Digital disruption paves the way for Nano’s $ 100 million home loan milestone

Digital mortgage lender Nano has announced that it has hit the $ 100 million mark in unconditional approved loans – a milestone that comes just over a month since the lender entered the market.

After officially rolling out its variable mortgage loan to borrowers at the end of June, Nano also made it a mission to tackle what it sees as an “obsolete” lending process by championing both competitive rates and a process. faster approval.

And it appears the digital lender has already struck a note with previously bank mortgage clients, with Nano revealing that 80% of its applicants are from “traditional” banks.

“To have reached this exciting milestone so quickly is validation that the vision with which we created Nano – to make home loans simple, fast, innovative and fair – clearly resonates with Australian homeowners,” said the co-founder and managing director. by Nano, Andrew Walker.

With many Australians currently at home and in lockdowns, Walkers says those looking to refinance their home loans may be drawn to online lenders like Nano and the digital processes they provide.

“Last year, during the foreclosure, we saw loan approval times increase to over eight weeks as traditional lenders struggled to keep up with the volume of loan applications. We plan to see this again as banks struggle with outdated technology and try to balance housing market dynamics with customer support, ”he said.

“Being able to complete your mortgage application digitally at your own pace, outside of standard business hours, without paperwork is a huge benefit to clients during foreclosure. “

Nano also appears to be trying to solve problems beyond convenience.

With variable interest rates starting at 1.99% pa (comparison rate of 1.99% pa *) for homeowner refinancers, the lender’s rates are among the lowest in the Mozo database at the actual hour. And unlike many loans, the Nano Variable home loan comes with no upfront, ongoing, or discharge fees.

According to Nano, these features are already translating into significant savings, with customers managing to reduce their monthly loan payments by an average of $ 263 after switching to Nano.

“Based on these numbers, we’ve already saved $ 15 million in interest payments to all Nano owners and we’re just getting started,” Walker said.

“It’s a long way to go, but we believe that Nano can play a role in reducing the debt of burgeoning Australian households by helping borrowers reduce their interest expenses.”

And speaking of the future, Nano already has plans to expand its offerings beyond refinancers, with the lender planning to launch new home loan products for homebuyers later in 2021.

RELATED: Could You Save $ 125,386 by Refinancing Your Home Loan?

For now, if you’re interested in learning more about Nano’s available home loan product, check out our review of their variable home loan.

If not, check out Nano’s product and other great deals for refinancers in the table below, or head over to the Mozo home loan comparison charts to see even more offers.

* CAUTION: This comparison rate only applies to the example (s) given. Different amounts and terms will result in different comparison rates. Costs such as redemption or prepayment charges, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is that of a guaranteed loan with monthly repayment of principal and interest of $ 150,000 over 25 years.

** The initial monthly repayment figures are only estimates, based on the advertised rate, the loan amount and the foreclosed term. The rates, fees and charges and therefore the total cost of the loan can vary depending on the amount of your loan, the length of your loan and your credit history. Actual repayments will depend on your personal circumstances and changes in interest rates.

^ See information on the Mozo Experts Choice Home Loan Awards

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