Applying

How and when will my credit history be affected when I start an application?

Once you get to the personal details section of our application and agree with our Privacy Policy and Credit Guide, our platform will trigger a credit check from the two main credit reporting bodies in Australia: Equifax and Illion.

How does a lender get my credit score?

Credit scores generally range from 0 to 1200, with higher scores suggesting lower risk to the lender. They are calculated by the credit reporting bodies using information in your credit report, including your repayment history; length of credit history, how much debt you have and the types of credit you've applied for.

Higher credit scores are an indicator that you’ve demonstrated responsible credit behaviour, making lenders more likely to lend to you, while lower scores may make it harder for you to qualify for a loan or get a lower interest rate.

You can improve your credit score by making your repayments on time, paying off your debts quickly, keeping your credit card balance well below the limit and only applying for credit when you're serious.

Credit reporting bodies supply us with your credit history report (and your credit score) so we can responsibly assess you for your home loan. Our enquiry remains on your file, which is like having a post-it that says "Applied for a Tiimely Own home loan". This is a standard check that all lenders do for both pre-approval and full approval.

Do multiple loan applications affect my credit rating?

Having multiple credit enquiries on your file can impact your score negatively, particularly when made in a short period of time, because it can look like you're shopping around for lots of different loans. Lenders may ask you to explain recent enquiries on your credit report if they cannot reconcile them to your existing credit commitments.

If I have a good credit score will I automatically get approved?

A good credit score isn't the only thing lenders use when assessing your application. There are many other factors that lenders need to consider, and each lender has their own requirements.

If you're interested in learning more about how credit reporting works or to check your credit score, you can visit:

• Equifax Australia www.mycreditfile.com.au
• Illion Australia www.checkyourcredit.com.au

Each lender has their own lending criteria, and these are the basis for their credit decisions. When we assess a home loan application, we look at a number of different sources to decide if we can approve it.

There are a few reasons why your application may not have been approved, including:

• Your loan repayment capacity, taking into account your income, expenses, existing financial commitments, and the ratio of debt to your income.
• The nature and stability of your employment.
• Your credit history, which we obtained from Equifax and Illion.
• The value of your property compared to the size of your loan.
• The property linked to your application may not meet our specific credit criteria.

We know that not everyone will be suitable for a Tiimely Own home loan. However, we’ll let you know if there’s a better fit with one of our partner lenders. If you choose to go through our in-house broker service we’ll match your application (with your permission, of course) against our panel of 30+ lenders and 1000s of home loan options without you having to reapply. Learn more about our in-house broker service.

At Tiimely Home, it’s not essential. With expert guidance from our friendly in-house broker team, we’ll match your details with a Tiimely Own home loan, or, we’ll let you know if there’s a better fit with one of our partner lenders.

A Tiimely Own home loan is the smart choice for a low-rate loan with fast approval, but it’s not for everyone. Our in-house broker service provides major bank loans and supports complex situations with extended loan features such as split loans, guarantor loans, and construction loans.

During the application process we’ll ask you what the loan is for and what your goals and objectives are from acquiring the loan.

We’ll also help you narrow down things that are important to you like;

• If you want to pay the loan down quickly
• If you prefer knowing how much your repayments will be so you can maintain a budget (i.e. fixed rate) or if you prefer loan flexibility (variable rate)
• How often you’d prefer to make repayments
• Whether you want features with your loan such as an offset account and redraw facility.

Based on your answers, we'll recommend some loan options that best suit your needs. Once you've selected the most suitable option, we'll proceed with the financial assessment.

If you don’t qualify for a Tiimely Own home loan or a loan from one of Tiimely Home’s partner lenders, we’ll let you know upfront so we don’t waste your time. And if you’re approved, you’ll have your answer in a matter of minutes.

That’s the beauty of our real-time online application process and it’s what’s made us a standout provider in the home loan sector.

Here's what you need to know based on your employment type.

Full-time and permanent part-time PAYG roles

you've held your job for 6 months, or

had 12 months of continuous service in the same industry

Dependent contractor PAYG roles

you've held your job for 6 months, or

had 2 years of continuous service in the same industry

Casual PAYG roles

you've held your job for 12 months, or

6 months if you’ve had 2 years of continuous service in the same industry

Self-employed roles

you've traded for 1 year, and

meet our other self-employment criteria

If you fall outside of any of these categories and we are unable to approve you for a Tiimely Own home loan, we encourage you to apply using our application form and we’ll direct you through to our in-house broker service. We’ll match your application (with your permission, of course) against our panel of 30+ lenders and 1000s of home loan options without you having to reapply. ​There’s no need to wait!

Yes, you will need to provide details of your income when applying to purchase or refinance a property. You will also need to verify this information by providing proof of income.

With Tiimely Home's digital verification, we can verify your income on the spot, typically without the need for further documentation. In some cases, however, we’ll need to see some old-school original documents.

Once you apply for a Tiimely Home loan, you’ll receive your log in credentials, which will allow you to log in and manage your account online. This will also allow you to check on the status of your loan application, if it hasn’t been approved on the spot.

You log in credentials will include your account details, a customer number and a temporary password, which you’ll need to change for security reasons (the usual annoying password rules apply, like including a number, a letter and minimum of eight digits).

If you misplace or forget your Customer Number or password, just contact us.

We’re committed to turning around your application in as little time as possible, but the time it takes us to get to your application can change depending on the complexity of your application, and how many applications we’re currently receiving.

After you apply, we’ll let you know if we’re experiencing any delays. Once we pick up your application for assessment, we start working towards approval. Things will move really fast here. It’s important that you check your eligibility and make sure you have the correct identification and documentation ready to apply, to help our Credit Assessors get your application fully assessed in no time.

Opting for manual financial validation instead of securely linking your accounts, submitting an incomplete application, or providing inaccurate estimates of your expenses (or any information regarding your income, expenses and debts which doesn't match your actual situation) may require manual work for you and our credit assessors. These things all slow us down significantly. So make sure you’re really ready before you apply and respond quickly to requests from our Credit Assessors to help get your approved faster.

If we need a little more information, we’ll refer your application to one of our Credit Assessors. This is where a member of our team will jump in to help bring your application up to scratch and over the line. Our Credit Assessors can usually move fast, and your application can sometimes be completed quite quickly, especially if you’re proactive in responding to their requests for more information.

Sometimes they’ll only need one or two things — some updated payslips or a bank account statement. Everyone’s unique, so if your specific situation is more complex than most, they might ask you to provide more detail. If you’ve chosen to validate your financials manually, they’ll typically need to request more information from you and it will take longer to assess your application. When you choose digital validation, they receive the exact same information, just much faster.

If your application is time-sensitive or if there is a deadline you’re trying to meet, please speak with our team to get an understanding of our current turnaround times. You can chat with us over LiveChat or on 1300 842 405.

Each lender has their own lending criteria, and these are the basis for their credit decisions. When we assess a home loan application, we look at a number of different sources to decide if we can approve it.

There are a few reasons why your application may not have been approved, including:

• Your loan repayment capacity, taking into account your income, expenses, existing financial commitments, and the ratio of debt to your income.
• The nature and stability of your employment.
• Your credit history, which we obtained from Equifax and Illion.
• The value of your property compared to the size of your loan.
• The property linked to your application may not meet our specific credit criteria.

We wish we could tell you specifically why sometimes, but we're not allowed to disclose the exact reason for declining an application. However, if you’re not a match right now, don’t hesitate to check again later in the future.

All the loans we have are available online only. Before you start the application process though, you’ll need to check your eligibility.

If you can answer yes to these questions, there’s a good chance you can apply for a Tiimely Own home loan. However, if you are not eligible, don’t worry. We can help you find a home loan to suit you via our in-house broker service.

• Are you buying or refinancing an established property (not off-the-plan or under construction)?
• Are you buying or refinancing a home or investment property in a capital city or major regional centre?
• Do you want to borrow at least $50k (and no more than $3m)? If borrowing more than $2m, do you have at least a 25% deposit?
• Do you have at least a 10% deposit or equity, plus savings to cover fees and charges such as stamp duty?
• Are you currently employed (either on a salary or self-employed)?
• Do you have at least one form of government ID, such as a passport, driver’s licence or Medicare card?
• Are you an Australian citizen or permanent resident who lives in Australia?

If you answered yes to all of these, we could be a good fit for each other.

Want to learn more about the loans we offer? Check out our home loans page.

Still have questions? Check out our FAQs or speak to our online chat consultants - they're real people ready to assist.

We offer a form of conditional approval for our Tiimely Own home loans, which is everything we can assess without knowing your property. Our preferred option is to give you full approval, giving you maximum confidence. But our digital application can work towards either. We understand everyone shops for a house differently, and sometimes conditional approval may suit your needs better. So, here’s how it works.

What does conditional approval (subject to property) with a Tiimely Own home loan look like?

Conditional approval means that we’ve assessed everything we can except for the property you’re buying (because you haven’t found one yet), so we’ll need to do a valuation when you find a property, and one final check to fully approve you for a home loan.

Subject to property means we can assess you as much as possible until the only outstanding item we need from you is your choice in property. When you find the right one, just let us know and we’ll do some other checks (including giving your property the double-thumbs up) to complete your assessment and hopefully it's full approval from there.

Your conditional approval is valid for 60 days. We’ll send a reminder before your approval expires in case you’d like to renew it. Please note, we’ll only be able to renew it once. You’ll need to start a new application once your approval expires – but it’s a straightforward process as you’ve already experienced, and our Customer Support team is here to help.

Our online application asks for details about the property you’d like to purchase. If you are seeking conditional approval (subject to property), we’ll only ask for the suburb you’re looking to purchase in. If you’re considering multiple suburbs, just choose the one you’re most likely to purchase in. When you find the right home down the track, let us know the address and we’ll update your application.

It’s important to understand our general application eligibility before applying, as we can’t lend to everyone or to all properties in all locations. If you’re unsure, just ask us. We’re available to chat 7 days over the phone or through our LiveChat. We also run a credit check on your file during the application, so make sure you’re really ready (we’re not an online lead-capture form, we’re the real deal trying to give you a real, digital answer).

Our quickest ever full approval to date was just 58 minutes. But sometimes we can hit delays if we need a little more information. Opting for manual financial validation instead of securely linking your accounts slows us down significantly, and one of our Credit Assessors will need to step in to assist. Submitting an incomplete application or providing inaccurate estimates of your expenses (or any information regarding your income, expenses and debts which doesn't match your actual situation) also requires manual work from our Credit Assessors. Again, make sure you’re really ready before you apply. If your application is urgent or you’re trying to meet a deadline, please contact us as we may be able to escalate your application.

How do I bid at auction?

It’s common for buyers to bid with only pre-approval, which can be quite risky. Since auction sales are typically unconditional and final, you are required to pay your deposit immediately after the hammer falls. But with pre-approval, your lender hasn’t guaranteed to lend you funds, and could decline to lend (perhaps emotions ran high and you bid well over the top with an amount the lender was unprepared to lend you). Or, you can aim for full approval, where you provide the exact address. We’ll take you and your application as far as we can — we’ll validate everything, run our checks, and will be waiting with the rubber stamp. If (and only if) we were able to run an automated valuation (AVM) during the application, you’ve been fully approved and you can go to auction with maximum confidence. (It’s normal for the selling agent to be shocked when you tell them your bid is unconditional on finance — Tiimely Own's full approval is unique in the Australian market). If we can't run the AVM, you won’t be able to bid at auction with full approval. We’ll need to order a full or desktop valuation before we can fully approve you. Or, if you’ve got a signed purchase contract already, send it to us so we can use the value from that. There are a few scenarios where we won’t be able to run an AVM. If you require LMI, if you are purchasing a high density property, or if the property. — we won’t be able to run an AVM (sorry). Sometimes the property is just too obscure, or there’s not enough sales data on the suburb to run the AVM (looking at you, Thorngate SA). If you intend on using full approval to bid at an auction, let us know. Speak with your Credit Assessor or chat with our Home Loan Specialists on 1300 842 405, or through our LiveChat. We can help you through the process.

What doesfull approval with a Tiimely Own home loan look like?

If you’re ready, you’ll know exactly which property you want to purchase. Go further than conditional approval and apply for full approval.

To give our full approval for the property we need to confirm its value by doing one of two things: conduct a satisfactory valuation, which we can do instantly as part of our application with an automated valuation (AVM) OR if we’re unable to get an AVM, receive a signed copy of the purchase contract (once you’ve made an offer).

We’ll always try to conduct an AVM first where possible, because (as the name implies) it’s automatic and, like, scary-good accurate and way faster. Not all properties or applicants will be eligible for an AVM, so if we can’t conduct one on the spot, we’ll need to order a desktop or a full valuation. This will take slightly longer. If you’ve already got a signed purchase contract, we can usually skip the valuation step (unless you require LMI, or if your property is classed as “high density” — then we’ll need to order a full valuation).

P.S: you’ll pay nothing for the valuation, even if we have to order a full valuation. Tiimely Own absorbs the cost.

To apply for full approval, give us the exact address and complete the rest of the application. We’ll let you know where you stand by giving you an answer on the spot: it’s either a “yes”, a “no”, or a “we need more information”.

If it’s a “yes”

Once we fully approve your application, we really mean it. Your last hurdle will be signing the documents and then settlement.

If it’s a “no”

Each lender has their own lending criteria, and these are the basis for their credit decisions. When we assess a home loan application, we look at a number of different sources to decide if we can approve it.

There are a few reasons why your application may not have been approved, including:

• Your loan repayment capacity, taking into account your income, expenses, existing financial commitments, and the ratio of debt to your income.

• The nature and stability of your employment.

• Your credit history, which we obtained from Equifax and Illion.

• The value of your property compared to the size of your loan.

• The property linked to your application may not meet our specific credit criteria.

If we find a red flag as you’re filling out the application, we’ll let you know straight away so you don’t waste any more of life’s most precious commodity — time. We check for things like address eligibility, your credit history, your status as an Australian citizen or permanent resident, and of course your financials. We know that not everyone will be suitable for a Tiimley Own home loan. If you don’t meet our eligibility criteria, we’ll match your application (with your permission, of course) against our panel of lenders and 100s of exclusive Tiimely Home deals without you having to reapply.

If it’s a “we need more information”

If we need a little more information, we’ll refer your application to one of our Credit Assessors. This is where a member of our team will jump in to help bring your application up to scratch and over the line. Our Credit Assessors can usually move fast, and your application can sometimes be completed quite quickly, especially if you’re proactive in responding to their requests for more information.

Sometimes they’ll only need one or two things — some updated payslips or a bank account statement. Everyone’s unique, so if your specific situation is more complex than most, they might ask you to provide more detail. If you’ve chosen to validate your financials manually, they’ll typically need to request more information from you and it will take longer to assess your application. When you choose digital validation, they receive the exact same information, just much faster.

What if I don’t get the property?

Whether you had conditional approval and your offer didn’t interest the vendor (it can be competitive out there!), or if you had full approval and your settlement fell through for some reason — just let us know. If you want to continue house hunting, we can help. If you need to change the suburb you’re looking in, or if you’ve found a specific property, contact your Credit Assessor or speak to one of our Home Loan Specialists over LiveChat or on 1300 842 405. There’s no need to submit a new application (and incur multiple credit checks!). We can alter your existing application.

Read more about applying for a Tiimely Own home loan.

The time it takes us to get to your application can change depending on how many applications we’re currently receiving and the complexity of your application.

Sometimes we can hit delays if we need a little more information. Opting for manual financial validation instead of securely linking your accounts, submitting an incomplete application, or providing inaccurate estimates of your expenses (or any information regarding your income, expenses and debts which doesn't match your actual situation) may require manual work for you and our credit assessors. These things all slow us down significantly. So make sure you’re really ready before you apply.

Our rates have proven to be quite popular, so we receive large volumes of applications from time to time. During these times, it takes us a little longer than we’d like to assess and approve your home loan application, and we’ll be sure to communicate this in a timely manner. We’re continually growing our team and are working hard to keep up with demand.

If your application is time-sensitive or if there is a deadline you’re trying to meet, please speak with our team to get an understanding of our current turnaround times. You can chat with us over LiveChat or on 1300 842 405.