Tiimely Home (formerly Tic:Toc) is an online-only non-bank lender founded in 2017. Loans are funded by the Bendigo and Adelaide Bank Group. Tiimely Home offers low rate home loans with no upfront or ongoing fees and promises a hassle-free online process for loan customers.
Tiimely Home's home and investment property loans are worth considering if you have a clean credit report with higher deposits or equity looking to refinance.
They are an excellent choice for those employed in PAYG roles who can produce payslips. Self-employed borrowers who can show at least two years’ tax returns and consistent income could also consider applying with them.
Product and service offerings
Tiimely Home home loans for owner occupiers come with LMI on all loans over 80% LVR.
Tiimely Home variable rate home loans
- Up to 30 years
- Minimum 10% deposit
- Principal and interest repayments
- Unlimited additional repayments
- Free redraw on any additional repayments
- Offset account (with a fee)
- Competitive interest rate
Fixed rate home loans
- Up to 30 years
- Minimum 10% deposit
- Principal and interest repayments
- No upfront or ongoing fees
- Additional repayment limit of $20,000 per year
- Free redraw on any additional repayments
- Offset account (with a fee)
Why Tiimely Home home loans are different
- Entirely online assessment with live customer support
- Speedy approvals with a fully automated loan process
- Choice of fixed rate periods from 1 to 5 years
- No upfront or ongoing fees
- Highly competitive home loan interest rates
- Principal and interest repayments on all loans
- Full or conditional approvals (subject to property being purchased)
Record on rate cuts
Tiimely Home has a record for low interest rate loans. They have consistently passed on RBA rate cuts to both new and existing customers.
Eligibility
Before applying, please check the following criteria.
- Be an Australian citizen or permanent resident who lives in Australia.
- Currently employed either through PAYG or self-employment.
- Purchasing an established property or refinancing.
- Seeking to borrow between $50,000 and $2 million.
- LMI necessary for those with less than a 20% deposit.
- Units and apartments in high-density complexes are considered, but are subject to additional criteria and a 30% deposit.
- Only homes or investment properties in a capital city or major regional centre are considered.
- At least 10% deposit or equity, with savings to cover fees, stamp duty and other charges.
- Couples refinancing a loan must both be on current property and be applicants for the new loan.
Documents you will need
To qualify for a Tiimely Home home loan you need to provide the following.
- At least one form of government identification such as your Medicare card, driver's licence, or an Australian passport.
- For employed income verification:
- Full-time and permanent part-time PAYG employees need to have been in their role for at least 6 months, or have 12 months of continuous service within the same industry.
- Dependent contractors with PAYG roles need to have held the job for 6 months, or have 2 years of continuous service in the same industry.
- Casual workers with PAYG need to have been working in the same job for 12 months, or 6 months if you can show 2 years of continuous service within the same industry.
- For self-employed people:
- Must have been self-employed for at least 2 years.
- Registered ABN.
- Two most recent business tax returns.
- Two most recent personal tax returns together with the notice of assessment.
- Be registered for GST if turnover exceeds $75,000 p.a.
- Have a good credit history.
There may be delays for self-employed applications because their details cannot be instantly validated online, as they can with PAYG employed applicants.
Pros and cons
Here are the pros and cons of Tiimely Home home loans.
Pros
- Simple no frills home loans.
- Purchase or refinance up to 90% LVR.
- Competitive interest rates for those with a large deposit.
- Quick decisions based on an automated valuation model (AVM) for standard applications.
- Fast loan approvals due to automation and technology.
- No ongoing or upfront fees other than government fees.
Cons
- Their lending criteria is relatively restrictive, especially for those in rural locations.
- Minimum deposit or equity of 10% plus purchasing costs.
- No home loans available to temporary residents or Australian expats.
- No branch network.
- Limits applicants to two.
- No support for government grants and benefits like First Home Owners Grant and the First Home Loan Deposit Scheme.
- These loans and facilities are not available:
- Construction loans
- Loans for land, properties purchased off the plan, or homes under 50m².
- Guarantor home loans.
- Split loans (with fixed and variable rates).
- Loans to trusts or companies.
- Debt consolidation loans.
- Bridging loans.
- Cross-securitisation.
