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.
Your conveyancer organises settlement for you.
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!