Its core technology allows a home loan application to be assessed in real-time when a customer is filling out their details online, with its fastest home loan contract having been delivered in 58 minutes. The online lender's mission is to simplify the process and provide borrowers with what it calls an 'instant home loan' experience.
Tiimely also aims to offer low interest rates, no upfront or ongoing fees, and an all-round smoother process.
Tiimely Home's Home Loans & Interest Rates
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.04% p.a. | 6.05% p.a. | $3,011 | Principal & Interest | Variable | $0 | $0 | 80% | |||||||||||||
6.04% p.a. | 6.21% p.a. | $3,011 | Principal & Interest | Variable | $0 | $0 | 70% | |||||||||||||
6.34% p.a. | 6.35% p.a. | $3,108 | Principal & Interest | Variable | $0 | $0 | 70% | |||||||||||||
6.39% p.a. | 6.14% p.a. | $3,124 | Principal & Interest | Fixed | $0 | $0 | 70% | |||||||||||||
5.94% p.a. | 5.98% p.a. | $2,978 | Principal & Interest | Variable | $0 | $530 | 90% |
| Promoted | Disclosure | ||||||||||
6.44% p.a. | 6.12% p.a. | $3,141 | Principal & Interest | Fixed | $0 | $0 | 70% | |||||||||||||
6.59% p.a. | 6.39% p.a. | $3,190 | Principal & Interest | Fixed | $0 | $0 | 70% |
Tiimely's mortgage offerings are relatively simple.
Its Tiimely Own product comes in two options: With an offset account or without an offset account.
Interest rates on the two products are the same but comparison rates are higher on loans with offset accounts due to additional fees.
When it comes to interest rates, the product offers variable rates and fixed rates for periods of between one and five years.
Rates differ for owner-occupiers and investors, as well as for borrowers making principal and interest or interest only repayments.
The lender's lowest home loan rates are offered to borrowers with loan-to-value ratios (LVRs) of 60% or less.
In addition to its own home loan options, the lender also offers a mortgage broker service, comparing home loans from more than 30 other lenders.
What home loan features does Tiimely Home offer?
Tiimely Home's home loans offer a range of features, including:
Instant assessment
The home loan application assessment and outcome are 100% online and can be done instantly.Fee-free loans
The lender's home loans don't come with any type of upfront or ongoing fees.Offset accounts
Customers can add on an offset account to a home loan for $10 per month.Additional repayments
Free unlimited additional repayments are allowed.Redraw facilities
The lender offers free unlimited redraw on any additional repayments.In depth pre-approvals
While others may only consider a potential borrower's top line finances when assessing them for pre-approval, Tiimely Home goes deeper, potentially reducing the risk of being denied unconditional approval down the track.
How can Tiimely Home save customers money?
There are typically a range of costs involved when you take out a home loan. These can include application fees, valuation fees, establishment fees and discharge fees.
Because Tiimely Home is a purely online service with none of the overheads of the brick and mortar lenders, they can eliminate most fees altogether.
Check out the savings you could make:
Fee type | Industry standard | Tiimely Home |
|---|---|---|
Application fee | Up to $600 | $0 |
Monthly fee | $0-$10 | $15 on offset products |
Annual fee | $0-$400 | $0 |
Valuation fee | Up to $350 | $0 |
Settlement fee | Up to $650 | $0 |
Exit / discharge fee | Up to $700 | $350 |
Refinance costs | Around $140 - $300 | |
Buying costs | Can be nothing or tens of thousands, depending on the buyer, property being purchased, state or territory, and other factors. | |
Source: Tiimey Home
Am I eligible for a Tiimely Home home loan?
If you fit the following brief, there's a good chance Tiimely Home can help you with a home loan:
Property type
You're buying or refinancing an established property that's over 40 square meters (not off the plan or under construction). Units and apartments within a high-density complex are subject to additional criteria and require a 30% deposit.
Location
You're buying property in a capital city or major regional centre.
Deposit requirements
You have at least a 10% deposit or equity, plus savings to cover fees and charges such as stamp duty. If you have less than a 20% deposit, you'll also need to pay Lenders' Mortgage Insurance (LMI). Loans above $2 million require a minimum 25% deposit.
Loan limitations
You want to borrow between $150,000 and $7.5 million. Loans above $2 million require a minimum 25% deposit. Funds in this instance can't be used for an equity release or 'cash out' refinance.
Employment needs
You're currently employed, either through PAYG or self-employment.
For full-time and permanent part-time PAYG roles, you must have held your job for 6 months, or had 12 months of continuous service in the same industry
If you're self-employed, you must have traded for at least one year and meet other self-employment criteria
Citizenship and residency requirements
You must be an Australian citizen or permanent resident and live in Australia.
How to apply for a Tiimely Home mortgage
According to the lender, Tiimely Home's application process assesses your suitability while you complete the application, potentially speeding up the home loan approval process.
Documents and information needed
To ensure that your home loan application is completed within the same day timeframe, be sure to have the following documents handy:
- A valid form of ID
- Logins allowing you to link your bank accounts or copies of transaction statements
You'll also need to provide information regarding your household income before tax, estimated expenses and, if you're applying for unconditional approval, the address of the property you're purchasing and its estimated value.