FAQs
Have a question about a Home Loan? We have the answers!
7 results in “Settlement”
How does a second applicant register for online banking?
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.
How long until the loan funds are received?
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!
What happens after my loan Tiimely Own home loan is settled?
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.
I’ve completed the application process. What happens next?
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.
When will I make my first repayment?
Who can act as a witness when I sign the loan documents?
There are different rules for different Australian states about who can act as a witness, which will be outlined in your home loan documents. The witness may need to meet certain criteria, depending on where you're located. This criteria could be:
- a Justice of the Peace
- a commissioner for declarations
- an Australian lawyer
- a notary public
- a licensed conveyancer, or
- another person approved by the Registrar of Titles.
However, in New South Wales and South Australia, the witness can be any adult who has known you for 12 months.
After settlement, do we deal with Bendigo and Adelaide Bank, or Tiimely Home?
While the funds for our Tiimely Own home loans come from Bendigo and Adelaide Bank, you will be a ‘Tiimely Own customer’.
This means you’ll deal with us, but we do get some help from the bank. We work with the bank to manage our in-life customer experience, so you'll use an online portal powered by Bendigo and Adelaide Bank to make repayments and access your offset account, and the bank will typically process any loan changes you may want to make.