue and embrace new technologies to ensure Tic:Toc remains the radical and smarter way to secure home finance.
“We think customers deserve better when it comes to home loans, and we’re thrilled to be changing the industry for the better.”
Tic:Toc uses technology to minimise the manual process of home loan assessment and approval.
Some of the tech-enhanced processes behind the online form and credit policy include: automated property valuation; digital personal verification; digital financial validation; and automated loan document generation and disbursement.
The group says this can condense full home loan approval to a 22-minute digital process, rather than a paper-based 22 day one.
