Have a question about a Home Loan? We have the answers!
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How and when will my credit history be affected when I start an application?
How and when will my credit history be affected when I start an application?
How does a lender get my credit score?
Credit scores generally range from 0 to 1200, with higher scores suggesting lower risk to the lender. They are calculated by the credit reporting bodies using information in your credit report, including your repayment history; length of credit history, how much debt you have and the types of credit you've applied for.
Higher credit scores are an indicator that you’ve demonstrated responsible credit behaviour, making lenders more likely to lend to you, while lower scores may make it harder for you to qualify for a loan or get a lower interest rate.
You can improve your credit score by making your repayments on time, paying off your debts quickly, keeping your credit card balance well below the limit and only applying for credit when you're serious.
Credit reporting bodies supply us with your credit history report (and your credit score) so we can responsibly assess you for your home loan. Our enquiry remains on your file, which is like having a post-it that says "Applied for a Tiimely Own home loan". This is a standard check that all lenders do for both pre-approval and full approval.
Do multiple loan applications affect my credit rating?
Having multiple credit enquiries on your file can impact your score negatively, particularly when made in a short period of time, because it can look like you're shopping around for lots of different loans. Lenders may ask you to explain recent enquiries on your credit report if they cannot reconcile them to your existing credit commitments.
If I have a good credit score will I automatically get approved?
A good credit score isn't the only thing lenders use when assessing your application. There are many other factors that lenders need to consider, and each lender has their own requirements.
If you're interested in learning more about how credit reporting works or to check your credit score, you can visit:
Why was my application declined for a Tiimely Own home loan?
Each lender has their own lending criteria, and these are the basis for their credit decisions. When we assess a home loan application, we look at a number of different sources to decide if we can approve it.
There are a few reasons why your application may not have been approved, including:
- Your loan repayment capacity, taking into account your income, expenses, existing financial commitments, and the ratio of debt to your income.
- The nature and stability of your employment.
- Your credit history, which we obtained from Equifax and Illion.
- The value of your property compared to the size of your loan.
- The property linked to your application may not meet our specific credit criteria.
We know that not everyone will be suitable for a Tiimely Own home loan. However, we’ll let you know if there’s a better fit with one of our partner lenders. If you choose to go through our in-house broker service we’ll match your application (with your permission, of course) against our panel of 30+ lenders and 1000s of home loan options without you having to reapply. Learn more about our in-house broker service.
Mortgage versus home loan - Do they mean the same thing?
Most people use the words ‘home loan’ and ‘mortgage’ interchangeably, but it might surprise you to learn that they actually refer to two entirely separate things.
What is a home loan?
A home loan is the sum of money a lender lends you to purchase your chosen property. You then pay this money back to the lender over a number of years, along with interest on the loan calculated at either a variable (fluctuates with the market) or fixed (1 to 10 years) interest rate.
What is a mortgage?
A mortgage is a security measure that’s put in place when you take out your home loan which protects the lender if you default on your loan repayments. If you don’t pay the money back to them, the mortgage gives the lender the legal right to sell your property to recoup their losses. The mortgage stays in force until you have paid off your home loan, after which the property becomes totally yours.
What's the actual difference?
A home loan is a means of buying a home when you don’t have the money yourself, while a mortgage is a means of guaranteeing a loan and protecting the lender from non-payment.
If you’re planning on buying a property, it’s always a good idea to know what terms like these mean. So be sure and talk to our expert team at Tiimely Home any time you aren’t clear on something you read.
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 are the benefits of refinancing your home loan?
How does a home loan repayment calculator work?
A home loan repayment calculator takes multiple variables into account before coming to a final estimated repayment dollar amount represented on a monthly basis.
The calculator will ask the user to enter information about their loan amount, their loan term, the intended property usage (live-in or investment), rate type (variable or fixed) and repayment type (principal and interest or interest only).
After calculating, the user will be able to see their estimated repayment amount as well as their total loan repayments and the total interest charged over the life of the 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 can I be sure Tiimely Home's in-house broker will be able to find something for me?
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.
Do I have to speak to a broker before applying for a Tiimely Home loan?
How long until the loan funds are received?
Okay, your Tiimely Own home loan has been approved.
Well, even though our loan application process is fast, it will take a little bit longer than that for the money to change hands.
In the case of a home loan, if you know the exact property you want to buy, 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 yet, the money will be available to you for up to 60 days and when you do find a home and make an offer, the loan amount will then be paid to the seller on settlement day. Remember, if you don’t find the home you want during that 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, it is strongly recommended by most state governments, given how time consuming and complex the process can be.
And that’s… approval – contract – settlement – payment, usually all within a 60 day period!
What is Stamp Duty?
Stamp duty is a state government tax levied on home buyers and it varies depending on the state or territory you’re buying in.
It's generally 3-4% of the property’s value, but it’s best to use our Stamp Duty Calculator to get an estimate of what you could expect to pay. In the meantime, here’s a snapshot of stamp duty costs in each state and territory:
$80,001 to $300k = $1,290, plus $3.50 for every $100 over $80k
$300,001 to $1m = $8,990, plus $4.50 for every $100 over $300k.
If you're a first home buyer, you can choose between a lump sum stamp duty payment or an annual tax that is based on your property's land value. There are conditions and eligibility criteria, which you can find here.
$75k to $540k = $1,050, plus $3.50 for every $100 over $75k.
$540k to $1m = $17,325, plus $4.50 for every $100 over $540k.
$250k to $300k = $8,955, plus $4.75 for every $100 over $250k.
$300k to $500k = $11,330, plus $5 for every $100 over $300k.
$200k to $375k = $5,935, plus $4 for every $100 over $200k.
$375k to $725k = $12,935, plus $4.25 for every $100 over $375k.
$100,001 to $250k = $2,090, plus $3.80 for every $100 over $100k.
$250,001 to $500k = $7,790, plus $4.75 for every $100 over $250k.
$440,001 to $550k = $18,370, plus 6% of the dutiable value over $440k.
$550,001 to $960k = $28,070, plus 6% of the dutiable value over $550k.
NT & ACT
Stamp duty is determined by a formula in these territories, so you’ll need to use the calculators on the NT Government and ACT Revenue Office websites to determine approximate stamp duty.
I don't know what type of loan or features will be best for me. Do I need to know before I apply online?
At Tiimely Home, it’s not essential. With expert guidance from our friendly in-house broker team, we’ll match your details with a Tiimely Own home loan, or, we’ll let you know if there’s a better fit with one of our partner lenders.
A Tiimely Own home loan is the smart choice for a low-rate loan with fast approval, but it’s not for everyone. Our in-house broker service provides major bank loans and supports complex situations with extended loan features such as split loans, guarantor loans, and construction loans.
During the application process we’ll ask you what the loan is for and what your goals and objectives are from acquiring the loan.
We’ll also help you narrow down things that are important to you like;
- If you want to pay the loan down quickly
- If you prefer knowing how much your repayments will be so you can maintain a budget (i.e. fixed rate) or if you prefer loan flexibility (variable rate)
- How often you’d prefer to make repayments
- Whether you want features with your loan such as an offset account and redraw facility.
Based on your answers, we'll recommend some loan options that best suit your needs. Once you've selected the most suitable option, we'll proceed with the financial assessment.
If you don’t qualify for a Tiimely Own home loan or a loan from one of Tiimely Home’s partner lenders, we’ll let you know upfront so we don’t waste your time. And if you’re approved, you’ll have your answer in a matter of minutes.
That’s the beauty of our real-time online application process and it’s what’s made us a standout provider in the home loan sector.
Principal and interest or interest only?
Principal & interest is the most common type of home loan. This involves making repayments which pay down some of the principal balance plus the interest accrued.
However, some people opt for an interest only loan period. This involves making repayments for a set time (usually 1-10 years) which are lower than principal and interest repayments. as they only cover the interest being accrued and none of the principal.
You might choose an interest only loan period if you know your budget is going to be tight for a few years, or in the case of property investors, for taxation or equity building purposes.
If you go down this road though, you’ll need to make sure you budget for the end of the interest only period, as your loan will then switch back to the higher principal and interest repayments.
Who will my loan be with if I choose Tiimely Home's in-house broker service?
Tiimely Home's in-house broker service is connected to a curated list of home loan products so you’ll not only be getting a great rate, but have the assurance of a reputable lender.
We’ve made sure to partner with lenders that we believe can offer great products and of course, we are always here if you need support.
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.
What's the difference between a Tiimely Own home loan and home loan via our in-house broker service?
Tiimely Own is the smart choice for a low-rate loan with fast approval, but it’s not for everyone. Our in-house broker service provides major bank loans and supports complex situations and loan features such as split loans, guarantor loans, and construction loans.
Tiimely Own home
Your Tiimely Own home home loan is funded by Bendigo and Adelaide Bank. You must meet the Tiimely Own home loan eligibility criteria, which includes postcode and property eligibility (i.e. capital, metropolitan and major regional only for owner-occupied and investment purposes), and be borrowing up to 90% (for customers who have less than 20% deposit, you’ll need LMI).
Our in-house broker service
Your loan will be funded by one of our 30+ panel lenders. This may allow you to unlock additional loan features that better suit your financial situation (i.e. split loan facilities, guarantor loans, land and construction). You can borrow up to 95% (LMI may apply for customers who have less than 20% deposit) and depending on your loan amount, there may be more flexibility (borrowing more than $2M-$3M).
What remains the same across both?
Regardless of where you get your home loan from, you’ll have access to the same superior service we’re famous for. You’re empowered enough to go down the DIY online home loan route, so make your Tiimely Home application work harder for you. Combined with our Tiimely Home tech, uses the power of automation and stay in control of your home loan. No more time taken out of your day to go to a lender’s office.
What does an investment loan comparison rate mean?
Investment loans also have comparison rates, and they’re used the same way as other home loan comparison rates: as a tool to more easily compare options from lender to lender. Tiimely Own home comparison rates are calculated for a $150,000 loan over 25 years. They factor in our fees associated with applying for the loan; our ongoing fees and our fees associated with leaving the loan.
How long do I have to be employed before I apply for a Tiimely Own home loan?
Here's what you need to know based on your employment type.
Full-time and permanent part-time PAYG roles
you've held your job for 6 months, or
had 12 months of continuous service in the same industry
Dependent contractor PAYG roles
you've held your job for 6 months, or
had 2 years of continuous service in the same industry
Casual PAYG roles
you've held your job for 12 months, or
6 months if you’ve had 2 years of continuous service in the same industry
you've traded for 1 year, and
meet our other self-employment criteria
If you fall outside of any of these categories and we are unable to approve you for a Tiimely Own home loan, we encourage you to apply using our application form and we’ll direct you through to our in-house broker service. We’ll match your application (with your permission, of course) against our panel of 30+ lenders and 1000s of home loan options without you having to reapply. There’s no need to wait!
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 .
Do I need proof of income to refinance my house?
Yes, you will need to provide details of your income when applying to purchase or refinance a property. You will also need to verify this information by providing proof of income.
With Tiimely Home's digital verification, we can verify your income on the spot, typically without the need for further documentation. In some cases, however, we’ll need to see some old-school original documents.
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.
What type of home loan is best for a first home buyer?
If you’re buying your first home, you’ve probably been saving for a while to get your deposit together.
Depending on how successful you’ve been, you’ll have saved either 20% or at the very least 10%, which will determine the type of home loan you’ll be able to get.
If you’ve only managed to save 10% of the property’s value, you’ll be required to take out Lenders Mortgage Insurance (LMI). This can be quite expensive, so it’s best to try and save a 20% deposit if you can.
The type of loan you then opt for will depend on your circumstances, but most first home buyers go for a principal and interest loan, where you pay off the loan amount with interest.
Many also choose a variable interest rate loan, as this usually comes with features that can help you to pay the loan off quicker.
Some people do opt for a fixed rate loan and the advantage of this is you always know how much your repayments will be, allowing you to stay on top of your budget, particularly if it is tight.
Whichever type of loan you opt for as a first home buyer, consider having the lowest interest rate you can get, the shortest loan term you can afford, minimum fees and only those features you’re likely to use such as a redraw facility and offset account. You should also get professional financial advice to better understand your options.