Your refinancing questions answered

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.

Click here to learn more about offset accounts, and how they differ from redraw facilities.

Buying a new home

Want to buy a new home with Tiimely Home? You can use our online application or since you're already a customer, give us a call and we can talk you through it.

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.

Leaving us?

We'd love to know why you're leaving. Please call us on 1300 842 405 so 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 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 are tax implications for owning property, particularly in respect to purchasing an investment property to rent out. Contact your accountant or a financial advisor to understand the full tax implications of your personal circumstances.

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

Wondering how to refinance a home loan?

The first thing to do is to look at your current loan including the type of loan it is, the interest rate you’re paying, the features it offers, and the 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 move from a fixed rate to a variable rate?

Next, crunch the numbers to calculate how much you will gain from refinancing. Use our refinance calculator to determine your monthly savings if you refinanced with Tiimely Home.

Next, watch out for fees. Every lender has its 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) + ‘opening your new loan fees’ (government fees, third party fees).

Then divide the monthly savings by your total closing costs to figure out how many months it takes to break even.

Once you have calculated if it's worth it to pursue a refinancing home loan, shop around for the best refinance rates and features and find a home loan that suits your scenario. Then, choose your new lender and apply. How long will the process take? Every lender is different. With Tiimely Home, your refinancing online home loan application will take approximately 15 mins.

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

It makes a big difference to your interest payments. Say you had a $600,000 home loan with a loan term of 30 years. The difference of having an interest rate of 6% instead of 6.5% is: $195 in monthly repayments savings and $70,238 in interest savings over the life of your loan, assuming all fees and other charges are equal (these figures are estimates only). You can estimate your monthly repayments on a Tiimely Home loan, and total interest charged with our repayments calculator.

Does refinancing a home loan hurt your credit score?

Your credit score may take a dip in the process, but it can recover and it's normal. A temporary credit hit is likely to be outweighed by the financial gain of a home loan refinance. When you apply for a new loan lenders will check your credit history to see if you are a risky buyer. This is called a ‘hard inquiry’. It shows up on your credit report and too many hits can temporarily cause your credit score to drop. To avoid too many credit inquiries, shop around for the best deals before you apply for a home loan.

When can you refinance a home loan?

You can refinance a loan whenever you want, but you should only switch if you can get a better deal. A refinancing loan comes with upfront costs such as break fees (if you’re on a fixed loan), exit fees and open fees. When deciding, calculate how long it takes to recoup the costs of refinancing.

Not sure whether it’s worth undertaking a home loan refinance? Use our refinance calculator to figure out how much you could save by getting a refinancing home loan with Tiimely Home.

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

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

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

Switching your investment loan to owner-occupied?

If you’ve moved into your investment property and become an owner-occupier, you’ll need an owner-occupier home loan. If you’re already an existing customer you’ll need to contact our post settlement team either by email or phone.

And if you’re a new customer, you’ll need to refinance your home loan but you’ll be applying for an owner-occupied home loan instead of an investment. You also don’t need to record your rental income for that property in the application.

How do you determine if refinancing is worth it?

Set a goal for what you’d like to get out of refinancing. Some refinance to save money or to access new features, while others might refinance to set a new loan term or to change loan types entirely.

Then, compare whether you would be better off by refinancing.

If your goal is to save money, compare whether you will be better off financially 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 find out what your new repayments could look like.

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

How is refinancing calculated?

To calculate whether refinancing is worth it first calculate your monthly savings. To do this, compare the monthly payment of your current lender to the monthly payment of the new loan. Just use our refinance calculator to determine your monthly savings if you refinanced with Tiimely Home.

Next, calculate what it costs to refinance your home loan. These are all the fees it costs to refinance. They include ‘closing your old loan fees’ (such as discharge fees, break fees for fixed home loans etc) + ‘opening your new loan fees’ (government fees, third party fees).

Then divide the monthly savings by your total closing costs to figure out how many months it takes to break even.

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.