Loan features

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.

Principal & interest is the most common type of home loan. This involves making repayments which pay down some of the principal balance plus the interest accrued.

However, some people opt for an interest only loan period. This involves making repayments for a set time (usually 1-10 years) which are lower than principal and interest repayments as they only cover the interest being accrued and none of the principal.

You might choose an interest only loan period if you know your budget is going to be tight for a few years, or in the case of property investors, for taxation or equity building purposes.

If you go down this road though, you’ll need to make sure you budget for the end of the interest only period, as your loan will then switch back to the higher principal and interest repayments.

Investment loans also have comparison rates, and they’re used the same way as other home loan comparison rates: as a tool to more easily compare options from lender to lender. Tiimely Own home comparison rates are calculated for a $150,000 loan over 25 years. They factor in our fees associated with applying for the loan; our ongoing fees and our fees associated with leaving the loan.

If you’re buying your first home, you’ve probably been saving for a while to get your deposit together.

Depending on how successful you’ve been, you’ll have saved either 20% or at the very least 10%, which will determine the type of home loan you’ll be able to get.

If you’ve only managed to save 10% of the property’s value, you’ll be required to take out Lenders Mortgage Insurance (LMI). This can be quite expensive, so it’s best to try and save a 20% deposit if you can.

The type of loan you then opt for will depend on your circumstances, but most first home buyers go for a principal and interest loan, where you pay off the loan amount with interest.

Many also choose a variable interest rate loan, as this usually comes with features that can help you to pay the loan off quicker.

Some people do opt for a fixed rate loan and the advantage of this is you always know how much your repayments will be, allowing you to stay on top of your budget, particularly if it is tight.

Whichever type of loan you opt for as a first home buyer, consider having the lowest interest rate you can get, the shortest loan term you can afford, minimum fees and only those features you’re likely to use such as a redraw facility and offset account. You should also get professional financial advice to better understand your options.

Tiimely Home have some of the lowest variable and fixed rate home loan rates, and you can see them all here. As verified by our customers, our digital application process enables us to offer some of the best interest rates in the market.

For a Tiimely Own home loan, we offer:

Two simple loan types:

• Fixed rate – an interest rate that’s locked in for a set period of time
  OR
• Variable rate – an interest rate that fluctuates with the market

With two simple loan uses:

• Owner-occupied – for those looking for a property to live in
  OR
• Investment – for those looking to build a property investment portfolio

Two different repayment types:

• Principal & interest – to pay off the loan amount plus interest
  OR
• Interest only – to pay only the interest

And two different deposit requirements:

• From 20% deposit – which allows you to borrow up to 80% of a property’s value
  OR
• From 10% deposit – these loans will need to be guaranteed by Lenders Mortgage Insurance (LMI).

We also offer offset accounts for both fixed and variable home loans.

Looking at an apartment? You’ll need to check to see if the property is considered high density, and there are a few extra checks we'll need to do.

Our fees are simple and transparent, so you'll always know what to expect. And because our application process is online, we’re able to use the efficiency of our process to offer some of the best interest rates in the market.

If a Tiimely Own home loan isn’t suitable, we’ll let you know upfront and suggest using our in-house brokers to find you a home loan that better suits your needs. We have access to a panel of lenders that include major banks to supports complex situations and loan features such as split loans, guarantor loans, and construction loans.

It’s simply the difference between whether you’re living in the property or not. If it’s where you are currently living, it’s considered owner-occupied, but if you’re intending to use your property as a source of income (through rental income or capital gains) and living in a different property it’s categorised as an investment.

How the property is used will determine what type of home loan you need (either owner-occupied or investment). Owner-occupied home loan rates tend to be lower than investment home loan rates.

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.

A roll-to rate, also known as a revert rate, is a variable interest rate that fixed rates roll to at the end of the fixed term or an interest-only period. You can find Tiimely Own home loan current roll-to rates here.

Variable rates are changeable and depend on the cost of funding at the particular time and depending on when your fixed period started, you may have a low or high roll-to rate.

What happens at the end of my fixed term period?

Depending on your lender, you may receive a reminder closer to the end of your fixed term notifying you of the roll-to rate and the applicable date.

Depending on your roll-to date, there are a couple of options you may consider:

If you're rolling to a variable interest rate that is lower than your current rate

Depending on your situation, you could let your interest rate roll to the roll-to rate. Variable rates are variable in nature and likely to move so it’s worth understanding your rate and knowing what's on offer when the time comes to move on.

You're rolling to a higher variable interest rate

It’s possible to negotiate with your current lender or start shopping around for a home loan to suit your needs, otherwise known as refinancing. There are pros and cons so make sure your new home loan meets your requirements.

Fix again

There is also the option to fix your rate again if you like to know exactly how much to budget for loan repayments, or if the fixed interest rates are low when you roll off.

Refinancing

At the end of your fixed rate term, there may be a couple of features and add-ons you’d like to have, like an offset account or redraw facility. Or perhaps you want to consolidate some debt to free up cash flow.
It pays to start researching so you can secure a better deal as soon as possible.

A fixed rate home loan is where the interest rate is locked in for a certain period (usually 1-5 years). At the end of this time, you can either commit to another fixed rate or revert to a variable interest rate.

A fixed rate loan is useful for budgeting because repayments are the same every time, but it also means you’ll have to pay the same interest rate, even if market interest rates drop.

Fixed rate home loans also usually come with less features than variable rate loans, such as not being able to pay your loan off early.

The exception to this is a Tiimely Own fixed rate home loan. Unlike most lenders, our fixed rate loans come with an offset account as standard. This lets you use your savings to lower the amount of interest you pay and reduce the overall cost of the loan.

Each lender has different offset product criteria, so it’s important to check.

A Tiimely Own home loan, doesn’t allow more than one offset account per home loan, but unlike other lenders, we offer 100% offset accounts on all of our home loans, both variable and fixed.