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Buying a home

Everything you need to know about purchasing a home.

Frequently asked questions about buying a home

What is a guarantor home loan?

A guarantor home loan is when another person, often a relative, uses the equity in their own property as extra collateral for your mortgage. This may enable you to enter the property market sooner as it reduces the amount of time you need to spend saving for a deposit. As most lenders require a 20% deposit, a guarantor is also often used to avoid paying Lender’s Mortgage Insurance (LMI).

How is home equity calculated?

Home equity is the difference between the market value of your property, and the amount that you still owe on your mortgage.
For example, if your property is worth $650,000 and the amount you have remaining on your mortgage is $400,000, then you’d have $250,000 in equity.
Note: The actual available amount that you can ‘release’ and use to purchase, may not the entire difference amount, so it’s important to confirm with your lender what requirements are needed in order to make an accurate calculation. This may include a formal valuation of your existing property.
Read our guide for more detailed information about home equity; what it means and how it works.

What is an owner-occupied home loan?

An owner-occupied home loan (or live-in home loan), is a home loan to purchase a property to live-in. This is different to an investment home loan which is for a property that will be used as an investment, not to live in.

Should your circumstances change, you can easily change your investment loan into an owner-occupied loan. Our team is available to help over LiveChat or on 1300 842 405.

Legal information about our rates
Our home loans are subject to credit criteria and eligibility requirements. Home loan interest rates are for new customers only and can change. Our comparison rates are based on a $150,000 loan amount over a 25 year term. They factor in fees associated with applying for the loan; ongoing fees and fees associated with leaving the loan. Our fixed loans roll to a variable principal and interest rate at the end of the fixed term. If the interest only period is not specified, the comparison rate is calculated on a one year period.

WARNING: The comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Tiimely Turnaround
^Our turnaround times are up to 2x faster than the industry, based on a comparison of our average platform submit to approval time compared to industry submit to approval time, published here  (June 2023). Customer turnaround times are dependent on individual circumstances and may require an assessor to obtain more information.

Our trade mark
Tiimely is a registered trademark of Tiimely Pty Ltd.

Tiimely FAQs and Guides
At Tiimely Home we are not financial advisers and recommend seeking independent financial and legal advice to check how the information we provide aligns with your individual circumstances.