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What is Tiimely Home's data security?
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.
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.
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
Is entering my online banking details safe?
Your banking login details are requested for one sole purpose: to retrieve read-only copies of your transaction history, direct from your banking sites.
It is impossible for Tiimely Home to transfer, move or do anything else with your bank accounts aside from receiving a copy of your transactions and loan statuses. We only see the information we need to approve your loan application – the same information you would supply us if you were submitting the documents manually (once you find them, print them, scan them, email them). It’s just much faster this way.
We think our way of digitally validating your financials is far safer than sending financial statements via email.
When you enter your online banking details, no human will ever see your credentials. Your password isn’t retained. It’s encrypted and hashed all the way back through the hardware.
Your data is secured by our world-leading encrypted technology partner, Envestnet Yodlee (Yodlee). We chose them because they’re the best in the business, and they’ve been at the forefront of financial technology security for over 20 years.
We know it sounds strange asking for your banking login details, but rest assured that nobody (not even Yodlee) sees them. As soon as your details have been entered and validated in the approval stage of your home loan application, they are encrypted, separated, and securely stored. Once your financial validation has been completed they are completely obliterated, never to be seen again.
Don't want to enter your bank details? That's okay too.
You can simply upload copies of your transaction statements and any other documents we may need to verify your financial position. Just be aware that this will mean a Tiimely Home team member will be required to review them, so the application process will take a little longer.
If you'd like more detail about how you can read more on our security page.
At Tiimely Home, we’re very serious about your privacy. We’re regulated by government legislation such as the Privacy Act 1988 (Cth) (‘Privacy Act’) and the Privacy (Credit Reporting) Code (‘CR Code’), which outline how we should treat your personal information. Our policy is quite in depth and has a lot of information in it. If you’d like to see the whole policy, you can find it here. In case you’re not ready for a big read, here are some of the main points.
Most of the information we collect will be directly from you.
This could include your:
- full name, date of birth and contact details;
- identification information such as your driver’s licence number, passport details and residency status;
- financial information including your income and expense details;
- marital status and number of dependents;
- details of contracts of sale and property insurance.
There are some cases where we might collect personal information about you from other people or organisations, such as our funder, service providers or your employer.
We’ll also need to collect some credit-related data as well. The types of credit-related information we collect and hold includes:
- name, date of birth, gender, address (including prior addresses);
- the kinds of credit products you have or have applied for;
- information on credit previously given to you by us or other credit providers, including financial institutions, energy or telecommunications companies;
- how you’ve managed your obligations (which could include details of defaults and repayment history);
- information in a credit report from a credit reporting body;
- information about your credit worthiness that has been derived from a report about you (such as a credit score);
- details of credit-related court proceedings or insolvency;
- serious credit infringements.
The information that we collect helps us to assess your application, and we never sell your information to other third parties. Some specific things we use and share your personal information for include:
- verifying your identity;
- assessing your application for our home loan products;
- assisting with your questions or complaints;
- internal operations, such as record keeping, auditing or training;
- reporting and data analytics, including for regulatory, management and research purposes;
- complying with our legal and regulatory requirements;
- informing you of ways the products and services provided to you could be improved or additional products or services that you may benefit from; and
- marketing products or services.
Generally speaking, we don’t share your information outside of Tiimely Home, but there are some exceptions to this. We only share information with third parties that we believe have the appropriate systems in place to look after your personal information.
Some of the third parties we might share your personal information with include:
- our funding partners;
- Lenders’ Mortgage Insurers;
- Title Insurance Providers;
- identity verification service providers;
- information technology companies maintaining our systems and services, including cloud and data warehousing service providers;
- external advisers such as valuers, lawyers or auditors;
- government and regulatory bodies, as required by law;
- external complaint resolution bodies;
- credit reporting bodies;
- other financial institutions or credit providers;
- law enforcement agencies;
- your authorised representatives or advisers or people acting on your behalf.
If you want to you have the option of not identifying yourself (or using a pseudonym) when dealing with us, unless we are legally required to identify you in order to deal with you, or it would be impractical for us to deal with you if you have not identified yourself. But keep in mind that we can’t process or accept your home loan application unless you identify yourself.
Is it safe to get a home loan online?
Yes, despite what you may hear about Internet security, applying online for a Tiimely Home loan is safe and secure.
That’s because, unlike bricks and mortar lenders where your loan application sits on somebody’s desk for all the world to see, your sensitive information is stored digitally online with us and we’re the only ones who can access it.
Your information is encrypted using the industry standard Transport Layer Security (TLS) 1.2 (used by most Australian banks). And Tiimely Home has our own dedicated security team to ensure our security is always up-to-date and state of the art.
When we validate your financial information by asking for your banking login details, our software (Yodlee) retrieves read-only copies of your transaction history.
We only see the information we need to approve your loan application, which is exactly the same as if you manually uploaded your documents. And as soon as it’s been validated, it’s encrypted and securely stored. Once your financial validation has been completed it's completely obliterated, never to be seen again.
So you see … safe as houses. And the benefits of applying online speak for themselves.
Because we’re exclusively online, we have lower overhead costs, which means we’re able to offer lower interest rates and low or no fees on our home loans. And you can apply online any time, anywhere and in under an hour, which is not something any bank can match.