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Everything you need to know about refinancing.

Your refinancing questions answered

Can I make changes to my Tiimely Own home loan?


Changing the type of loan

Switching from a variable loan is relatively easy. If you have a Tiimely Own variable rate home loan and you want to switch to a Tiimely Own fixed rate home loan, there will be a variation fee of $150.

Switching from a fixed rate during the fixed term is a little more complicated. There are break costs associated and they can be expensive. If you want to find out more, one of our home loan experts will be able to help you navigate the process.

Our team is available Monday to Friday on 1300 842 405 and on 08 7109 9010 (Saturdays) or via email anytime.

Adding or removing an offset account

If you decide that you'd like an offset account after you get your home loan, you can add one 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, you can call us Monday to Friday on 1300 842 405 and on 08 7109 9010 (Saturdays) or feel free to email us anytime.

Want to learn more about offset accounts and redraw facilities? Click here.

Buying a new home

If you’re a new customer, our Tiimely Home online application is quick and easy place to start. or if you prefer, you can contact us and we can talk you through it.

Topping up your home loan to release cash

Contact us and we’ll see if you can increase your home loan amount to release extra cash.

Want more information? Our guide can help explain how to refinance for things like renovation.

Leaving us?

If you decide to leave, we'd like to understand why. If you decide to call us on 1300 842 405, we can see if there's anything we can do to help, anything we could have done better, or we can simply assist you with the process of ending your loan.

What are the benefits of refinancing your home loan?

A lower interest rate, lower monthly repayments, and other flexible loan options like access to equity are some potential benefits of refinancing your home loan.

Can you write off refinance fees on your taxes?

There may be tax implications for owning property, particularly in respect to purchasing an investment property to rent out. Your accountant or a financial advisor will be able to explain the full tax implications based on your personal circumstances.

The Australian Tax Office (ATO) also provides some information relating to claiming rental expenses.

How do you calculate principal and interest repayments?

The same way we calculate the repayments for any type of home loan.

Explained simply, to calculate loan repayments, we take your loan amount, add the total estimated amount of interest we’ll charge over the life of the loan, and then divide that total into a monthly amount based on the length of your loan term.

How we calculate weekly and fortnight repayments

We calculate weekly and fortnightly repayments a little differently. For example, for fortnightly repayments, instead of multiplying monthly repayments by 12 and dividing by 26, we simply divide your monthly repayment amount by 2.

The fortnightly repayment amount is rounded up to the nearest dollar. This calculation method ensures you pay the full monthly figure over 2 fortnights. Over time, this means you'll pay off your loan faster with less interest than if the repayments were calculated by annualising the monthly figure.

How do I refinance a home loan?

The first thing to do is to look at your current loan and review the type of loan it is, the interest rate, the features it offers, and any fees you’re paying. Identify the things you would like to improve with a new loan. For example, maybe you want to pair your fixed-rate with an offset account? Or maybe you want to change from a fixed to a variable rate?

Next, do your sums to calculate how much you’ll gain from refinancing. Our refinance calculator can help to determine your monthly savings if you refinanced with Tiimely Home.

Note: Every lender has their own set of fees for refinancing.
Expect to pay ‘closing your old loan fees’ (such as discharge fees, break fees for fixed home loans etc) plus ‘opening your new loan fees’ (government fees, third party fees). Then divide the monthly savings by your total closing costs to see out how many months it would take to break even.

Once you’ve decided if it's worth it to pursue refinancing, shop around for the best rates and features to find a home loan that suits your needs. When you’ve chosen your new lender, you can apply.

How long will the process take?
Every lender is different however with Tiimely Home, to refinance your home loan through our online application will take you about 15 minutes to complete.

How much difference does 0.5% make on a home loan?

It makes a big difference to your interest payments. As an example, if you had a $600,000 home loan with a loan term of 30 years, the difference between an interest rate of 6% and 6.5% is: $195 in monthly repayment savings and $70,238 in interest saved over the life of your loan.
Note: These figures are estimates only and assumes all fees and other charges are equal.

You can estimate your monthly repayments on a Tiimely Own home loan, including the total interest charged with our repayments calculator.

Does refinancing a home loan hurt your credit score?

Your credit score can be affected by the application process. Any affect on your credit score is likely to be outweighed by the financial gain of refinancing your home loan.
When you apply for a new loan, lenders will check your credit history.
This is called a ‘hard inquiry’ and it shows up on your credit report. Too many ‘hard enquiries’ can temporarily cause your credit score to drop so to avoid this, make sure you shop around for the best deals before you apply.

When can you refinance a home loan?

You can refinance your home loan whenever you want, however you should only switch if you can get a better deal. Refinancing your loan comes with upfront costs such as break fees (if you’re on a fixed loan), exit fees and fees to open the new loan . When deciding, you should understand how long it will take to recoup the costs of the refinance.

Our refinance calculator can help you understand how much you could save by refinancing to a Tiimely Own home loan.

How much income do I need to qualify for a refinance?

The amount of income you need to qualify for refinancing your home loan will vary depending on many different factors, including how much you wish to borrow, any existing equity, your current living expenses, and any other debt or liabilities you may have.

You can learn more about serviceability in our Home Loan Guide.

Can I switch from an investment loan to owner-occupied?

If you’ve moved into your investment property you’re now considered an ‘owner-occupier’, so you’ll need to change to an owner-occupier home loan. If you’re already an existing customer, you can contact our post settlement team either by email or phone and we can help you switch over.

If you’re a new customer, you’ll need to refinance your home loan and apply for an owner-occupied home loan instead of an investment one.

Note: You don’t need to record your rental income for that property in the application.

How do you determine if refinancing is worth it?

It’s a good idea to have a clear goal for why you’re refinancing. It could be to save money or to access new features, or perhaps to set a new loan term or to change loan types entirely.

Then, compare your current situation to decide whether you would be better off by refinancing.

Make sure to account for any exit fees from your old lender, and any establishment fees from your new lender. You can use our refinancing calculator to get an idea of your new repayments.

If you’re still unsure, consider seeking financial advice from a professional.

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.