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Home loan ready

Everything you need to know to get home loan ready.

Frequently asked questions

What is borrowing power?

Your borrowing power is an approximate calculation of your ability to borrow funds. Basically, it’s an indication of how much you can afford to borrow while still being able to meet your other financial obligations. Each lender will calculate it differently, but generally, a borrowing power calculator considers things like your income, current loans and liabilities, credit cards and their limits, plus your living expenses. Using our borrowing power calculator will give you an idea of what you could borrow. Learn more about what goes into calculating your borrowing power.

Where can I find the best home loan interest rate?

Tiimely Home have some of the lowest variable and fixed rate home loan rates, and you can see them all here. As verified by our customers, our digital application process enables us to offer some of the best interest rates in the market.

How do I find the best home loan rates?

If you’re looking for the lowest home loan interest rate, we recommend viewing all our home loans and weighing up which one is best for you.

Even if a Tiimely Own home loan isn’t for you, it’s still a good idea to know what else to look for beyond an interest rate.

What factors can affect my turnaround time?

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.

I'm self-employed, can I apply for a Tiimely Own home loan?

es, absolutely. It’s the same application for all home loan variations however there are some eligibility requirements you’ll need to prepare:

  • provide your registered ABN
  • have been self-employed for at least 1 year
  • provide your most recent business tax return AND your most recent personal tax return together with the notice of assessment
  • be registered for GST If your turnover is more than $75,000p.a.
  • have a good credit history
  • meet our standard eligibility criteria

Note: Financial validation requirements – Tiimely Own home loans require a years' worth of up-to-date tax returns or business financial statements.

The only difference as a self-employed person compared to a PAYG customer, is that we won’t be able to instantly validate your income by linking your bank accounts.

Instead, you’ll need to upload your business financial statements and tax returns, as well as your personal tax returns and notice of assessment. Then one of our team of Credit Assessors will review them to assess your application. It’s not as fast as our tech, but you’ll still get an answer much faster than your average lender, because they're only checking the parts of your application that our tech couldn't.

Learn more about applying as a self-employed applicant here.

Am I eligible to apply for a Tiimely Own home loan?

You can easily find out by checking against our eligibility criteria. These consider a range of factors including:

  • Property: value, location, and type
  • Your contributions (deposit or equity amount)
  • Employment: current and previous history, and type
  • Identity: forms of government ID, and citizenship

Can you get pre approved for a home loan online?

We offer pre-approval, where we assess everything we can without knowing the final property you’ll be purchasing. Learn more about conditional approval subject to property.

What identification do I need to apply for a loan?

What ID documents are required for a Tiimely Own home loan?

If you are applying for a Tiimely Own home loan, we’ll be verifying your face against your identification documents (preferably with a photo of you).

It’s a pretty simple process that involves you, your phone camera and just the usual forms of ID; one original government-issued photo ID document is required:

  • A passport (from any country); or
  • an Australian driver’s license

Copies are not accepted (including certified copies).

If you don’t have access to valid ID documents, please get in contact with us.

What ID documents are required for a loan through our in-house broker service?

For a loan through our in-house broker offering you’ll need at least 2 forms of government ID:

  • Medicare card (must-have); and
  • A passport (from any country); and or
  • Australian driver’s license

Can I submit an application for multiple properties?

Sure, you can apply to refinance multiple properties! (Good for you, property baron.)

However, we will need separate applications for each property. We're working to make this experience better, so stay tuned.

How do I choose a home loan?

Home loans can be boiled down to two main types - principal & interest loans, where you pay off the loan amount plus interest (most common type) and interest only loans, where you only pay the interest (popular with investors).

To help you along the way here are some basic considerations;

Interest rate - try and get the lowest rate you can, as even a small difference can add up to thousands of dollars over the life of the loan.

Loan term – this impacts the size of your repayments and the interest you’ll pay (i.e. shorter term = higher repayments but less interest).

Fixed or variable interest rate – a fixed rate helps you budget because your repayments remain the same, but you won't benefit if interest rates fall. A variable rate usually offers more loan features, but your repayments will go up if interest rates rise.

Loan features – these include redraw or line of credit facilities and an offset account so you can put extra money into your loan to reduce the interest you pay. Most cost extra though, so choose a loan with features you will use.

Loan fees - these can include application fees, valuation fees, annual fees, and settlement fees.

Do you have an offset account and how does it work?

An offset account is like a savings account that’s linked to your home loan which offsets the balance of your home loan. It offsets the balance of your home loan so you only pay interest on the balance minus the amount in your offset. The larger the balance in your offset account, the less interest you pay on your home loan. This could potentially save you thousands in interest over the life of your loan.We offer 100% offset accounts with all our Tiimely Own home loans, including our fixed rate loans. You can find more information on our offset account here.

Can you withdraw money from an offset account?

An offset account has most of the features of a normal transactional savings account. You can deposit money and withdraw from it any time to pay bills or for day-to-day expenses. However the more you have in your offset, the less interest you’ll pay.

Your money is protected

Your offset account is managed by our funder, Bendigo and Adelaide Bank, an Authorised Deposit-Taking Institution (ADI). This means your offset account is guaranteed under the Australian Government's Financial Claims Scheme (FCS) for up to $250,000.

Tiimely Own offset accounts

Unlike some other lenders, at Tiimely Own we don't build the cost of the offset account into our interest rate. You simply pay $10 per month for the feature.

Our offset accounts include;

  • A Tiimely Own VISA Debit card which you can use like any other VISA Debit or EFTPOS card. Any Suncorp or Bendigo ATM usage is free of charge
  • A BPAY facility for bill payments and a swipe option for retail transactions
  • Deposit and debit features like any standard bank account

Adding or removing offset account

If you change your mind, after you get your home loan, you’ll need to pay a fee of $150. And if you're on a fixed interest rate, an additional break cost will also apply.

To add or remove an offset account, give us a call on 08 7109 9010 or email myloan@tiimelyhome.com.au and we’ll make the change for you.

Learn more about offset accounts, and how they differ from redraw facilities.

Legal things 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.