Back to FAQs

Does Tiimely Home offer pre-approval?

Yes. Our pre-approval for our Tiimely Own home loans is everything we can assess without knowing your property. Our preferred option is to give you full approval, giving you maximum confidence, however our digital application can work towards both requirements.

What does pre-approval (subject to property) with a Tiimely Own home loan look like?

Pre-approval means that we’ve assessed everything we can except for the property you’re buying (because you haven’t included one). When you find a property, we’ll need to do a valuation and some final checks before you’re fully approved.

Our online application asks for details about the property you’d like to purchase. If you are seeking pre-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 that’s most likely and when you find the right home, let us know the address and we’ll update your application.
We also run a credit check on your file during the application, so make sure you’re really ready before you apply.

What does ‘Subject to property’ mean?
This means we’ve assessed everything possible, the only outstanding item we need to check is your property. When you find the right one, just let us know the address and we’ll run our final checks (including a valuation on the property) to complete your assessment.

Should you be successful, your pre-approval is valid for 60 days. We’ll send a reminder before it expires, at which time, you’ll be able to renew it for an additional 60 days if you need. Please note, we’ll only be able to renew it once. Once it expires, you’ll need to start a new application.

We’re not able to lend to everyone or to all properties in all locations so you can check our general application eligibility here before applying. If you’re unsure, just ask. We’re available 7 days on 1300 842 405 or via LiveChat.

If your application is urgent, or you’re trying to meet a deadline, please contact us as we may be able to fast track your application.

Can I bid at auction with pre-approval?

It’s common for buyers to bid with only pre-approval. This can be quite risky since auction sales are typically unconditional and final and you’re required to pay your deposit immediately after the hammer falls. And with pre-approval, your lender hasn’t guaranteed to lend you funds which means they could decline to lend.
Aiming for full approval, where you provide the exact address, means we can validate everything, run our checks, and if we’re able to run an automated valuation (AVM) during the application, you’ll be fully approved and can go to auction with maximum confidence.

Often, selling agents will be shocked to know your bid is unconditional on finance — Tiimely Own's full pre-approval is unique in the Australian market.

If we can't run the AVM, you won’t have full approval and 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 stated value.

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


  • if sometimes there’s not enough sales data on the suburb

If you intend on using full approval to bid at an auction, let us know. You can speak with your Credit Assessor or one of our Home Loan Specialists on 1300 842 405, or via LiveChat and we can help you through the process.

What does full approval with a Tiimely Own home loan look like?

If you know exactly which property you want to purchase, you can apply for full approval.

To give our full approval we need to confirm the property 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)


  • 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 because it’s automatic, extremely accurate and much faster. However, not all properties or applicants will be eligible for an AVM, so if we can’t conduct one on the spot, we’ll order a desktop or a full valuation and this will take a bit longer.
If you’ve already got a signed purchase contract, we can usually skip the valuation step (unless you require LMI, or your property is ‘high density’ — these require a full valuation).

Note: You won’t pay anything for the valuation, even if you need a full valuation. Tiimely Home absorbs the cost.

Applying for full approval
When you apply for full approval, we’ll give you an answer on the spot: either a “yes”, a “no”, or a request for more information.

What we mean by yes

This is a fully approved application. You’re ready to sign the documents and proceed to settlement.

What we mean by no

Each lender has their own lending criteria that form the basis of their credit decisions.

When we assess a home loan application, we review a number of different sources to decide if we are able to approve it.

If we need more information

If we need more information, we’ll refer your application to one of our Credit Assessors who’ll help you complete your application. Our Credit Assessment team move fast, and if you’re proactive in responding to their requests, they’ll be able to process your application quickly.

Sometimes they’ll only need one or two things like updated payslips or a bank account statement. Everyone’s situation is unique, so if your specific application is more complex than most, you might be asked to provide more detail. If you’ve chosen to validate your financials manually, this typically requires more information and your application will take longer to assess, however if you choose digital validation, our team receive the exact same information, but much faster.

What if I don’t get the property?

Whether you had pre-approval and your offer wasn’t successful, or you had full approval and your settlement fell through, you can access your application and edit your property information. There’s no need to submit a new application (and incur multiple credit checks).

Read more about applying for a Tiimely Own home loan.

Found in:

  • Tiimely home
  • Applying
  • Loan features

Found in:

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.

Tiimely FAQs and Guides
At Tiimely Home we are not financial advisers and recommend seeking independent financial and legal advice to check how the information we provide aligns with your individual circumstances.