Applying

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

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.

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.

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. ​

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.

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.

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.

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.

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.

Yes. Our pre-approval for our Tiimely Own home loans is everything we can assess without knowing your property. Our preferred option is to give you full approval, giving you maximum confidence, however our digital application can work towards both requirements.

What does pre-approval (subject to property) with a Tiimely Own home loan look like?

Pre-approval means that we’ve assessed everything we can except for the property you’re buying (because you haven’t included one). When you find a property, we’ll need to do a valuation and some final checks before you’re fully approved.

Our online application asks for details about the property you’d like to purchase. If you are seeking pre-approval (subject to property), we’ll only ask for the suburb you’re looking to purchase in. If you’re considering multiple suburbs, just choose the one that’s most likely and when you find the right home, let us know the address and we’ll update your application.
We also run a credit check on your file during the application, so make sure you’re really ready before you apply.

What does ‘Subject to property’ mean?
This means we’ve assessed everything possible, the only outstanding item we need to check is your property. When you find the right one, just let us know the address and we’ll run our final checks (including a valuation on the property) to complete your assessment.

Should you be successful, your pre-approval is valid for 60 days. We’ll send a reminder before it expires, at which time, you’ll be able to renew it for an additional 60 days if you need. Please note, we’ll only be able to renew it once. Once it expires, you’ll need to start a new application.

We’re not able to lend to everyone or to all properties in all locations so you can check our general application eligibility here before applying. If you’re unsure, just ask. We’re available 7 days on 1300 842 405 or via LiveChat.

If your application is urgent, or you’re trying to meet a deadline, please contact us as we may be able to fast track your application.

Can I bid at auction with pre-approval?

It’s common for buyers to bid with only pre-approval. This can be quite risky since auction sales are typically unconditional and final and you’re required to pay your deposit immediately after the hammer falls. And with pre-approval, your lender hasn’t guaranteed to lend you funds which means they could decline to lend.
Aiming for full approval, where you provide the exact address, means we can validate everything, run our checks, and if we’re able to run an automated valuation (AVM) during the application, you’ll be fully approved and can go to auction with maximum confidence.

Often, selling agents will be shocked to know your bid is unconditional on finance — Tiimely Own's full pre-approval is unique in the Australian market.

If we can't run the AVM, you won’t have full approval and we’ll need to order a full or desktop valuation before we can fully approve you. Or, if you’ve got a signed purchase contract already, send it to us so we can use the stated value.

There are a few scenarios where we won’t be able to run an AVM:

• If you require LMI
• if you are purchasing a high-density property

OR

• if sometimes there’s not enough sales data on the suburb

If you intend on using full approval to bid at an auction, let us know. You can speak with your Credit Assessor or one of our Home Loan Specialists on 1300 842 405, or via LiveChat and we can help you through the process.

What does full approval with a Tiimely Own home loan look like?

If you know exactly which property you want to purchase, you can apply for full approval.

To give our full approval we need to confirm the property value by doing one of two things:

• conduct a satisfactory valuation, which we can do instantly as part of our application with an automated valuation (AVM)

OR

• if we’re unable to get an AVM, receive a signed copy of the purchase contract (once you’ve made an offer).

We’ll always try to conduct an AVM first because it’s automatic, extremely accurate and much faster. However, not all properties or applicants will be eligible for an AVM, so if we can’t conduct one on the spot, we’ll order a desktop or a full valuation and this will take a bit longer.
If you’ve already got a signed purchase contract, we can usually skip the valuation step (unless you require LMI, or your property is ‘high density’ — these require a full valuation).

Note: You won’t pay anything for the valuation, even if you need a full valuation. Tiimely Home absorbs the cost.

Applying for full approval
When you apply for full approval, we’ll give you an answer on the spot: either a “yes”, a “no”, or a request for more information.

What we mean by yes

This is a fully approved application. You’re ready to sign the documents and proceed to settlement.

What we mean by no

Each lender has their own lending criteria that form the basis of their credit decisions.

When we assess a home loan application, we review a number of different sources to decide if we are able to approve it.

If we need more information

If we need more information, we’ll refer your application to one of our Credit Assessors who’ll help you complete your application. Our Credit Assessment team move fast, and if you’re proactive in responding to their requests, they’ll be able to process your application quickly.

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.

What if I don’t get the property?

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).

Read more about applying for a Tiimely Own home loan.

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 we need a little more information, however it will sometimes cause delays. Opting to validate your financials manually instead of securely linking your accounts slows the process down significantly, and one of our Credit Assessors will need to assist. Submitting an incomplete application or providing inaccurate estimates of your expenses (or any information regarding your income, expenses and debts) also requires manual work from our Credit Assessors, so make sure you’re really ready before you apply.

Due to our competitive rates, we often receive large volumes of applications and it takes us a little longer than usual to assess and approve your application. When this happens, we’ll be sure to let you know as soon as possible. We work hard to keep up with demand and are continually growing our team to ensure we maintain our fast approval times.

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.