Question 1

How long does pre-approval take?

Accepted Answer

Our streamlined application process will take you about 15 minutes to complete. The time it takes us to assess your application can change depending on how many applications we’re currently receiving and the complexity of your application.

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 approval times. You can chat with us over LiveChat or on 1300 842 405

Question 2

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

Accepted Answer

In the personal details section of your application you’ll be asked to review and consent to our privacy collection statement. This contains information about the types of personal and credit-related information we collect and use. Once you agree, a credit check will be triggered from the two main credit reporting bodies in Australia: Equifax and Illion.

How does a lender use 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 access 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 committed to buy.

Credit reporting bodies supply us with your credit history report (and your credit score) so we can responsibly assess you for your home loan on behalf of our funder. Our enquiry remains on your file, and a simple line that reads "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 these occur within a short period of time. This is because it may 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’re not able to 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 3

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 4

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

Accepted Answer

Most people use ‘home loan’ and ‘mortgage’ interchangeably, however 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 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 that protects the lender if you default on your repayments. If you don’t pay the money back, the mortgage gives the lender the legal right to sell your property in order to recoup their losses. The mortgage stays in force until you have paid off your home loan, after which time you own the property.

What's the 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 good to keep informed. You can contact our expert team at Tiimely Home any time if you’re ever unsure or need clarification.

Question 5

How can I reduce the amount of stamp duty I need to pay in the ACT?

Accepted Answer

To reduce stamp duty in the ACT, check for exemptions and concessions such as those for first-home buyers or transfers between spouses. Consult the ACT Government site or a professional for eligibility details and application steps.

Question 6

When must stamp duty be paid in WA?

Accepted Answer

You’ve got two months from the date of your property deal to pay the stamp duty in WA. Make sure to file all the required documents for assessment within this time to prevent of any penalties or interest charges.

Question 7

Can I make changes to my Tiimely Own home loan?

Accepted Answer

Yes.

Changing the type of loan

Switching from a variable loan is relatively easy. If you have a Tiimely Own variable rate home loan and you want to switch to a Tiimely Own fixed rate home loan, there will be a variation fee of $150.

Switching from a fixed rate during the fixed term is a little more complicated. There are break costs associated and they can be expensive. If you want to find out more, one of our home loan experts will be able to help you navigate the process.

Our team is available Monday to Friday on 1300 842 405 and on 08 7109 9010 (Saturdays) or via email anytime.

Adding or removing an offset account

If you decide that you'd like an offset account after you get your home loan, you can add one 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, you can call us Monday to Friday on 1300 842 405 and on 08 7109 9010 (Saturdays) or feel free to email us anytime.

Want to learn more about offset accounts and redraw facilities? Click here.

Buying a new home

If you’re a new customer, our Tiimely Home online application is quick and easy place to start. or if you prefer, you can contact us and we can talk you through it.

Topping up your home loan to release cash

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

Want more information? Our guide can help explain how to refinance for things like renovation.

Leaving us?

If you decide to leave, we'd like to understand why. If you decide to call us on 1300 842 405, we can see if there's anything we can do to help, anything we could have done better, or we can simply assist you with the process of ending your loan.

Question 8

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 9

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 10

What happens if the RBA changes the cash rate?

Accepted Answer

Tiimely Home will work through any pricing changes with our funder, Bendigo and Adelaide Bank. If there is any change to our pricing, impacted customers will receive communication from Tiimely Home outlining the changes to their loan, which may include their new rate, new repayment amount, and the date it comes into effect.

We'll also provide updates on our website with all the relevant information.

Question 11

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

Accepted Answer

We have access to 1000s of loans through our panel of lenders so we’re confident that we’ll be able to find a loan that meets your requirements.

Sometimes however, things don’t go to plan, and if this happens your broker will talk you through the reasons why we’re not able to assist you with a home loan.

Question 12

When is stamp duty payable in Queensland?

Accepted Answer

In Qld, you’ll need to pay property stamp duty within 30 days after signing the contract or when the transaction becomes liable under the Duties Act 2001. It's important to pay on time to avoid any penalties or interest charges.

Question 13

How can I reduce the amount of stamp duty I need to pay in TAS?

Accepted Answer

To reduce the amount of stamp duty payable in Tasmania, consider the following options:

First Home Buyer Concessions: If you're a first-time buyer, you might get a 50% discount on stamp duty for established homes up to $600,000.
Pensioner Concessions: Pensioners who downsize could also get a 50% discount, as long as they meet the criteria.
Home and Land Package Exemption: This applies if you buy a newly built home and land together as a complete package.
Regional Initiatives: Look into any regional programs that might lower stamp duty for properties in affordable housing areas.

For more details and to see if you qualify, talk to a professional or visit the State Revenue Office of Tasmania

Question 14

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 15

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

Accepted Answer

No, simply fill in your application and we’ll let you know if you’re eligible for a Tiimely Own home loan. If not, you’ll have the option to talk with our in-house brokers. With your consent, the broker will be able to use that same application to find you an appropriate loan via Tiimely Home’s panel of 30+ lenders.

Question 16

When must stamp duty be paid in NSW?

Accepted Answer

In NSW, stamp duty must be paid within three months of signing the sale or transfer contract. For off-the-plan purchases, if you intend to live in the property, you may be able to defer your stamp duty payment for up to 12 months.

Question 17

How long until the loan funds are received?

Accepted Answer

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.

Question 18

Who is eligible to be a guarantor for a home loan?

Accepted Answer

Most lenders require the guarantor to have a strong (usually family) relationship with the purchaser. As standard, they will accept the applicant’s:

• Parents or those of the co-applicant

• Adult children

• Spouse or de facto partner

Some lenders may approve other family members that are approved as exceptions however they need to have a good credit history and demonstrate a close relationship with the purchaser.
Friends, co-workers, former spouses or de facto partners will generally not be eligible as well as anyone with a bad credit history.

Question 19

When should you get pre-approval for a loan?

Accepted Answer

It depends on your individual circumstances, but the sooner you apply, the sooner you’ll be able to continue in your home journey with confidence. It doesn’t matter if you haven’t found your perfect home, our pre-approval for our Tiimely Own home loans is everything we can assess without knowing your property. So when you’ve found a property, you’ll be able to access your original application and edit your property information. There’s no need to submit a new application (and incur multiple credit checks).

Question 20

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.

Generally, it’s 3-4% of the property value, but it’s best to use our Stamp Duty Calculator for an estimate of what you can expect to pay. Below, you’ll find an overview of stamp duty for each state and territory:

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.

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.

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.

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.

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 21

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 22

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 23

What if I didn’t get the property?

Accepted Answer

Whether you had pre-approval and your offer wasn’t successful, or you had full approval and your settlement fell through, you can access your application and edit your property information. There’s no need to submit a new application (and incur multiple credit checks).

Question 24

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 25

How to calculate stamp duty in QLD?

Accepted Answer

To calculate stamp duty, use the property's dutiable value and apply the corresponding rate based on the latest Queensland Government schedule. You can also use our Queensland Stamp Duty Calculator for a reliable estimate. Remember to factor in property type and eligibility for concessions or exemptions, which can significantly impact the final amount payable.

Question 26

Why is stamp duty required when purchasing a home in Tasmania?

Accepted Answer

Tasmanian stamp duty on property sales is a state tax that ensures that the government legally recognises and supports the transfer of property ownership. It's an important revenue source for the state and is calculated based on the property's value at the time of purchase.

Question 27

Why is stamp duty imposed on property purchases in WA?

Accepted Answer

Stamp duty on WA property purchases generates revenue for the state government. It's a tax on transactions involving land or property transfers, helping the government receive a percentage of the property's value. This revenue contributes to funding essential services and infrastructure across Western Australia.

Question 28

Can you write off refinance fees on your taxes?

Accepted Answer

There may be tax implications for owning property, particularly in respect to purchasing an investment property to rent out. Your accountant or a financial advisor will be able to explain the full tax implications based on your personal circumstances.

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

Question 29

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 30

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 31

What’s involved with a guarantor home loan?

Accepted Answer

Before agreeing to become a guarantor, it’s crucial to understand the full extent of the obligations and risks involved. It’s also widely advised by lenders, and in some cases a requirement, for the guarantor/s to seek independent financial and legal advice.

Question 32

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 your situation is outside these categories and we are unable to approve you for a Tiimely Own home loan, you’ll have the option of accessing our in-house broker service where your application will be assessed against our panel of 30+ lenders and 1000s of home loan options without you having to reapply.

Question 33

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

Accepted Answer

Using your Tiimely Home Visa Debit card

If you’ve selected an offset account, we’ll issue you a Tiimely Home VISA Debit card.

A few things to know:

You can use your Tiimely Home card anywhere, including the 29,000 ATMS across Australia, and with no transaction fee at over 2,000 Bendigo Bank and Suncorp Bank ATMs
You can use it as you would any other VISA Debit or EFTPOS card
It’s a fast and very secure way to transact
Currently, it doesn’t support the following features: Apple or Google Pay, OSKO or PayID

Making repayments

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

Direct debit

The simplest way to pay off your home loan is a direct debit 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 worry about missing a payment.

BPAY

BPAY can also be used to schedule your home loan repayments. The following features are available on the online banking portal:

View all BPAY payments previously created plus those scheduled for later within the ‘Pending BPAY Payments’ screen
View all BPAY payment records created for easy 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 on your Tiimely Own home loan. You can do this whenever you want for no additional fee, via 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 funds should be available to withdraw within 2 business days.

You can also transfer the cash to your offset account and use your Tiimely Home 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 account.
When redrawing, you (and any other applicant) need to authorise the transaction. If you’d prefer to allow independent transacts, please give us a call on 08 7109 9010.

Question 34

What is negative gearing?

Accepted Answer

Negative gearing is when an investment property costs more to maintain than the rental income it provides, meaning it operates at a loss. This loss is then deducted from your overall taxable income, which may reduce the income tax that you pay.
This is the opposite of positive gearing, which covers circumstances where the rental income made from the property is more than you pay in mortgage interest payments, maintenance bills and other costs.
An accountant can give you the most up to date information directly associated with your particular circumstances.

And you can read more about investment property including tips for researching and purchasing, in our helpful guide.

Question 35

When is stamp duty payable in the ACT?

Accepted Answer

In the ACT, stamp duty is payable within 14 days of lodging a title registration notice with the revenue office or Access Canberra. Make sure to meet this deadline to avoid fines or interest charges.

Question 36

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 37

Does having a guarantor increase my borrowing power?

Accepted Answer

Having a guarantor isn't necessarily going to increase your borrowing power, however it's an option to supplement the deposit requirements of a purchase. It may enable you to enter the housing market sooner as the security offered by the guarantor can reduce your deposit amount and potentially avoid the need for LMI. As a borrower, you will still need to meet eligibility requirements.

Question 38

How long does pre-approval last?

Accepted Answer

If your application is successful, your pre-approval is valid for 60 days. We understand that finding a house can be unpredictable, so we’ll send you a reminder before it expires, and, if you need to, you’ll be able to renew it for an additional 60 days.

Note: We’ll only be able to renew it once and when the extra 60 days expires, you’ll need to start a new application.

Tiimely Own home loans are not suitable for everyone or available for all properties in all locations, so check our general application eligibility here before applying.

If you’re unsure, or have any questions, we’re available 7 days on 1300 842 405 or via LiveChat.

Question 39

How can I update my details?

Accepted Answer

You’ll need to contact us to change the following:

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

Question 40

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

Accepted Answer

As an existing customer, simply contact our in-life team on 1300 842 405 (select option 3) and a lending specialist will review your requirements and take you through your options.

Question 41

Should you get pre-approval first?

Accepted Answer

It’s common for buyers to go to auction with only pre-approval. However, this can be quite risky since auction sales are typically unconditional and final. If you’re the winning bidder, you’ll be required to pay the deposit immediately after the hammer falls. and with pre-approval, your lender hasn’t guaranteed to lend you funds - meaning they could decline to lend you the money.

Question 42

What is the process for calculating stamp duty in TAS?

Accepted Answer

To calculate stamp duty in Tasmania, start by finding out the property's value, use either the purchase price or market value, whichever is higher. Then, look up the stamp duty rate table for Tasmania to work out how much you owe. Make sure to consider things like the property type, whether you're a resident, and if you qualify for any concessions or exemptions.

Question 43

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 44

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 45

What is borrowing power?

Accepted Answer

Your borrowing power is an approximate calculation 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, a borrowing power calculator considers things like your income, current loans and liabilities, credit cards and their limits, plus your living expenses. Using our borrowing power calculator will give you an idea of what you could borrow. Learn more about what goes into calculating your borrowing power.

Question 46

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

Accepted Answer

The statements you receive are paper statements by default, but you can change to e-statements via online banking:

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

Question 47

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

Accepted Answer

Your monthly repayments will be stated in your contract and you can also check your repayment amount online; this can be found under the ‘Loan Account Information’ link via online banking.

Should you be affected by any rate changes, we’ll send you notification in the mail of the new monthly repayment amount.

Question 48

Is the stamp duty calculator accurate for Queensland homes?

Accepted Answer

Yes, a generally accurate stamp duty estimate can be obtained using the QLD calculator. However, actual amounts may vary slightly based on specific circumstances, such as concessions, exemptions, or recent legislative changes. For precise information on calculating stamp duty in Queensland, consult with a professional or check the latest government guidelines.

Question 49

Where can I find the best home loan interest rate?

Accepted Answer

Tiimely Home have some of the lowest variable and fixed rate home loan rates, and you can see them all here. As verified by our customers, our digital application process enables us to offer some of the best interest rates in the market.

Question 50

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

Accepted Answer

Yes. If you’re ahead on your repayments or you've made a bulk payment, our in-life team can recalculate your minimum contribution for you, however this change will also incur a recalculation fee of $50. It’s also important to note that access to any additional funds you've accumulated in your redraw account won’t be available if you decide to proceed.

Question 51

How can I check the status of my application?

Accepted Answer

Once you apply for a home loan with Tiimely Home, you’ll receive your log in credentials, allowing you to access and manage your account online. You’ll also be able to check the status of your loan application, if it hasn’t been approved on the spot.

Your log in credentials include your account details, a customer number and a temporary password, which you’ll need to change for security reasons. Note: It will need to comply with standard password rules like including a number, a letter and minimum of eight digits.

If you forget your Customer Number or password, you can contact us here.

Question 52

What happens after my Tiimely Own home loan is settled?

Accepted Answer

You’ll receive a welcome call within 1-2 business days where our team will:

Check that your accounts have been set up as expected
Ensure your loan repayment is set-up and direct debit details are correct
Make sure your VISA debit card is ordered (if you have an offset account)
Run through how to access your accounts
Set-up your internet banking for the primary applicant
Provide contact details for future enquiries

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

Question 53

I’ve completed my application. What happens next?

Accepted Answer

Once you complete the online application, our automated home loan approval process checks your credit history and assesses your eligibility, in real-time.

Once completed, you will either be:

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

Steps for buyers

If you’re approved, you’ll typically be able to buy the property you listed up to the approved amount (just send us a copy of the contract when you sign it).

You'll receive an email from us with next steps, along with your home loan contract. You’ll need to sign it before it goes to our digital conveyancer, MSA.
We’ll also send you a Settlement Pack and ask you to verify your identity (all the details for completing this will be in the email we send you).
Your conveyancer will then organise settlement directly with us on the appointed day when 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.

At this point, your new Tiimely Own home loan will begin.

Steps for refinancing your home

Once your loan is approved, the steps for refinancing are similar to those for buyers, such as your conveyancer organising your settlement. The biggest difference is we pay off your existing loan with your previous provider and your new Tiimely Own home loan will then be in place.

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

Question 54

What happens if I don’t pay ACT stamp duty on time?

Accepted Answer

If you don’t pay ACT stamp duty on time, you may face fines, interest charges, and legal action. You must meet payment deadlines to avoid these consequences.

Question 55

Why is stamp duty imposed on property purchases in South Australia?

Accepted Answer

Stamp duty is a government tax imposed on property purchases in South Australia to generate revenue for public services and infrastructure. The buyer pays a one-off fee, calculated based on the property's value, to facilitate the legal transfer of ownership.

Question 56

How much can I borrow?

Accepted Answer

Every lender has their own formula for calculating your borrowing power, and generally there are six main factors:

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.
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 your credit card limits also influence your available income.
Savings history – A savings history of at least 3 months demonstrates to a lender that you’ll be able to manage your repayments.
Home loan term – a lender will look more favourably at a longer loan term, however this means 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're prepared to lend you.

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

Question 57

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), our in-life team will let you know the date during your welcome call.

Question 58

How can I get approved faster?

Accepted Answer

We take as little time as possible to assess your application, however the time it takes can change depending on the complexity of your application,

We’ll let you know if we’re experiencing any delays and once we pick up your application, we immediately start working towards approval. Our process moves quickly so it’s important to check your eligibility and make sure you have the correct identification and documentation ready when you apply. This helps our Credit Assessors review your application in as little time as possible.

These things may require manual work for our Credit Assessors and slow down the process:

Opting for manual financial validation instead of securely linking your accounts
Submitting an incomplete application
Providing inaccurate estimates of your expenses (or any information regarding your income, expenses and debts which doesn't match your actual situation)

Making sure you have everything ready before you apply and responding quickly to requests from our Credit Assessors, will help get you approved faster.

Note: We’ll only refer your application to one of our Credit Assessors if we need more information. Sometimes they’ll only need one or two things like updated payslips or a bank account statement. Everyone’s situation is unique, so if your specific application is more complex than most, you might be asked to provide more detail. If you’ve chosen to validate your financials manually, this typically requires more information and your application will take longer to assess, however if you choose digital validation, our team receive the exact same information, but 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 approval times. You can chat with us over LiveChat or on 1300 842 405.

Question 59

What types of home loans does Tiimely Home offer?

Accepted Answer

For a Tiimely Own home loan, we offer:

Two simple loan types:

Fixed rate – an interest rate that’s locked in for a set period of time
OR
Variable rate – an interest rate that fluctuates with the market

With two simple loan uses:

Owner-occupied – for those looking for a property to live in
OR
Investment – for those looking to build a property investment portfolio

Two different repayment types:

Principal & interest – to pay off the loan amount plus interest
OR
Interest only – to pay only the interest

And two different deposit requirements:

From 20% deposit – which allows you to borrow up to 80% of a property’s value
OR
From 10% deposit – these loans will need to be guaranteed by Lenders Mortgage Insurance (LMI).

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

Looking at an apartment? You’ll need to check to see if the property is considered high density, and there are a few extra checks we'll need to do.

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 use the efficiency of our process to offer some of the best interest rates in the market.

If a Tiimely Own home loan isn’t suitable, we’ll let you know upfront and suggest using our in-house brokers to find you a home loan that better suits your needs. We have access to a panel of lenders that include major banks to supports complex situations and loan features such as split loans, guarantor loans, and construction loans.

Question 60

Can I change my repayments?

Accepted Answer

Yes, it is possible to increase or reduce your repayments. 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 via our free redraw facility.

Making a permanent change to your repayment amount

This is also known as a loan variation and can be arranged through our in-life team, however it does incur a fee. Why? Because as responsible lenders, we'll need to assess whether a loan variation is the right thing for us to offer 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 this means your loan term is lengthened and you'll end up paying more interest over the life of your loan.

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

Question 61

Why was my application declined for a loan?

Accepted Answer

Each lender has their own lending criteria on which they base their credit decisions. When we assess a home loan application, we look at a number of things 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
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’re not allowed to disclose the exact reason for declining an application, however, if you’re not eligible right now, you can always check again later in the future.

Question 62

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

Accepted Answer

It’s simply the difference between whether you’re living in the property or not. If it’s where you are currently living, it’s considered owner-occupied, 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 categorised as an investment.

How the property is used 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 63

Can I apply for any type of loan online?

Accepted Answer

At Tiimely Home, our home loans are exclusive to us and only available online. Applying is quick and simple, however to make the application process smoother, you can to check your eligibility before you start.

If you answer yes to the eligibility questions, you’ll be able to apply for a Tiimely Own home loan. However, if you are not eligible, we’ll still be able to help find you a home loan via our in-house broker service.

These questions can help get you started:

Are you buying or refinancing an established property (not off-the-plan or under construction)?
Is the 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, An Australian driver’s licence or Medicare card?
Are you an Australian citizen or permanent resident who lives in Australia?

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

Still have questions? Check our FAQs or speak to our expert consultants via LiveChat. They’re home loan experts, local, and available now.

Question 64

How do you calculate principal and interest repayments?

Accepted Answer

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

Explained simply, to calculate loan repayments, we take your loan amount, add the total estimated amount of interest we’ll charge over the life of the loan, and then divide that total into a monthly amount based on the length of your loan term.

How we calculate weekly and fortnight repayments

We calculate weekly and fortnightly repayments a little differently. For example, for fortnightly repayments, instead of multiplying monthly repayments by 12 and dividing by 26, we simply divide your monthly repayment amount by 2.

The fortnightly repayment amount is rounded up to the nearest dollar. This calculation method ensures you pay the full monthly figure over 2 fortnights. Over time, this means you'll pay off your loan faster with less interest than if the repayments were calculated by annualising the monthly figure.