My home loan
Frequently asked questions
Can I make changes to my Tiimely Own home loan?
Of course you can.
Changing loan type
Switching from a variable loan is easy - that's the beauty of a variable rate. To switch from a Tiimely Own variable rate to a Tiimely Own fixed rate, you'll need to cover a variation fee of $150.
Switching from a fixed rate during the fixed term is a little trickier. There will be break costs associated that are specific to your loan, and they can be expensive. If you want to find out how much, let's talk.
To switch loan type, give us a call on 1300 842 405 on Monday to Friday and 08 7109 9010 on (Saturdays) or email us anytime.
Adding or removing an offset account
If you decide after you get your home loan that you'd like an offset account, you can add one to your existing home loan for a fee of $150. If you are on a fixed rate an additional break cost will also apply. Removing an offset account from your existing home loan will incur the same fees.
To add or remove an offset account, give us a call on 1300 842 405 on Monday to Friday and 08 7109 9010 on (Saturdays) or email us anytime.
Buying a new home
Topping up your home loan to release cash
Contact us and we can see if you can increase your home loan amount, to release cash.
For more information about how this works, read up on how to refinance your way to the perfect renovation.
We'd love to know why you're leaving. Please call us onso we can see if there's anything we can do to help, or to simply assist you with the process to end your loan.
What happens if the RBA changes the cash rate?
Tiimely Home will work through any pricing changes with our funder, Adelaide and Bendigo Bank. If we change our pricing, impacted customers will receive a letter from Adelaide and Bendigo Bank outlining their new rate, repayment amount, and effective date.
We'll also provide updates via our website when we have all the relevant information.
How do I use my Tiimely Own card and make repayments?
Using your Tiimely Own Visa Debit card
If you’ve chosen to have an, you’ll be sent a Tiimely Own Visa Debit card, so you can use it to spend your savings. Carefully, of course.
A few things to know:
- You can use your Tiimely Own card anywhere, including the 29,000 ATMS across Australia, and over 2,000 Bendigo Bank and Suncorp ATMs (with no transaction fee charge)
- You can use it to buy stuff, as you would with any other Visa Debit or EFTPOS card
- It’s a fast and very secure way to perform transactions
- The following features aren't available (yet): Apple or Google Pay, OSKO or PayID - we're working on it
Making repayments is the un-fun part of having a home loan. But at least we can make it uncomplicated.
You can make repayments on the Bendigo Bank loan portal by;
- Direct debit (‘AnyPay’)
The most painless way to pay off your home loan. It’s simply a direct debit you can set up through your online banking, which allows you to transfer money from one of your accounts to any other account with an Australian BSB and Account Number.
This means you can set up reoccurring payments to your home loan, so you don’t have to think twice about it.
You can use BPAY to schedule your home loan repayments too. Using the online banking portal, we’ve made the management of your BPAY payments easier with the following features:
- View all your BPAY payments previously created and those scheduled for a later date within the ‘Pending BPAY Payments’ screen
- View all your BPAY payment records created for easier identification and bill management within the ‘BPAY Billers’ screen
- Bill payment details can be added at any time without a payment being made
How do I redraw on my loan?
Redraw means you can access any additional payments you’ve made to your home loan. With Tiimely Own, you can do this whenever you want for free, using online banking.
How? Just select your home loan as the ‘From account’ when performing a funds transfer. You can transfer to another account, like a savings account, and it should be available to withdraw within 2 business days.
If you have an offset account, transfer the cash there, and you can use your Tiimely Own Visa Debit card to immediately withdraw the funds.
Things to know about redraw:
- The minimum redraw amount is $1 per transaction
- Redrawing on your loan won’t increase your repayments or extend the term of your home loan, as you’re simply withdrawing the extra payments you’ve made into your home loan
- When performing a redraw, you (and your plus one) need to authorise the transaction. If this is annoying, and you want to allow individuals to transact independently, please give us a call on .
My details have changed, how can I update them?
How do I release equity from, or top up my existing Tiimely Own home loan?
As an existing customer, you can talk through your requirements with our in-life team (option 3 when you call 1300 842 405). A lending specialist will review your request and current financial situation (similar to applying for a loan) before approving an equity release or top-up.
How do I swap from paper statements to e-statements?
How can I check what my current home loan repayments are?
Your monthly repayments will be mentioned in your contract. If there are any rate changes that affect you, your new monthly repayments will be sent to you in the mail. You can also check your monthly repayment amount online, it can be found under the “Loan Account Information” link on your Online Banking.
Can my repayment amount be changed if I’m ahead on my repayments?
If you’re ahead on your repayments or you've made a bulk payment, you can have your minimum contribution recalculated by the in-life team. Keep in mind access any additional funds you've made and accumulated in your redraw account won’t be available anymore if you proceed. There is also a recalculation fee of $50.
I’ve completed the application process. What happens next?
Once you complete the online application, our real-time home loan approval process fires up, checking your credit history and assessing your eligibility for a loan.
Once completed, you will either be:
- instantly approved;
- referred to a home loan expert to complete your assessment or;
- notified we weren't able to offer you a Tiimely Own home loan.
Steps for buyers
If you’re approved to buy, you’ll typically have the green light to buy the named property up to a certain amount (just send us a copy of the contract when you sign it).
- You'll get an email from us with next steps, along with your home loan contract (sign it and our digital conveyancer, MSA, will take it from here).
- We’ll also send you a Settlement Pack which among other things, will ask you to get your identification verified (all the details will be in the email we send you).
- Your conveyancer will then organise settlement directly with us on the appointed day and we’ll provide the funds to purchase the property.
- Once you’ve transferred your deposit, the seller will receive payment (from us) and you’ll get the keys.
- Your new Tiimely Own home loan will begin.
- You’ll then throw a big party and celebrate becoming a home owner.
Steps for refinancing your home
Once your loan is approved, the steps for refinancing are similar to those for home buyers – the biggest difference is we pay off your existing loan with your old provider and your new Tiimely Own home loan will then be in place.
- Your conveyancer organises settlement for you.
- You throw a big party to celebrate paying off your loan faster with lower repayments, thanks to our super low rates.
If you want to find out more about the settlement process, you’ll find a step-by-step guide in our settlement FAQ.
When will I make my first repayment?
Can I change my repayments?
It is possible to change your repayments, up or down. However, there are a few important things to be aware of.
Voluntary additional repayments
With a Tiimley Own home loan, you can make unlimited additional repayments if you have a variable rate home loan, or up to $20,000 per year if you have a fixed rate home loan.
The additional repayments made will be available to you via our free redraw facility.
Making a permanent change to your repayment amount
This is also known as a loan variation.
You'll need to arrange a loan variation with our in-life team, which will incur a fee. Why? Because as responsible lenders, we'll need to assess whether a loan variation is the right thing to do by you.
Increasing your set home loan repayments can reduce the overall interest paid over the life of your loan, and shorten your loan term.
Reducing your home loan repayments has the opposite effect - your loan repayments will be lower, but it also means your loan term is lengthened and you pay more interest over the life of your loan.
Unforeseeable changes in your life might impact your ability to make your repayments. Many lenders offer support for people experiencing speaking to our in-life team about your options.