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What Happens After I Have Applied for a Tiimely Own home loan?

Once you complete the online application, our real-time home loan approval process starts, checking your credit history and assessing your eligibility for a loan. We’ll let you know where you stand by giving you an answer on the spot: it’s either a “yes”, a “we need more information” or a “no”.

If it’s a “yes” for a Tiimely Own home loan.

Once we fully approve your application, you will need to sign the documents and then settlement — after that, the house is 100% yours.

Steps for buyers

If you’re approved to buy, you’ll typically have the green light to buy the named property up to a certain amount (just send us a copy of the contract when you sign it).

You'll get an email from us with next steps, along with your home loan contract (sign it and our digital conveyancer, MSA, will take it from here).

We’ll also send you a Settlement Pack which among other things, will ask you to get your identification verified (all the details will be in the email we send you).

Your conveyancer will then organise settlement directly with us on the appointed day and we’ll provide the funds to purchase the property.

Once you’ve transferred your deposit, the seller will receive payment (from us) and you’ll get the keys.

Your new Tiimely Own home loan will begin.

You’ll then throw a big party and celebrate becoming a home owner.

Steps for refinancing your home

Once your loan is approved, the steps for refinancing are similar to those for home buyers – the biggest difference is we pay off your existing loan with your old provider and your new Tiimely Own home loan will then be in place.

You can celebrate paying off your loan faster with lower repayments, thanks to our competitive rates.

If you want to find out more about the settlement process, you’ll find a step-by-step guide in our settlement FAQ.

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.

If it’s a “no”

Please don’t be offended if we decline your application for a Tiimely Own home loan. There are many reasons we might have to do this. We wish we could tell you specifically why sometimes, but we're not allowed to disclose the exact reason for declining an application.

If we find a red flag as you’re filling out the application, we’ll halt it and 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 a citizen or permanent resident, and of course your financials.

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 don’t meet our eligibility criteria for a Tiimely Own home loan, 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.

After full approval, here is generally how it works:

If you’re buying a property for yourself, we pay the seller the agreed price and your home loan begins.

If you’re refinancing, we pay out your existing lender and your new loan begins.

Then you’ll sign the contract for your new home, pay your deposit to the agent and confirm your final settlement date, which is usually 30 – 60 days.

Other things you’ll need to take care of include building insurance for your new property, organising for the utilities to be switched over on settlement day and having your mail redirected.

Then the only thing left is to wait for the phone call, grab your new keys and celebrate!

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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.