HomeMortgageNano disrupts the Australian mortgage market with new offering

Nano disrupts the Australian mortgage market with new offering

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End-to-end digital home loan lender Nano has extended its product suite to help homebuyers and property investors navigate Australia’s complex housing market with fast upfront full approval, not pre-approval.

Nano’s digital end-to-end home loan enables potential homebuyers to secure full approval fast. It’s a digital decision engine that checks each borrower’s credit history, serviceability, and identity, as well as completes a digital property valuation, to deliver full upfront approval in minutes. 

“Our record time for full approval is sub-10 minutes, making it the fastest loan approval in Australia, if not in the world,” said Andrew Walker, co-founder and CEO of Nano digital home loans. “We’re using technology to innovate so we can give borrowers confidence and peace of mind when buying a property.”

The new product enables approved homebuyers to borrow up to $2.5 million or 80% of the valuation with terms out to 30 years at a competitive loan rate from 2.24% per annum. It also offers customers the additional flexibility of being able to get more than one loan and use equity from another property as cross collateral.

With the new offering, Nano customers get a low-rate, fee-free, full-feature home loan at no extra cost, with every home loan comes the added benefit of a free offset sub-account – which typically comes at an additional cost with other lenders. 

“Our goal at Nano is to enable buyers to bid, offer, and buy with confidence, so the home loan approval process doesn’t cause buyers to miss out on their dream property or risk losing their deposit,” Walker said. “In the end, it’s all about giving buyers flexibility, transparency, and confidence for one of the biggest investments in their lives.”

The Nano offering was launched following its latest Australian homeowner research, which found that over 70% said their lender took over a week to approve their home loan, while one in five said it took over three weeks, citing “too much paperwork” and “slow response times” as key reasons for the delay. Findings also showed that one in five homeowners missed out on a property due to a delay in financing, sometimes even more than once, leaving them “angry” and “disappointed.”

“Traditional lenders’ slow approval times add an unnecessary layer of anxiety to an already complex process,” Walker said. “When you combine this with a fast-moving property market, it makes an already stressful process even more daunting. If we compare home loan approval times to the median days properties spend in market, 20% to 30% of borrowers are at risk of missing out. Unnecessary paperwork and manual credit-underwriting slow things down, and it’s at this point that home buyers start to feel the stress and anxiety that comes with waiting for their loan to be approved.”

Nano’s new offering follows Nano’s success of saving Australians over $65 million in interest since launching their refinance product in June 2021.  

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