Refinance to a home loan that’s low on rate,
and high on features.​

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 facility? 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.

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.

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.

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.