We offer a form of conditional approval for our Tiimely Own home loans, which is everything we can assess without knowing your property. Our preferred option is to give you full approval, giving you maximum confidence. But our digital application can work towards either. We understand everyone shops for a house differently, and sometimes conditional approval may suit your needs better. So, here’s how it works.
What does conditional approval (subject to property) with a Tiimely Own home loan look like?
Conditional approval means that we’ve assessed everything we can except for the property you’re buying (because you haven’t found one yet), so we’ll need to do a valuation when you find a property, and one final check to fully approve you for a home loan.
Subject to property means we can assess you as much as possible until the only outstanding item we need from you is your choice in property. When you find the right one, just let us know and we’ll do some other checks (including giving your property the double-thumbs up) to complete your assessment and hopefully it's full approval from there.
Your conditional approval is valid for 60 days. We’ll send a reminder before your approval expires in case you’d like to renew it. Please note, we’ll only be able to renew it once. You’ll need to start a new application once your approval expires – but it’s a straightforward process as you’ve already experienced, and our Customer Support team is here to help.
Our online application asks for details about the property you’d like to purchase. If you are seeking conditional approval (subject to property), we’ll only ask for the suburb you’re looking to purchase in. If you’re considering multiple suburbs, just choose the one you’re most likely to purchase in. When you find the right home down the track, let us know the address and we’ll update your application.
It’s important to understand our general application eligibility before applying, as we can’t lend to everyone or to all properties in all locations. If you’re unsure, just ask us. We’re available to chat 7 days over the phone or through our LiveChat. We also run a credit check on your file during the application, so make sure you’re really ready (we’re not an online lead-capture form, we’re the real deal trying to give you a real, digital answer).
Our quickest ever full approval to date was just 58 minutes. But sometimes we can hit delays if we need a little more information. Opting for manual financial validation instead of securely linking your accounts slows us down significantly, and one of our Credit Assessors will need to step in to assist. Submitting an incomplete application or providing inaccurate estimates of your expenses (or any information regarding your income, expenses and debts which doesn't match your actual situation) also requires manual work from our Credit Assessors. Again, make sure you’re really ready before you apply. If your application is urgent or you’re trying to meet a deadline, please contact us as we may be able to escalate your application.
How do I bid at auction?
It’s common for buyers to bid with only pre-approval, which can be quite risky. Since auction sales are typically unconditional and final, you are required to pay your deposit immediately after the hammer falls. But with pre-approval, your lender hasn’t guaranteed to lend you funds, and could decline to lend (perhaps emotions ran high and you bid well over the top with an amount the lender was unprepared to lend you). Or, you can aim for full approval, where you provide the exact address. We’ll take you and your application as far as we can — we’ll validate everything, run our checks, and will be waiting with the rubber stamp. If (and only if) we were able to run an automated valuation (AVM) during the application, you’ve been fully approved and you can go to auction with maximum confidence. (It’s normal for the selling agent to be shocked when you tell them your bid is unconditional on finance — Tiimely Own's full approval is unique in the Australian market). If we can't run the AVM, you won’t be able to bid at auction with full approval. We’ll need to order a full or desktop valuation before we can fully approve you. Or, if you’ve got a signed purchase contract already, send it to us so we can use the value from that. There are a few scenarios where we won’t be able to run an AVM. If you require LMI, if you are purchasing a high density property, or if the property. — we won’t be able to run an AVM (sorry). Sometimes the property is just too obscure, or there’s not enough sales data on the suburb to run the AVM (looking at you, Thorngate SA). If you intend on using full approval to bid at an auction, let us know. Speak with your Credit Assessor or chat with our Home Loan Specialists on 1300 842 405, or through our LiveChat. We can help you through the process.
What doesfull approval with a Tiimely Own home loan look like?
If you’re ready, you’ll know exactly which property you want to purchase. Go further than conditional approval and apply for full approval.
To give our full approval for the property we need to confirm its value by doing one of two things: conduct a satisfactory valuation, which we can do instantly as part of our application with an automated valuation (AVM) OR if we’re unable to get an AVM, receive a signed copy of the purchase contract (once you’ve made an offer).
We’ll always try to conduct an AVM first where possible, because (as the name implies) it’s automatic and, like, scary-good accurate and way faster. Not all properties or applicants will be eligible for an AVM, so if we can’t conduct one on the spot, we’ll need to order a desktop or a full valuation. This will take slightly longer. If you’ve already got a signed purchase contract, we can usually skip the valuation step (unless you require LMI, or if your property is classed as “high density” — then we’ll need to order a full valuation).
P.S: you’ll pay nothing for the valuation, even if we have to order a full valuation. Tiimely Own absorbs the cost.
To apply for full approval, give us the exact address and complete the rest of the application. We’ll let you know where you stand by giving you an answer on the spot: it’s either a “yes”, a “no”, or a “we need more information”.
If it’s a “yes”
Once we fully approve your application, we really mean it. Your last hurdle will be signing the documents and then settlement.
If it’s a “no”
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.
If we find a red flag as you’re filling out the application, we’ll let you know straight away so you don’t waste any more of life’s most precious commodity — time. We check for things like address eligibility, your credit history, your status as an Australian citizen or permanent resident, and of course your financials. We know that not everyone will be suitable for a Tiimley Own home loan. If you don’t meet our eligibility criteria, we’ll match your application (with your permission, of course) against our panel of lenders and 100s of exclusive Tiimely Home deals without you having to reapply.
If it’s a “we need more information”
If we need a little more information, we’ll refer your application to one of our Credit Assessors. This is where a member of our team will jump in to help bring your application up to scratch and over the line. Our Credit Assessors can usually move fast, and your application can sometimes be completed quite quickly, especially if you’re proactive in responding to their requests for more information.
Sometimes they’ll only need one or two things — some updated payslips or a bank account statement. Everyone’s unique, so if your specific situation is more complex than most, they might ask you to provide more detail. If you’ve chosen to validate your financials manually, they’ll typically need to request more information from you and it will take longer to assess your application. When you choose digital validation, they receive the exact same information, just much faster.
What if I don’t get the property?
Whether you had conditional approval and your offer didn’t interest the vendor (it can be competitive out there!), or if you had full approval and your settlement fell through for some reason — just let us know. If you want to continue house hunting, we can help. If you need to change the suburb you’re looking in, or if you’ve found a specific property, contact your Credit Assessor or speak to one of our Home Loan Specialists over LiveChat or on 1300 842 405. There’s no need to submit a new application (and incur multiple credit checks!). We can alter your existing application.
Read more about applying for a Tiimely Own home loan.