Settlement

During the welcome call, we will reach out to the primary applicant. But don’t stress! The secondary applicant can call us on 1300 842 405 option 3 to set up their internet banking. The secondary applicant will need to reference their customer number to do this, which is different from the primary applicant's. You can find this in your welcome letter or we'll share it with you on the call. When you’re ready, give us a call or chat online via the website to receive your unique customer number.

Even though our loan application process is fast, it will take a little bit longer than the loan approval for the money to change hands.

If you’re buying and you know the exact property you want, the money will be paid to the seller once you have signed the contract and the settlement day arrives (usually 30 to 60 days from signing).

Or if you don’t have a property in mind, the money will be available to you for up to 60 days and if you find a home during this period, and make an offer, the loan amount will be paid to the seller on settlement day.
If you don’t find a home you want during the 60 days, you can contact us and ask for an extension on the loan.

In the case of refinancing, the money is transferred between loan providers (your current lender and Tiimely Home) on the settlement date, which is usually organised by conveyancers or solicitors. (While it’s not compulsory to use a conveyancer to refinance in Australia, some may feel more comfortable with extra support in complex refinance situations, such as title changes).
This is followed by the final settlement and payment process where the money is transferred.

When refinancing, the money is transferred on the settlement date between loan providers (your current lender and Tiimely Home). The settlement date is when both banks have everything they need to transfer the loan. This can take up to 3 weeks and is generally arranged between our solicitor/conveyancer and your current bank’s settlement department.

You’ll receive a welcome call within 1-2 business days where our team will:

• Check that your accounts have been set up as expected
• Ensure your loan repayment is set-up and direct debit details are correct
• Make sure your VISA debit card is ordered (if you have an offset account)
• Run through how to access your accounts
• Set-up your internet banking for the primary applicant
• Provide contact details for future enquiries

Our team is available 7 days a week on 1300 842 405 and you can also ask any questions you may have throughout the life of your loan.

Once you complete the online application, our automated home loan approval process checks your credit history and assesses your eligibility, in real-time.

Once completed, you will either be:

• instantly approved
• referred to a home loan expert to complete your assessment
  OR
• notified that we weren't able to offer you a Tiimely Own home loan

Steps for buyers

If you’re approved, you’ll typically be able to buy the property you listed up to the approved amount (just send us a copy of the contract when you sign it).

• You'll receive an email from us with next steps, along with your home loan contract. You’ll need to sign it before it goes to our digital conveyancer, MSA.
• We’ll also send you a Settlement Pack and ask you to verify your identity (all the details for completing this will be in the email we send you).
• Your conveyancer will then organise settlement directly with us on the appointed day when 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.

At this point, your new Tiimely Own home loan will begin.

Steps for refinancing your home

Once your loan is approved, the steps for refinancing are similar to those for buyers, such as your conveyancer organising your settlement. The biggest difference is we pay off your existing loan with your previous provider and your new Tiimely Own home loan will then be in place.

If you want to find out more about the settlement process, you’ll find a step-by-step in our settlement guide.

Your first monthly repayment is due 30 days after your settlement date. If you’ve opted for an alternate repayment frequency (fortnightly or weekly), our in-life team will let you know the date during your welcome call.

There are different rules across the Australian states about who can act as a witness and these will be outlined in your home loan documents. The witness may need to meet certain criteria such as:

• a Justice of the Peace
• a commissioner for declarations
• an Australian lawyer
• a notary public
• a licensed conveyancer, or
• another person approved by the Registrar of Titles.

However, in New South Wales and South Australia, the witness can be any adult who has known you for 12 months.

Your loan provider is Tiimely Home, which makes you a Tiimely Home customer however we work with the bank to manage your ‘in-life’ experience.
Bendigo and Adelaide bank funds our loans, provide our offset accounts and give our customers the protections under the Financial Claims Scheme (FCS).

They also power the Online Banking portal you’ll use to make repayments and access your offset account, and the bank will typically process any loan changes you may want to make in the future.