Question 1

How and when will my credit history be affected when I start an application?

Accepted Answer

How and when will my credit history be affected when I start an application?

Once you get to the personal details section of our application and agree with our Privacy Policy and Credit Guide, our platform will trigger a credit check from the two main credit reporting bodies in Australia: Equifax and Illion.

How does a lender get my credit score?

Credit scores generally range from 0 to 1200, with higher scores suggesting lower risk to the lender. They are calculated by the credit reporting bodies using information in your credit report, including your repayment history; length of credit history, how much debt you have and the types of credit you've applied for.

Higher credit scores are an indicator that you’ve demonstrated responsible credit behaviour, making lenders more likely to lend to you, while lower scores may make it harder for you to qualify for a loan or get a lower interest rate.

You can improve your credit score by making your repayments on time, paying off your debts quickly, keeping your credit card balance well below the limit and only applying for credit when you're serious.

Credit reporting bodies supply us with your credit history report (and your credit score) so we can responsibly assess you for your home loan. Our enquiry remains on your file, which is like having a post-it that says "Applied for a Tiimely Own home loan". This is a standard check that all lenders do for both pre-approval and full approval.

Do multiple loan applications affect my credit rating?

Having multiple credit enquiries on your file can impact your score negatively, particularly when made in a short period of time, because it can look like you're shopping around for lots of different loans. Lenders may ask you to explain recent enquiries on your credit report if they cannot reconcile them to your existing credit commitments.

If I have a good credit score will I automatically get approved?

A good credit score isn't the only thing lenders use when assessing your application. There are many other factors that lenders need to consider, and each lender has their own requirements.

If you're interested in learning more about how credit reporting works or to check your credit score, you can visit:

Equifax Australia www.mycreditfile.com.au
Illion Australia www.checkyourcredit.com.au

Question 2

Why was my application declined for a Tiimely Own home loan?

Accepted Answer

Each lender has their own lending criteria, and these are the basis for their credit decisions. When we assess a home loan application, we look at a number of different sources to decide if we can approve it.

There are a few reasons why your application may not have been approved, including:

Your loan repayment capacity, taking into account your income, expenses, existing financial commitments, and the ratio of debt to your income.
The nature and stability of your employment.
Your credit history, which we obtained from Equifax and Illion.
The value of your property compared to the size of your loan.
The property linked to your application may not meet our specific credit criteria.

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 choose to go through our in-house broker service 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.

Question 3

Mortgage versus home loan - Do they mean the same thing?

Accepted Answer

Most people use the words ‘home loan’ and ‘mortgage’ interchangeably, but it might surprise you to learn that they actually refer to two entirely separate things.

What is a home loan?

A home loan is the sum of money a lender lends you to purchase your chosen property. You then pay this money back to the lender over a number of years, along with interest on the loan calculated at either a variable (fluctuates with the market) or fixed (1 to 10 years) interest rate.

What is a mortgage?

A mortgage is a security measure that’s put in place when you take out your home loan which protects the lender if you default on your loan repayments. If you don’t pay the money back to them, the mortgage gives the lender the legal right to sell your property to recoup their losses. The mortgage stays in force until you have paid off your home loan, after which the property becomes totally yours.

What's the actual difference?

A home loan is a means of buying a home when you don’t have the money yourself, while a mortgage is a means of guaranteeing a loan and protecting the lender from non-payment.

If you’re planning on buying a property, it’s always a good idea to know what terms like these mean. So be sure and talk to our expert team at Tiimely Home any time you aren’t clear on something you read.

Question 4

Can I make changes to my Tiimely Own home loan?

Accepted Answer

Of course you can.

Changing loan type

Switching from a variable loan is easy - that's the beauty of a variable rate. To switch from a Tiimely Own variable rate to a Tiimely Own fixed rate, you'll need to cover a variation fee of $150.

Switching from a fixed rate during the fixed term is a little trickier. There will be break costs associated that are specific to your loan, and they can be expensive. If you want to find out how much, let's talk.

To switch loan type, give us a call on 1300 842 405 on Monday to Friday and 08 7109 9010 on (Saturdays) or email us anytime.

Adding or removing an offset account

If you decide after you get your home loan that you'd like an offset account, you can add one to your existing home loan for a fee of $150. If you are on a fixed rate an additional break cost will also apply. Removing an offset account from your existing home loan will incur the same fees.

To add or remove an offset account, give us a call on 1300 842 405 on Monday to Friday and 08 7109 9010 on (Saturdays) or email us anytime.

Click here to learn more about offset accounts, and how they differ from redraw facilities.

Buying a new home

Want to buy a new home with Tiimely Home? You can use our online application or since you're already a customer, give us a call and we can talk you through it.

Topping up your home loan to release cash

Contact us and we can see if you can increase your home loan amount, to release cash.

For more information about how this works, read up on how to refinance your way to the perfect renovation.

Leaving us?

We'd love to know why you're leaving. Please call us on 1300 842 405 so we can see if there's anything we can do to help, or to simply assist you with the process to end your loan.

Question 5

What are the benefits of refinancing your home loan?

Accepted Answer

A lower interest rate, lower monthly repayments, and other flexible loan options like access to equity are some potential benefits of refinancing your home loan.

Question 6

How does a home loan repayment calculator work?

Accepted Answer

A home loan repayment calculator takes multiple variables into account before coming to a final estimated repayment dollar amount represented on a monthly basis.

The calculator will ask the user to enter information about their loan amount, their loan term, the intended property usage (live-in or investment), rate type (variable or fixed) and repayment type (principal and interest or interest only).

After calculating, the user will be able to see their estimated repayment amount as well as their total loan repayments and the total interest charged over the life of the loan.

Question 7

What happens if the RBA changes the cash rate?

Accepted Answer

Tiimely Home will work through any pricing changes with our funder, Adelaide and Bendigo Bank. If we change our pricing, impacted customers will receive a letter from Adelaide and Bendigo Bank outlining their new rate, repayment amount, and effective date.

We'll also provide updates via our website when we have all the relevant information.

Question 8

How can I be sure Tiimely Home's in-house broker will be able to find something for me?

Accepted Answer

We’re sure we’ll be able to find a loan that meets your requirements via our lender panel.

Like many of life’s situations though, sometimes things don’t align. We’ll be honest and let you know if Tiimely Home isn’t for you.

Question 9

How does a second applicant register for online banking?

Accepted Answer

During the welcome call, we will reach out to the primary applicant. But don’t stress! The secondary applicant can call us on 1300 842 405 option 3 to set up their internet banking. The secondary applicant will need to reference their customer number to do this, which is different from the primary applicant's. You can find this in your welcome letter or we'll share it with you on the call. When you’re ready, give us a call or chat online via the website to receive your unique customer number.

Question 10

Do I have to speak to a broker before applying for a Tiimely Home loan?

Accepted Answer

No, we’ll do the heavy-lifting and get in contact to let you know whether we can find you an appropriate loan via Tiimely Home. You’ll be able to chat with an in-house broker if you decide to proceed.

Question 11

How long until the loan funds are received?

Accepted Answer

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!

Question 12

What is Stamp Duty?

Accepted Answer

Stamp duty is a state government tax levied on home buyers and it varies depending on the state or territory you’re buying in.

It's generally 3-4% of the property’s value, but it’s best to use our Stamp Duty Calculator to get an estimate of what you could expect to pay. In the meantime, here’s a snapshot of stamp duty costs in each state and territory:

NSW

$80,001 to $300k = $1,290, plus $3.50 for every $100 over $80k

$300,001 to $1m = $8,990, plus $4.50 for every $100 over $300k.

If you're a first home buyer, you can choose between a lump sum stamp duty payment or an annual tax that is based on your property's land value. There are conditions and eligibility criteria, which you can find here.

QLD

$75k to $540k = $1,050, plus $3.50 for every $100 over $75k.

$540k to $1m = $17,325, plus $4.50 for every $100 over $540k.

SA

$250k to $300k = $8,955, plus $4.75 for every $100 over $250k.

$300k to $500k = $11,330, plus $5 for every $100 over $300k.

TAS

$200k to $375k = $5,935, plus $4 for every $100 over $200k.

$375k to $725k = $12,935, plus $4.25 for every $100 over $375k.

WA

$100,001 to $250k = $2,090, plus $3.80 for every $100 over $100k.

$250,001 to $500k = $7,790, plus $4.75 for every $100 over $250k.

VIC

$440,001 to $550k = $18,370, plus 6% of the dutiable value over $440k.

$550,001 to $960k = $28,070, plus 6% of the dutiable value over $550k.

NT & ACT

Stamp duty is determined by a formula in these territories, so you’ll need to use the calculators on the NT Government and ACT Revenue Office websites to determine approximate stamp duty.

Question 13

I don't know what type of loan or features will be best for me. Do I need to know before I apply online?

Accepted Answer

At Tiimely Home, it’s not essential. With expert guidance from our friendly in-house broker team, we’ll match your details with a Tiimely Own home loan, or, we’ll let you know if there’s a better fit with one of our partner lenders.

A Tiimely Own home loan is the smart choice for a low-rate loan with fast approval, but it’s not for everyone. Our in-house broker service provides major bank loans and supports complex situations with extended loan features such as split loans, guarantor loans, and construction loans.

During the application process we’ll ask you what the loan is for and what your goals and objectives are from acquiring the loan.

We’ll also help you narrow down things that are important to you like;

If you want to pay the loan down quickly
If you prefer knowing how much your repayments will be so you can maintain a budget (i.e. fixed rate) or if you prefer loan flexibility (variable rate)
How often you’d prefer to make repayments
Whether you want features with your loan such as an offset account and redraw facility.

Based on your answers, we'll recommend some loan options that best suit your needs. Once you've selected the most suitable option, we'll proceed with the financial assessment.

If you don’t qualify for a Tiimely Own home loan or a loan from one of Tiimely Home’s partner lenders, we’ll let you know upfront so we don’t waste your time. And if you’re approved, you’ll have your answer in a matter of minutes.

That’s the beauty of our real-time online application process and it’s what’s made us a standout provider in the home loan sector.

Question 14

Principal and interest or interest only?

Accepted Answer

Principal & interest is the most common type of home loan. This involves making repayments which pay down some of the principal balance plus the interest accrued.

However, some people opt for an interest only loan period. This involves making repayments for a set time (usually 1-10 years) which are lower than principal and interest repayments. as they only cover the interest being accrued and none of the principal.

You might choose an interest only loan period if you know your budget is going to be tight for a few years, or in the case of property investors, for taxation or equity building purposes.

If you go down this road though, you’ll need to make sure you budget for the end of the interest only period, as your loan will then switch back to the higher principal and interest repayments.

Question 15

Who will my loan be with if I choose Tiimely Home's in-house broker service?

Accepted Answer

Tiimely Home's in-house broker service is connected to a curated list of home loan products so you’ll not only be getting a great rate, but have the assurance of a reputable lender.

We’ve made sure to partner with lenders that we believe can offer great products and of course, we are always here if you need support.

Question 16

Can you write off refinance fees on your taxes?

Accepted Answer

There are tax implications for owning property, particularly in respect to purchasing an investment property to rent out. Contact your accountant or a financial advisor to understand the full tax implications of your personal circumstances.

The Australian Tax Office (ATO) also provides some information relating to claiming rental expenses.

Question 17

What's the difference between a Tiimely Own home loan and home loan via our in-house broker service?

Accepted Answer

Tiimely Own is the smart choice for a low-rate loan with fast approval, but it’s not for everyone. Our in-house broker service provides major bank loans and supports complex situations and loan features such as split loans, guarantor loans, and construction loans.

Tiimely Own home

Your Tiimely Own home home loan is funded by Bendigo and Adelaide Bank. You must meet the Tiimely Own home loan eligibility criteria, which includes postcode and property eligibility (i.e. capital, metropolitan and major regional only for owner-occupied and investment purposes), and be borrowing up to 90% (for customers who have less than 20% deposit, you’ll need LMI).

Our in-house broker service

Your loan will be funded by one of our 30+ panel lenders. This may allow you to unlock additional loan features that better suit your financial situation (i.e. split loan facilities, guarantor loans, land and construction). You can borrow up to 95% (LMI may apply for customers who have less than 20% deposit) and depending on your loan amount, there may be more flexibility (borrowing more than $2M-$3M).

What remains the same across both?

Regardless of where you get your home loan from, you’ll have access to the same superior service we’re famous for. You’re empowered enough to go down the DIY online home loan route, so make your Tiimely Home application work harder for you. Combined with our Tiimely Home tech, uses the power of automation and stay in control of your home loan. No more time taken out of your day to go to a lender’s office.

Question 18

What does an investment loan comparison rate mean?

Accepted Answer

Investment loans also have comparison rates, and they’re used the same way as other home loan comparison rates: as a tool to more easily compare options from lender to lender. Tiimely Own home comparison rates are calculated for a $150,000 loan over 25 years. They factor in our fees associated with applying for the loan; our ongoing fees and our fees associated with leaving the loan.

Question 19

How long do I have to be employed before I apply for a Tiimely Own home loan?

Accepted Answer

Here's what you need to know based on your employment type.

Full-time and permanent part-time PAYG roles

you've held your job for 6 months, or

had 12 months of continuous service in the same industry

Dependent contractor PAYG roles

you've held your job for 6 months, or

had 2 years of continuous service in the same industry

Casual PAYG roles

you've held your job for 12 months, or

6 months if you’ve had 2 years of continuous service in the same industry

Self-employed roles

you've traded for 1 year, and

meet our other self-employment criteria

If you fall outside of any of these categories and we are unable to approve you for a Tiimely Own home loan, we encourage you to apply using our application form and we’ll direct you through to our in-house broker service. 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. There’s no need to wait!

Question 20

How do I use my Tiimely Own card and make repayments?

Accepted Answer

Using your Tiimely Own Visa Debit card

If you’ve chosen to have an offset account, you’ll be sent a Tiimely Own Visa Debit card, so you can use it to spend your savings. Carefully, of course.

A few things to know:

You can use your Tiimely Own card anywhere, including the 29,000 ATMS across Australia, and over 2,000 Bendigo Bank and Suncorp ATMs (with no transaction fee charge)
You can use it to buy stuff, as you would with any other Visa Debit or EFTPOS card
It’s a fast and very secure way to perform transactions
The following features aren't available (yet): Apple or Google Pay, OSKO or PayID - we're working on it

Making repayments

Making repayments is the un-fun part of having a home loan. But at least we can make it uncomplicated.

You can make repayments on the Bendigo Bank loan portal by;

Direct debit (‘AnyPay’)

The most painless way to pay off your home loan. It’s simply a direct debit you can set up through your online banking, which allows you to transfer money from one of your accounts to any other account with an Australian BSB and Account Number.

This means you can set up reoccurring payments to your home loan, so you don’t have to think twice about it.

BPAY

You can use BPAY to schedule your home loan repayments too. Using the online banking portal, we’ve made the management of your BPAY payments easier with the following features:

View all your BPAY payments previously created and those scheduled for a later date within the ‘Pending BPAY Payments’ screen
View all your BPAY payment records created for easier identification and bill management within the ‘BPAY Billers’ screen
Bill payment details can be added at any time without a payment being made

How do I redraw on my loan?

Redraw means you can access any additional payments you’ve made to your home loan. With Tiimely Own, you can do this whenever you want for free, using online banking.

How? Just select your home loan as the ‘From account’ when performing a funds transfer. You can transfer to another account, like a savings account, and it should be available to withdraw within 2 business days.

If you have an offset account, transfer the cash there, and you can use your Tiimely Own Visa Debit card to immediately withdraw the funds.

Things to know about redraw:

The minimum redraw amount is $1 per transaction
Redrawing on your loan won’t increase your repayments or extend the term of your home loan, as you’re simply withdrawing the extra payments you’ve made into your home loan
When performing a redraw, you (and your plus one) need to authorise the transaction. If this is annoying, and you want to allow individuals to transact independently, please give us a call on 08 7109 9010.

Find your nearest ATM

Question 21

Do I need proof of income to refinance my house?

Accepted Answer

Yes, you will need to provide details of your income when applying to purchase or refinance a property. You will also need to verify this information by providing proof of income.

With Tiimely Home's digital verification, we can verify your income on the spot, typically without the need for further documentation. In some cases, however, we’ll need to see some old-school original documents.

Question 22

My details have changed, how can I update them?

Accepted Answer

You’ll need to give us a call to change the following:

Change your main phone number
Change your residential address
Reset your online banking password

Question 23

How do I release equity from, or top up my existing Tiimely Own home loan?

Accepted Answer

As an existing customer, you can talk through your requirements with our in-life team (option 3 when you call 1300 842 405). A lending specialist will review your request and current financial situation (similar to applying for a loan) before approving an equity release or top-up.

Question 24

What type of home loan is best for a first home buyer?

Accepted Answer

If you’re buying your first home, you’ve probably been saving for a while to get your deposit together.

Depending on how successful you’ve been, you’ll have saved either 20% or at the very least 10%, which will determine the type of home loan you’ll be able to get.

If you’ve only managed to save 10% of the property’s value, you’ll be required to take out Lenders Mortgage Insurance (LMI). This can be quite expensive, so it’s best to try and save a 20% deposit if you can.

The type of loan you then opt for will depend on your circumstances, but most first home buyers go for a principal and interest loan, where you pay off the loan amount with interest.

Many also choose a variable interest rate loan, as this usually comes with features that can help you to pay the loan off quicker.

Some people do opt for a fixed rate loan and the advantage of this is you always know how much your repayments will be, allowing you to stay on top of your budget, particularly if it is tight.

Whichever type of loan you opt for as a first home buyer, consider having the lowest interest rate you can get, the shortest loan term you can afford, minimum fees and only those features you’re likely to use such as a redraw facility and offset account. You should also get professional financial advice to better understand your options.

Question 25

Will there be an additional mark on my credit history?

Accepted Answer

There will only be one credit check on your credit file, with the lender we place your loan with, whether your use our in-house broker service or apply for a Tiimely Own home loan.

Question 26

What is borrowing power?

Accepted Answer

Your borrowing power is an approximate measurement of your ability to borrow funds. Basically, it’s an indication of how much you can afford to borrow while still being able to meet your other financial obligations. Each lender will calculate it differently, but generally speaking, a borrowing power calculator takes into account things like your income, current loans and liabilities, credit cards and their limits, and your living expenses. You can use our borrowing power calculator to get an idea of what your borrowing power is. Learn more about what goes into calculating your borrowing power

Question 27

How do I swap from paper statements to e-statements?

Accepted Answer

The statements you receive are set to be paper statements by default, but you can change it to an e-statement through online banking:

Select Accounts > Statements > Statement preferences > Under Actions, click ‘modify’ on the account you wish to change.

Question 28

How can I check what my current home loan repayments are?

Accepted Answer

Your monthly repayments will be mentioned in your contract. If there are any rate changes that affect you, your new monthly repayments will be sent to you in the mail. You can also check your monthly repayment amount online, it can be found under the “Loan Account Information” link on your Online Banking.

Question 29

Looking for the best home loan interest rate?

Accepted Answer

Whether you’re after the best variable home loan rates or the best fixed rate home loans — chances are, you’ll find some of the lowest home loan rates here. Because we’re digital, our rates are low. Here’s why.

Question 30

Can my repayment amount be changed if I’m ahead on my repayments?

Accepted Answer

If you’re ahead on your repayments or you've made a bulk payment, you can have your minimum contribution recalculated by the in-life team. Keep in mind access any additional funds you've made and accumulated in your redraw account won’t be available anymore if you proceed. There is also a recalculation fee of $50.

Question 31

How can I check the status of my application?

Accepted Answer

Once you apply for a Tiimely Home loan, you’ll receive your log in credentials, which will allow you to log in and manage your account online. This will also allow you to check on the status of your loan application, if it hasn’t been approved on the spot.

You log in credentials will include your account details, a customer number and a temporary password, which you’ll need to change for security reasons (the usual annoying password rules apply, like including a number, a letter and minimum of eight digits).

If you misplace or forget your Customer Number or password, just contact us.

Question 32

What happens after my loan Tiimely Own home loan is settled?

Accepted Answer

You’ll receive a welcome call in 1-2 business days from our in-life team who will cover the following:

Check if all your accounts have been set up as expected
Ensure your loan repayment is set-up and your direct debit details are correct
If you have an offset account, we'll make sure your Visa debit cards have been ordered
Run through how to access your accounts
Set-up your internet banking for the primary applicant
Provide contact details for future enquiries

You can also ask us any questions you may have now and throughout the life of your loan. Our team is available 7 days a week on 1300 842 405.

Question 33

I’ve completed the application process. What happens next?

Accepted Answer

Once you complete the online application, our real-time home loan approval process fires up, checking your credit history and assessing your eligibility for a loan.

Once completed, you will either be:

instantly approved;
referred to a home loan expert to complete your assessment or;
notified we weren't able to offer you a Tiimely Own home loan.

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 throw a big party to celebrate paying off your loan faster with lower repayments, thanks to our super low rates.

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

Question 34

How much can I borrow against my salary?

Accepted Answer

Every lender has their own formula for calculating your borrowing power, and they generally look at six main factors.

Deposit - the larger your deposit, the more you can borrow and the less interest you’ll have to pay on your loan.
Income – this is not just how much your household brings in, but how much is left for home loan repayments after the bills and day-to-day expenses are paid.
Level of debt – how much you owe on other loans and credit card limits will also influence your available income.
Savings history – having a savings history of at least 3 months demonstrates to a lender that you’ll be able to manage your home loan repayments.
Credit rating – a sound credit rating is one of the first things lenders look at, as it is based on your borrowing and repayment history.
Home loan term – a lender will look more favourably at a longer loan term, but remember it will mean you pay more interest over the life of the loan.
Property value - a lender may conduct a valuation of your chosen property to determine the amount they are willing to lend you.

You can get an upfront estimate of your borrowing power with Tiimely Home by using our borrowing calculator.

Question 35

When will I make my first repayment?

Accepted Answer

Your first monthly repayment is due 30 days after your settlement date. If you’ve opted for an alternate repayment frequency (fortnightly or weekly), the in-life team will let you know the date on your welcome call.

Question 36

How can I get approved faster?

Accepted Answer

We’re committed to turning around your application in as little time as possible, but the time it takes us to get to your application can change depending on the complexity of your application, and how many applications we’re currently receiving.

After you apply, we’ll let you know if we’re experiencing any delays. Once we pick up your application for assessment, we start working towards approval. Things will move really fast here. It’s important that you check your eligibility and make sure you have the correct identification and documentation ready to apply, to help our Credit Assessors get your application fully assessed in no time.

Opting for manual financial validation instead of securely linking your accounts, submitting an incomplete application, or providing inaccurate estimates of your expenses (or any information regarding your income, expenses and debts which doesn't match your actual situation) may require manual work for you and our credit assessors. These things all slow us down significantly. So make sure you’re really ready before you apply and respond quickly to requests from our Credit Assessors to help get your approved faster.

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 your application is time-sensitive or if there is a deadline you’re trying to meet, please speak with our team to get an understanding of our current turnaround times. You can chat with us over LiveChat or on 1300 842 405.

Question 37

What types of home loans does Tiimely Home offer?

Accepted Answer

For Tiimely Own home loans, we offer two simple loan types:

Fixed rate – interest rate is locked in for a set period

OR

Variable rate – interest rate fluctuates with the market

With two simple loan uses:

Owner-occupied – first home buyers or those buying their next home

OR

Investment – those looking to build a property investment portfolio

Two different repayment types:

Principal & interest – pay off the loan amount plus interest

OR

Interest only – pay the interest only (popular with investors)

And two different deposit requirements:

From 20% deposit – allows you to borrow up to 80% of a property’s value

OR

From 10% deposit – loans guaranteed by Lenders Mortgage Insurance (LMI).

We also offer offset accounts for both fixed and variable home loans.

Looking at an apartment? Check to see if your property is considered high density, there are a few extra checks we'll need to do.

And our fees? Our fees are simple and transparent, so you'll always know what to expect.

And because our application process is online, we’re able to offer some of the best interest rates you’ll find anywhere!

If a Tiimely Own home loan doesn’t meet your requirements, don’t worry! We’ll let you know along the way if we think we can find you a better home loan solution through our in-house broker offering. Our in-house broker service provides major bank loans and supports complex situations and loan features such as split loans, guarantor loans, and construction loans.

Question 38

Can I change my repayments?

Accepted Answer

It is possible to change your repayments, up or down. However, there are a few important things to be aware of.

Voluntary additional repayments

With a Tiimley Own home loan, you can make unlimited additional repayments if you have a variable rate home loan, or up to $20,000 per year if you have a fixed rate home loan.

The additional repayments made will be available to you via our free redraw facility.

Making a permanent change to your repayment amount

This is also known as a loan variation.

You'll need to arrange a loan variation with our in-life team, which will incur a fee. Why? Because as responsible lenders, we'll need to assess whether a loan variation is the right thing to do by you.

Increasing your set home loan repayments can reduce the overall interest paid over the life of your loan, and shorten your loan term.

Reducing your home loan repayments has the opposite effect - your loan repayments will be lower, but it also means your loan term is lengthened and you pay more interest over the life of your loan.

Unforeseeable changes in your life might impact your ability to make your repayments. Many lenders offer support for people experiencing financial hardship, including Tiimely Home. Decreasing your repayments may be a suitable option, however, we recommend speaking to our in-life team about your options.

Question 39

Why was my application declined for a loan from one of Tiimely Home's panel lenders?

Accepted Answer

Each lender has their own lending criteria, and these are the basis for their credit decisions. When we assess a home loan application, we look at a number of different sources to decide if we can approve it.

There are a few reasons why your application may not have been approved, including:

Your loan repayment capacity, taking into account your income, expenses, existing financial commitments, and the ratio of debt to your income.
The nature and stability of your employment.
Your credit history, which we obtained from Equifax and Illion.
The value of your property compared to the size of your loan.
The property linked to your application may not meet our specific credit criteria.

We wish we could tell you specifically why sometimes, but we're not allowed to disclose the exact reason for declining an application. However, if you’re not a match right now, don’t hesitate to check again later in the future.

Question 40

What's the difference between an owner occupied property and an investment property

Accepted Answer

As you’d expect from their names, the difference between an owner-occupied property and an investment property is whether or not you’re living in it. If you’re living in the property it’s considered an owner-occupied property, but if you’re intending to use your property as a source of income (through rental income or capital gains) and living in a different property it’s an investment property. The type of property you have will determine what type of home loan you need (either owner-occupied or investment). Owner-occupied home loan rates tend to be lower than investment home loan rates.

Question 41

Can I apply for any type of loan online?

Accepted Answer

All the loans we have are available online only. Before you start the application process though, you’ll need to check your eligibility.

If you can answer yes to these questions, there’s a good chance you can apply for a Tiimely Own home loan. However, if you are not eligible, don’t worry. We can help you find a home loan to suit you via our in-house broker service.

Are you buying or refinancing an established property (not off-the-plan or under construction)?
Are you buying or refinancing a home or investment property in a capital city or major regional centre?
Do you want to borrow at least $50k (and no more than $3m)? If borrowing more than $2m, do you have at least a 25% deposit?
Do you have at least a 10% deposit or equity, plus savings to cover fees and charges such as stamp duty?
Are you currently employed (either on a salary or self-employed)?
Do you have at least one form of government ID, such as a passport, driver’s licence or Medicare card?
Are you an Australian citizen or permanent resident who lives in Australia?

If you answered yes to all of these, we could be a good fit for each other.

Want to learn more about the loans we offer? Check out our home loans page.

Still have questions? Check out our FAQs or speak to our online chat consultants - they're real people ready to assist.

Question 42

How do you calculate principal and interest repayments?

Accepted Answer

The same way we calculate the repayments for any type of home loan.

At a very basic level, we take your loan amount, add the total amount of interest we’ll charge over the life of the loan, and then divide that total up evenly into a weekly, fortnightly, or monthly amount (whichever suits you best) based on the length of your loan term.

Question 43

What is Tiimely Home's data security?

Accepted Answer

Getting a home is an important decision, and so is protecting your personal information. Don’t let your data get caught up in the administrative lag of legacy banking systems and processes. Our awarded digital processes have been built with security in mind, with encrypted data streams that give our customers peace of mind.

We built the tech

We are the only lender who built their own proprietary tech and it’s so good, other lenders, including two of Australia’s biggest five banks, use it too.

Secure tech

Our tech protects your data. Plus, we’re backed and funded by Australia’s fifth-largest bank to give you the assurance that we respect and protect your information.

We keep your data safe

We’d never share your data, nor do we sell it off. It’s encrypted and used solely for the purpose of assessing you for a home loan product.

Government guaranteed

We give our customers the same protections as a bank. Unlike other lenders, our home loan offset accounts won’t leave you exposed in the unlikely event something goes bad.

We’re certified secure!

Tiimely Home is Service Organization Control 2 (SOC 2) compliant. What is it? It’s a rigorous auditing procedure that ensures our services securely manage your data, and we’ve passed! It defines the criteria for managing customer data based on five “trust service principles”—security, availability, processing integrity, confidentiality, and privacy. SOC 2 was developed by the American Institute of Certified Public Accountants (AICPA)

This is not just a box we ticked, SOC 2 informs how we manage our customers’ information. …it’s like a promise to you that we don’t just care because it’s fashionable…we care because it’s essential.

Other nitty-gritty bits

Our online service is bound by the provisions of the Privacy Act 1988 (Cth), including the Australian Privacy Principles. As logic has it, please be aware that we are not responsible for the privacy practices of other sites, such as Facebook, which you may connect to via our website. When you go to other websites from here, we advise you to be aware and read their own privacy policy. Ours is here.

Question 44

Can I use the equity in my current home as a deposit?

Accepted Answer

Yes, equity is a powerful tool that can set you on the road to building a profitable investment property portfolio.

You can use the equity in your home as an investment property deposit and if you have enough equity built up, you can borrow 80% of the property’s value without having to use your own cash.

How equity is calculated

Your accessible equity is the difference between your home’s current value and how much you still owe on your home loan.

If you’ve lived in your home for five years or more, you’ve probably accumulated quite a bit of accessible equity.

But lenders will only lend up to 80% of your home’s current value minus your current mortgage. This is known as your useable equity, which is quite a bit less than your accessible equity.

But it can still be a significant amount for an investment property deposit or any other use you may have for it, such as renovating your home, investing in shares or managed funds or improving your lifestyle with a holiday or new car.

Tips when buying an investment property

All investments carry some level of risk, so to reduce your exposure when accessing your equity;
You could keep some of your equity for emergencies, instead of using it all to invest in property.
Consider repaying your home loan as quickly as you can.
Think about learning more about property investing so you can make educated choices.
It's always important to get professional financial advice to fully understand your options.

Question 45

What is the maximum ATM card withdrawal limit?

Accepted Answer

$1,000.

This limit can’t be changed.

Question 46

Does Tiimely Home offer pre approval?

Accepted Answer

We offer a form of conditional approval for our Tiimely Own home loans, which is everything we can assess without knowing your property. Our preferred option is to give you full approval, giving you maximum confidence. But our digital application can work towards either. We understand everyone shops for a house differently, and sometimes conditional approval may suit your needs better. So, here’s how it works.

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

Conditional approval means that we’ve assessed everything we can except for the property you’re buying (because you haven’t found one yet), so we’ll need to do a valuation when you find a property, and one final check to fully approve you for a home loan.

Subject to property means we can assess you as much as possible until the only outstanding item we need from you is your choice in property. When you find the right one, just let us know and we’ll do some other checks (including giving your property the double-thumbs up) to complete your assessment and hopefully it's full approval from there.

Your conditional approval is valid for 60 days. We’ll send a reminder before your approval expires in case you’d like to renew it. Please note, we’ll only be able to renew it once. You’ll need to start a new application once your approval expires – but it’s a straightforward process as you’ve already experienced, and our Customer Support team is here to help.

Our online application asks for details about the property you’d like to purchase. If you are seeking conditional 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 you’re most likely to purchase in. When you find the right home down the track, let us know the address and we’ll update your application.

It’s important to understand our general application eligibility before applying, as we can’t lend to everyone or to all properties in all locations. If you’re unsure, just ask us. We’re available to chat 7 days over the phone or through our LiveChat. We also run a credit check on your file during the application, so make sure you’re really ready (we’re not an online lead-capture form, we’re the real deal trying to give you a real, digital answer).

Our quickest ever full approval to date was just 58 minutes. But sometimes we can hit delays if we need a little more information. Opting for manual financial validation instead of securely linking your accounts slows us down significantly, and one of our Credit Assessors will need to step in to assist. Submitting an incomplete application or providing inaccurate estimates of your expenses (or any information regarding your income, expenses and debts which doesn't match your actual situation) also requires manual work from our Credit Assessors. Again, make sure you’re really ready before you apply. If your application is urgent or you’re trying to meet a deadline, please contact us as we may be able to escalate your application.

How do I bid at auction?

It’s common for buyers to bid with only pre-approval, which can be quite risky. Since auction sales are typically unconditional and final, you are required to pay your deposit immediately after the hammer falls. But with pre-approval, your lender hasn’t guaranteed to lend you funds, and could decline to lend (perhaps emotions ran high and you bid well over the top with an amount the lender was unprepared to lend you). Or, you can aim for full approval, where you provide the exact address. We’ll take you and your application as far as we can — we’ll validate everything, run our checks, and will be waiting with the rubber stamp. If (and only if) we were able to run an automated valuation (AVM) during the application, you’ve been fully approved and you can go to auction with maximum confidence. (It’s normal for the selling agent to be shocked when you tell them your bid is unconditional on finance — Tiimely Own's full approval is unique in the Australian market). If we can't run the AVM, you won’t be able to bid at auction with full approval. 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 value from that. 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, or if the property. — we won’t be able to run an AVM (sorry). Sometimes the property is just too obscure, or there’s not enough sales data on the suburb to run the AVM (looking at you, Thorngate SA). If you intend on using full approval to bid at an auction, let us know. Speak with your Credit Assessor or chat with our Home Loan Specialists on 1300 842 405, or through our LiveChat. We can help you through the process.

What doesfull approval with a Tiimely Own home loan look like?

If you’re ready, you’ll know exactly which property you want to purchase. Go further than conditional approval and apply for full approval.

To give our full approval for the property we need to confirm its 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) OR 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 where possible, because (as the name implies) it’s automatic and, like, scary-good accurate and way faster. Not all properties or applicants will be eligible for an AVM, so if we can’t conduct one on the spot, we’ll need to order a desktop or a full valuation. This will take slightly longer. If you’ve already got a signed purchase contract, we can usually skip the valuation step (unless you require LMI, or if your property is classed as “high density” — then we’ll need to order a full valuation).

P.S: you’ll pay nothing for the valuation, even if we have to order a full valuation. Tiimely Own absorbs the cost.

To apply for full approval, give us the exact address and complete the rest of the application. We’ll let you know where you stand by giving you an answer on the spot: it’s either a “yes”, a “no”, or a “we need more information”.

If it’s a “yes”

Once we fully approve your application, we really mean it. Your last hurdle will be signing the documents and then settlement.

If it’s a “no”

Each lender has their own lending criteria, and these are the basis for their credit decisions. When we assess a home loan application, we look at a number of different sources to decide if we can approve it.

There are a few reasons why your application may not have been approved, including:

Your loan repayment capacity, taking into account your income, expenses, existing financial commitments, and the ratio of debt to your income.

The nature and stability of your employment.

Your credit history, which we obtained from Equifax and Illion.

The value of your property compared to the size of your loan.

The property linked to your application may not meet our specific credit criteria.

If we find a red flag as you’re filling out the application, we’ll 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 an Australian citizen or permanent resident, and of course your financials. We know that not everyone will be suitable for a Tiimley Own home loan. If you don’t meet our eligibility criteria, we’ll match your application (with your permission, of course) against our panel of lenders and 100s of exclusive Tiimely Home deals without you having to reapply.

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.

What if I don’t get the property?

Whether you had conditional approval and your offer didn’t interest the vendor (it can be competitive out there!), or if you had full approval and your settlement fell through for some reason — just let us know. If you want to continue house hunting, we can help. If you need to change the suburb you’re looking in, or if you’ve found a specific property, contact your Credit Assessor or speak to one of our Home Loan Specialists over LiveChat or on 1300 842 405. There’s no need to submit a new application (and incur multiple credit checks!). We can alter your existing application.

Read more about applying for a Tiimely Own home loan.

Question 47

Wondering how to refinance a home loan?

Accepted Answer

The first thing to do is to look at your current loan including the type of loan it is, the interest rate you’re paying, the features it offers, and the fees you’re paying. Identify the things you would like to improve with a new loan. For example, maybe you want to pair your fixed-rate with an offset account? Or maybe you want to move from a fixed rate to a variable rate?

Next, crunch the numbers to calculate how much you will gain from refinancing. Use our refinance calculator to determine your monthly savings if you refinanced with Tiimely Home.

Next, watch out for fees. Every lender has its own set of fees for refinancing. Expect to pay ‘closing your old loan fees’ (such as discharge fees, break fees for fixed home loans etc) + ‘opening your new loan fees’ (government fees, third party fees).

Then divide the monthly savings by your total closing costs to figure out how many months it takes to break even.

Once you have calculated if it's worth it to pursue a refinancing home loan, shop around for the best refinance rates and features and find a home loan that suits your scenario. Then, choose your new lender and apply. How long will the process take? Every lender is different. With Tiimely Home, your refinancing online home loan application will take approximately 15 mins.

Question 48

How do I find the best home loan rates?

Accepted Answer

If you’re looking for the lowest home loan interest rate, we recommend viewing all of our home loans and weighing up which one might be best for you.

If a Tiimely Home loan really isn’t for you, that's ok. It’s still a good idea to know what else to look for beyond an interest rate.

Question 49

How much difference does 0.5% make on a home loan?

Accepted Answer

It makes a big difference to your interest payments. Say you had a $600,000 home loan with a loan term of 30 years. The difference of having an interest rate of 6% instead of 6.5% is: $195 in monthly repayments savings and $70,238 in interest savings over the life of your loan, assuming all fees and other charges are equal (these figures are estimates only). You can estimate your monthly repayments on a Tiimely Home loan, and total interest charged with our repayments calculator.

Question 50

Why choose Tiimely Home?

Accepted Answer

Tiimely Home's world-first technology allows you to apply for a home loan wherever you want, whenever you want. Online home loans aren’t new, but at Tiimely Home, we’ve streamlined the application process to under one hour, making it the fastest and most convenient way to get a great home loan quickly, and simply. Plus, our process lowers costs so we can offer you award-winning rates with no hidden fees.

Tiimely Home also takes care of the assessment process once you’ve applied for your home loan, requesting a credit check from a credit reporting agency and using it to assess your eligibility for the loan.

We offer a self-serve home loan application that you can complete online, all by yourself. But, if you don’t want to go it alone and would prefer speaking to someone, we offer a range of different channels to contact us on (chat, phone, email), so you can get answers in a way that best suits you.

Question 51

Does refinancing a home loan hurt your credit score?

Accepted Answer

Your credit score may take a dip in the process, but it can recover and it's normal. A temporary credit hit is likely to be outweighed by the financial gain of a home loan refinance. When you apply for a new loan lenders will check your credit history to see if you are a risky buyer. This is called a ‘hard inquiry’. It shows up on your credit report and too many hits can temporarily cause your credit score to drop. To avoid too many credit inquiries, shop around for the best deals before you apply for a home loan.

Question 52

When can you refinance a home loan?

Accepted Answer

You can refinance a loan whenever you want, but you should only switch if you can get a better deal. A refinancing loan comes with upfront costs such as break fees (if you’re on a fixed loan), exit fees and open fees. When deciding, calculate how long it takes to recoup the costs of refinancing.

Not sure whether it’s worth undertaking a home loan refinance? Use our refinance calculator to figure out how much you could save by getting a refinancing home loan with Tiimely Home.

Question 53

What factors can affect my turnaround time?

Accepted Answer

The time it takes us to get to your application can change depending on how many applications we’re currently receiving and the complexity of your application.

Sometimes we can hit delays if we need a little more information. Opting for manual financial validation instead of securely linking your accounts, submitting an incomplete application, or providing inaccurate estimates of your expenses (or any information regarding your income, expenses and debts which doesn't match your actual situation) may require manual work for you and our credit assessors. These things all slow us down significantly. So make sure you’re really ready before you apply.

Our rates have proven to be quite popular, so we receive large volumes of applications from time to time. During these times, it takes us a little longer than we’d like to assess and approve your home loan application, and we’ll be sure to communicate this in a timely manner. We’re continually growing our team and are working hard to keep up with demand.

If your application is time-sensitive or if there is a deadline you’re trying to meet, please speak with our team to get an understanding of our current turnaround times. You can chat with us over LiveChat or on 1300 842 405.

Question 54

What is a variable rate home loan?

Accepted Answer

A variable rate home loan is one where the interest rate goes up and down with market fluctuations, which are influenced in part by the official cash rate set by the Reserve Bank of Australia (RBA).

The two main types of variable rate home loans are:

Standard variable rate home loans – these often include features such as redraw facilities, a line of credit and an offset account, where you can use your savings to pay less interest on your loan.
Basic variable rate home loans – these offer lower interest rates, but fewer if any of the features of a standard variable rate home loan.

Variable rate home loans are the most popular type of home loan, as they provide more features and flexibility than fixed rate home loans and usually give you the option to pay your loan off earlier.

Question 55

Where can I get help to complete my application?

Accepted Answer

The home loan application process can be complex and time consuming and you may be unsure about whether you have the relevant documentation or whether your credit history is good enough to qualify you for a loan.

Even though we’ve streamlined things as much as we can, you may still have questions regarding;

Can't find what you're after in our FAQs? If you’d like more information about your home loan application or you aren’t 100% sure what we're on about, here are the ways we can help you;

Livechat – just click on the chat box at the bottom right of the page and chat in real time to one of our home loan experts.
Phone - sometimes it's best to talk it out and the ‘Let's talk’ button is always available at the top of the page if you need our contact details.
Email – if you prefer, you can send us a written query any time at hello@tiimelyhome.com.au.

At Tiimely Home, we’ve used our ground-breaking tech to strip the cost and complexity from home loans and our world class customer service is doing the same for the application process.

Our all-star cast of home loan specialists are here to solve your problems 7 days a week. They have more than 100 years of combined experience between them and they’re just a mouse click, phone call or email away.

Question 56

Does your calculator include stamp duty exemptions?

Accepted Answer

No, our calculator does not take into account stamp duty exemptions. You may be eligible for further exemptions based on your own circumstances (such as income, the state you live in or if you are a first-home buyer). You can click on the state links below to explore what exemptions are available.

NSW

ACT

VIC

QLD

Question 57

How long does it take for a home loan to be approved?

Accepted Answer

How long does it take for a home loan to be approved?

Generally we’re pretty quick, but the time it takes us to get to your application can change depending on how many applications we’re currently receiving and the complexity of your application.

After you apply, we’ll let you know if we’re experiencing any delays. Once we pick up your application for assessment, we start working towards approval. Things will move really fast here. If you’re ready and can respond quickly to requests from our Credit Assessors, you and your application will be fully assessed in no time.

The quickest we’ve ever fully approved an applicant from the time they submitted their application (including assessment, verification, and running all our digital checks) was 58 minutes.

Because our application process is entirely online, we’ve been able to streamline it right down to the basics. We reimagined home loans from the ground up, making it more efficient and easier to understand. Because home loans should be simple.

Once you’ve completed the application process, you’ll either be approved, politely declined, or referred to one of our home loan experts to fill in any blanks.

If you're approved, you'll get an email from us with next steps, along with your home loan contract. You’ll also get a settlement pack which will outline further steps such as getting an in-person ID check.

What may delay my home loan approval?

Sometimes we can hit delays if we need a little more information. Opting for manual financial validation instead of securely linking your accounts, submitting an incomplete application, or providing inaccurate estimates of your expenses (or any information regarding your income, expenses and debts which doesn't match your actual situation) may require manual work for you and our credit assessors. These things all slow us down significantly. So make sure you’re really ready before you apply.

Our rates have proven to be quite popular, so we receive large volumes of applications from time to time. During these times, it takes us a little longer than we’d like to assess and approve your home loan application, and we’ll be sure to communicate this in a timely manner. We’re continually growing our team and are working hard to keep up with demand.

If your application is time-sensitive or if there is a deadline you’re trying to meet, please speak with our team to get an understanding of our current turnaround times. You can chat with us over LiveChat or on 1300 842 405.

What happens if my application needs to be reviewed by a Credit Assessor?

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.

Are you ready to try a better way to do home loans? You can start the application process for your home loan here.

Question 58

What if I only want to apply with a broker because I’m not eligible for a Tiimely Own home loan?

Accepted Answer

If you know from the outset that you’re not eligible for a Tiimely Own home loan, we encourage you to apply using our application form and we’ll direct you through to our in-house broker service. 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. There’s no need to wait!

If you know you want a major bank loan from the outset, you can also opt-in to our in-house broker service during the ‘Your loan’ section in the application.

Question 59

Do you do introductory/honeymoon rates?

Accepted Answer

No! Tiimley Own doesn’t do honeymoon rates. Because of our efficient tech, we offer low rates all the time, and our rate changes are based on our funder (Bendigo and Adelaide Bank) and market forces such as the RBA cash rate. Honeymoon rates are designed to entice new customers to apply, but after the honeymoon period ends your rate gets hiked back up and you could end up with a less competitive rate than others currently on the market. You can learn more about the different types of rates in our Home Loan Guide here. And if you’re curious about how our rates have changed over time, you can take a look at our historical rate graph in our 'How banks and lenders set their interest rates' Home Loan Guide.

Question 60

How much income do I need to qualify for a refinance?

Accepted Answer

The amount of income you need to qualify for a refinance home loan will vary depending on many different factors, including how much you wish to borrow, your pre-existing equity, your living expenses, and any other debt or liabilities you may hold.

You can learn more about serviceability in our Home Loan Guide.

Question 61

How does Tiimely Home work out the value of my property?

Accepted Answer

There are three ways Tiimely Home can value your property:

Automated Valuation Model (AVM),
desktop valuation, and
full valuation.

What is an Automated Valuation Model (AVM)?

If our tech can get a good read on your property, we'll do an AVM, which means we will value your property instantly by analysing values of comparable properties. How? We've integrated external providers, existing property and land databases and our own tech models to get a very good estimate of the value of your property.

What is a desktop valuation?

If we can't value your property instantly, we'll need to do a desktop valuation or full valuation. A desktop valuation is when an accredited valuer uses publicly available information such as tax records and comparable sales in the area to work out a property's value.

What is a full valuation?

A full valuation is when we arrange for an independent and qualified valuer to inspect your property and issue a report with the valuation. This may be required if:

You have less than 20% deposit
The property is a high-density apartment

In a full valuation, the licensed appraiser visits the property, takes photographs and measurements, and evaluates the location, features, selling points and overall condition of the property.

The good news? You won't need to pay any valuation fees, because we pick up the cost.

Question 62

Are owner occupied home loans cheaper?

Accepted Answer

Owner-occupied home loans do generally have lower interest rates than investment home loans. This is because owner-occupied home loans are generally seen as less risky than investor home loans.

Question 63

Will I always get your published interest rate?

Accepted Answer

The short answer is no. But you'll always have a highly competitive rate.

Think of it like this – when you get a Tiimely Own home loan, we’ve locked in a ‘price’ with our funder (Bendigo and Adelaide Bank) for that loan, which is reflected in your interest rate.

When we have a new variable rate for new customers, it means we’ve been able to lock in a lower price with our funder. It doesn’t change the price we secured for your loan. So, having a lower rate for new customers doesn’t mean we’re making more money off our loyal customers to pay for the discount – because we don’t believe in that. It means our funder has been able to give us a better price at that specific time. At some point, our funder may actually increase the price they’ve agreed with us, which means the rates for new customers will go up. And some existing customers will be better off.

The new rate offers work differently to cash rate changes. If there’s an RBA cash rate cut and our funder’s costs ease, they may be able to pass on the cut which means all our customers will receive the same discount off their rate – new and existing. The good news is, all of our rates are highly competitive because of our tech-driven proposition. And even if your rates are a fraction higher than the new headline rate, you will still be saving thousands compared to the average loan.

Question 64

Switching your investment loan to owner-occupied?

Accepted Answer

If you’ve moved into your investment property and become an owner-occupier, you’ll need an owner-occupier home loan. If you’re already an existing customer you’ll need to contact our post settlement team either by email or phone.

And if you’re a new customer, you’ll need to refinance your home loan but you’ll be applying for an owner-occupied home loan instead of an investment. You also don’t need to record your rental income for that property in the application.

FAQs

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What does an investment loan comparison rate mean?

Can I use the equity in my current home as a deposit?

How much can you borrow for an investment property?

How do I apply for an investment home loan?

Can I get an owner occupied loan for my investment property?