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Everything you need to know about settlement.

Your questions on settlement answered

How does a second applicant register for online banking?

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.

How long until the loan funds are received?

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.

What happens after my Tiimely Own home loan is settled?

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.

I’ve completed my application. What happens next?

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
  • 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 guide in our settlement FAQ.

When will I make my first repayment?

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.

Who can act as a witness when I sign the loan documents?

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.

After settlement, do we deal with Bendigo and Adelaide Bank, or Tiimely Home?

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.

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.