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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!

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Legal things 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 trade mark of TicToc Online Pty Ltd (trading as Tiimely).