Nano home loans now available for new purchases
Online lender Nano, a two-time winner at this year’s Mozo Experts Choice Awards, has added new acquisitions to its home loan refinance product.
Owner-occupiers who are buying their next property can now take advantage of interest rates of just 1.99% pa (1.99% pa reference rate*) with the Nano Variable Home Loan.
Those rates are among the lowest in the Mozo database, but it’s worth noting that Nano will join the rest of the market in raising rates by 0.25% pa this month.
The new interest rates will come into effect on May 19, 2022 and reflect increased funding costs following the RBA’s recent decision to tighten monetary policy.
Nano’s variable home loan offering has loan amounts ranging from $100,000 to $2.5 million. To be eligible, you must meet the following criteria:
- Have a minimum household income of $100,000
- Have good credit
- Be an Australian citizen or permanent resident.
How does Nano’s approval process work?
Unlike many other lenders, Nano skips the need for pre-approval and offers homebuyers a version of full approval via its data-driven application process.
In addition to personal data (such as employment status, income, expenses), borrowers must also provide information about the object they are targeting. A digital assessment is carried out in real time.
Nano will then check your credit score and verify your identity. If you are deemed creditworthy, you will be informed of how much you can borrow to purchase the property. According to Nano, the entire process shouldn’t take more than a few minutes.
Just remember that this form of approval is not an offer to lend you the amount you want. And as always, approval is dependent on the accuracy of the information you provide.
RELATED: Which Banks Raised Rates on Home Loans?
For more information on mortgage and lending trends, visit our home loan statistics page. And if you think a refinance is in order, be sure to visit our home loan comparison page, where you can filter your search by rate and type.
WARNING: This rate of comparison applies only to the example or examples provided. Different amounts and maturities lead to different comparison rates. Costs such as withdrawal fees or prepayment penalties and cost savings such as fee waivers are not included in the settlement rate, but may affect borrowing costs. The comparative interest rate shown is for a secured loan with monthly principal and interest payments of $150,000 over 25 years.
The initial monthly repayment numbers are estimates only, based on the advertised interest rate, loan amount, and entered term. Rates, fees and charges, and therefore the total cost of the loan, may vary depending on the loan amount, loan term and credit history. Actual repayments will depend on your individual circumstances and changes in interest rates.
^See information on the Mozo Experts Choice Home Loan Awards
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