Online applications are not new, plenty of places allow you to fill in a form on their website. But do they actually submit an application – and in the case of something that needs an approval – does it give you that instantly?

We all know the pain – you go to a website, hit “get instant quote” and fill in a form, only to find the quote is going to be emailed to me after I speak to someone on the phone.

Tic:Toc is all new – backed by Bendigo Bank among others, Tic:Toc leverages a whole bunch of online data and services to instantly check the information you enter.

And frankly, it’s bloody simple.

You enter your plan – new finance or refinance, then you give them your address or the address of the property you’re buying. Once you hit submit, the system checks real-time property information for a valuation. The difference and innovation here is that it gives you the thumbs up each step of the way.

This includes your identity. Passport, Drivers Licence, Medicare number, these things are all validated before you proceed to enter in your bank details.

Banking is where a lot of people might get nervous. You’re handing over read-only access to your bank statements to an online tool. It will check you are getting the credits of wages, and spending what you say you are.

That’s likely the hurdle where most people will come unstuck, but others will breeze through.

Honestly, I almost got right through the application today just testing it out.

If the pain of switching is a reason Aussies are sticking with their banks, that might all be about to change.

Tic:Toc founder and CEO, Anthony Baum, said the industry was ripe for innovation. “Australia has one of the highest take up rates of online banking in the world. The ondemand economy has shifted customer expectations when it comes to personal finance, but home loans have been left behind,” Mr. Baum said.

“We believe customers deserve a faster, easier and more transparent way to get a home loan; and Tic:Toc can deliver on this promise. It’s about time. “Other ‘online’ home loan providers digitise only part of the process, so while their application may begin online, it ends in the exact same way every other traditional home loan process does.

It’s a really impressive setup, and they’ll likely do very well with it. They probably should have checked a Google search for Tick Tock home loans because that’s someone else, and will be a bit confusing for some.

Web: Tic:Toc