Refinance

Make the switch to keep more in your pocket

With a 15 minute online application and fast approvals, refinancing can be easier than you think.

Variable

Tiimely own

Owner-occupied Principal & interest


5.94%p.a.Interest rate

5.95%p.a.Comparison rate



Backed and funded by Bendigo and Adelaide Bank

Tiimely Turnaround™

Enjoy low rates, faster

Get approved faster with Tiimely Own home^. Our record for assessing and approving a home loan - with a contract – is less than 58 minutes from the time of application.

Tiimely Own

Unlike other lenders

Our tech cuts cost and time from the application process. This means we can pass the savings onto our customers, and keep our rates low.

our features

Features you need, at a better rate

Get big-bank quality products with lower rates. Tiimely Own home loans have 100% offset accounts available (even on fixed rates) or fee-free redraw.

Tiimely Own

No hidden fees

Our fees are simple and transparent, so you'll always know what to expect. $0 Upfront fees, $0 Monthly Fees (excludes offset), $0 Application Fee, $0 Annual Fees.

Calculate your savings

Current loan

Property usage

Tiimely own

You could save

$218/month


$78,558
Putting this back into your loan could save you this amount in interest over the life of your loan.

4 years + 2 months
You could be debt-free of your home loan this much sooner.


These estimates are for our Tiimely Own home loan. Just a note, if you choose a home loan with one of our partner lenders, your savings may vary based on your specific home loan.

Real customers, real savings

See what satisfied Tiimely Home customers (formerly Tic:Toc) say about us on Trustpilot.com

Excellent4.5 out of 5 •
833 reviews

ELIGIBILITY

Let's see if we're a fit

Ivy, Tiimely Home Team

Local experts

Talk to a local home loan expert

We pride ourselves on our service. 90% of customer calls are answered within 20 seconds by our Australian-based team.

Have a question about refinancing?

Learn more with some of our frequently asked questions.

How do I refinance a home loan?

The first thing to do is to look at your current loan and review the type of loan it is, the interest rate, the features it offers, and any 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 change from a fixed to a variable rate?

Next, do your sums to calculate how much you’ll gain from refinancing. Our refinance calculator can help to determine your monthly savings if you refinanced with Tiimely Home.

Note: Every lender has their 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) plus ‘opening your new loan fees’ (government fees, third party fees). Then divide the monthly savings by your total closing costs to see out how many months it would take to break even.

Once you’ve decided if it's worth it to pursue refinancing, shop around for the best rates and features to find a home loan that suits your needs. When you’ve chosen your new lender, you can apply.

How long will the process take?
Every lender is different however with Tiimely Home, to refinance your home loan through our online application will take you about 15 minutes to complete.

When can you refinance a home loan?

You can refinance your home loan whenever you want, however you should only switch if you can get a better deal. Refinancing your loan comes with upfront costs such as break fees (if you’re on a fixed loan), exit fees and fees to open the new loan . When deciding, you should understand how long it will take to recoup the costs of the refinance.

Our refinance calculator can help you understand how much you could save by refinancing to a Tiimely Own home loan.

How long does it take to refinance a home loan?

It depends. Typically, refinancing is completed in 45-60 days however it can be much quicker with FASTRefi. This process allows lenders and customers to refinance their home loan in days instead of weeks. If your current lender is a participant, using FASTRefi means you can enjoy the benefits of your new loan sooner.

The 5 main steps in refinancing are: application, approval, contract, settlement, payment.

Our online application process will take you about 15 minutes to complete. After which, we’ll be able to let you know whether your refinancing application has been approved — or declined.
Our process is fast, however it depends on the complexity of your application (and whether we need any additional information, such as updated payslips or a bank statement) and the number of applications we're processing at the time.

Our fastest fully-approved applicant - from the time their application was submitted (including assessment, verification, and running all our digital checks) was 58 minutes. However, actual approval times depend on individual circumstances. Once you’re approved, we’ll send you a contract to sign.

Next is the final settlement and payment process.
This is 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.

Does refinancing a home loan hurt your credit score?

Your credit score can be affected by the application process. Any affect on your credit score is likely to be outweighed by the financial gain of refinancing your home loan.
When you apply for a new loan, lenders will check your credit history.
This is called a ‘hard inquiry’ and it shows up on your credit report. Too many ‘hard enquiries’ can temporarily cause your credit score to drop so to avoid this, make sure you shop around for the best deals before you apply.

What are some of the reasons to refinance

Refinancing involves ending your current home loan by taking out a new one, often with a different lender. Refinancing can help you pursue new features and better savings.

Get a better interest rate

Current home loan rate not competitive? Refinancing can let you switch and save, swapping your old home loan for a new one with a better interest rate.

Put money back in your pocket

A lower interest rate could mean lower home loan repayments. Send less to the lender, spend more on you.

Choose a new loan type

Whether you're moving into an investment property or want an interest-only loan, refinancing lets you change loan types.

Access equity to purchase

If the value of your home has grown since you took out your current loan, you could refinance to tap into equity which you can use to purchase an investment property.

How this refinance calculator works

How do I use a refinance calculator?

This online refinancing calculator is simple to use. Type in your current outstanding loan amount, enter the current interest rate that your lender is charging you, and tell us how many years left you have on your home loan. Select your loan purpose (live-in or investment) and hit calculate. We’ll estimate how much you could save on your monthly repayments, plus how much money and time you could save over the life of the loan by putting that amount back into your loan.

Already on a great rate? Well done you! Our home loan refinance calculator will let you know in the unlikely event that you’ve snagged a better or equivalent deal.

What are we calculating?

This refinancing home loan calculator is a guide only, and gives you an estimate of how much interest you could save by refinancing with Tiimely Home, based on the Tiimely Own home loan type selected for comparison, and the loan amount and loan term you entered. This estimate assumes your rate is the same over the life of your loan. You’ll get a qualified assessment when you begin an application, and enter the specifics of the property, your loan type (including whether or not you select an offset account), personal details and your financials.

How we work out the monthly savings

We estimate how much you could save in principal and interest repayments periodically if you were to refinance from your current rate, to the Tiimely Own home loan rate you select, over a 30 year loan term. The interest savings amount will be higher initially, and then reduce as your principal loan amount reduces.

How we work out the savings over the life of the loan

We assume that the monthly savings made from refinancing with a Tiimely Own home loan (as explained above) are paid back into the loan at the end of each repayment period, and that both rates (your existing home loan rate and the new Tiimely Own home loan rate, even if it’s fixed) will not change over the 30 year loan term.

How we work out the time saved in repaying the loan

We estimate how much sooner your new Tiimely Own home loan could be paid off compared to your existing loan (assuming you’re making principal and interest repayments), based on the loan amount and rate you provided, and assuming you pay your monthly saving (as explained above) back into your loan at the end of each repayment period. We also assume that you would have continued to make only the required repayments had you not refinanced with a Tiimely Own home loan. We assume both rates (your existing home loan rate and the new Tiimely Own home loan rate, even if it’s fixed) will not change over the 30 year loan term.

Other information

Our numbers

58 mins is our record to deliver a home loan contract as of Sep 19th 2023.

Legal information about our rates
Our home loans are subject to credit criteria and eligibility requirements. Home loan interest rates are for new customers only and can change. Our comparison rates are based on a $150,000 loan amount over a 25 year term. They factor in fees associated with applying for the loan; ongoing fees and fees associated with leaving the loan. Our fixed loans roll to a variable principal and interest rate at the end of the fixed term. If the interest only period is not specified, the comparison rate is calculated on a one year period.

WARNING: The comparison rates are true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.

Tiimely Turnaround
^Our turnaround times are up to 2x faster than the industry, based on a comparison of our average platform submit to approval time compared to industry submit to approval time, published here  (June 2023). Customer turnaround times are dependent on individual circumstances and may require an assessor to obtain more information.

Our trade mark
Tiimely is a registered trademark of Tiimely Pty Ltd.

Tiimely FAQs and Guides
At Tiimely Home we are not financial advisers and recommend seeking independent financial and legal advice to check how the information we provide aligns with your individual circumstances.