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.