Overview |
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flagFounded: 2019 |
businessOwned by: Andrew Walker, Chris Lumby |
monetization_onFunded by: Bolton Equities (NZ) |
securityLMI Provider: N/A |
account_balanceLender type: Fintech Lender / Non-Bank Lender |
Rebranded from Verteva, Nano Digital Home Loans claims to be the future of home loans. Verteva started its journey as Nano after securing a $33-million capital raise, funded solely by NZ-based Bolton Equities.
Being in its soft launch phase, Nano is initially focusing on offering super-competitive interest rates to low-risk borrowers on their mortgages.
Zero fees and a simple online application process makes Nano a strong contender for becoming a digital lender of choice in Australia.
How do Nano’s home loans compare?
Pros
- Lower than average interest rate
- Fast Home loan approval
- 100% full offset account
- All-in-one home loan product to suit buyer’s needs
- No upfront or ongoing fees
- Unlimited extra repayments
- Redraw facility with $0 fees
- P&I and Interest Only repayment options available
- App and visa card available for easiness
- No loyalty tax
- Available through mortgage brokers
Cons
- No repayment holidays
- Only provides refinancing loans currently
- Requires at least a 25% equity
- Not available for first home buyers
- Doesn’t allow guarantors or other complex borrowers (such as Companies or Trusts)
- Limited loan options
- No portable loans
- Accepts low-risk borrowers only
- No split-mortgage facility
- Difficult to get an exception for high debt, low credit, or unsteady income
What home loan types do they have?
Being in its earliest phase, Nano has all of it’s focus on refinancing existing home loans.Refinance Loans
At the moment, Nano Digital only allows customers to refinance existing loans held at other financial institutions. Home loans for newly purchased properties, however, are yet to be introduced. Refinances are available for:- Owner-occupied and investor loans
- Principal and Interest and interest-only repayments
- Joint or single application