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An Australian fintech has announced that it will be expanding its business to Tasmania, amid increased buoyancy in the state’s property market.
Tic:Toc, a fast online home loan approval system, has expanded its service to Tasmania.
Chief executive officer Anthony Baum said that he was pleased to break into the new market and hoped it would help meet rising demand from inter-state borrowers who wish to invest in Tasmania.
“We have had a lot of customer enquiry about purchasing property in Hobart, particularly from investors living in NSW, and we’ve had to turn them away, until today,” Mr Baum said.
“We’re so excited to now be able to assist these customers get a better home loan experience online, with all of the unnecessary costs stripped from the process.
“We wanted to bring Tic:Toc to as many Australians as possible, as soon as possible, which meant not having a solution to verify customers’ identities at settlement in Tasmania at launch. We’ve worked hard to ensure Tasmanians and those investing in Tasmanian property can now benefit from Tic:Toc, too.”
The Tasmanian market has been performing strongly recently, with research from CoreLogic RP Data showing that Hobart has had the largest year-on-year home value increase.
Tasmania’s capital has seen an 11.49 per cent property value increase, ahead of Melbourne (10.10 per cent) and Canberra (5.84 per cent).
Inter-state investment has accounted for 23 per cent of home sales in Tasmania, with the gross value of sales up by 22.7 per cent from the September quarter of the previous year.
[Related: Tic:Toc to undercut broker distribution in white label play]
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