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?
- 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
- 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.
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
Are Digital Home Loans A Good Idea?
Before you go on to embrace digital home loan system, it is always good to know what you are getting yourself into.
Other than them being a good way to *hopefully* minimize the loan processing period, digital home loans come with a bunch of benefits.
Easy application process
Digital lenders usually don’t require paperwork and visits. Based on your application and historical bank transaction activities, the application process is supported by a technology system. Depending on how the system assesses your banking and spending behaviour, this could be in your favour.
Self-service at its best
Digital lenders give you the luxury of managing your home loan from your couch, using just your fingertips. Apply, complete the process, get accepted – all from your smartphone.
If you are basing your choice on proper research, digital lenders can be to your advantage.
Our Experts can help you with the research!
Tips for applying with Nano
You can refinance with Nano if your LVR is up to 75%. However, it has a minimum income requirement.
Nano sets a minimum loan amount of $100,000.
Other than that, the total amount that an applicant can borrow will depend on their personal financial situation.
If you qualify and are ready to take the leap, you can apply here.
Compare Nano to other lenders
Still not sure which is the right lender for you? Talk to one of our specialist mortgage brokers at Home Loan Experts.
We’ll generally be able to help find many suitable lender options for you depending on your situation.
Give us a call on 1300 889 743 or fill in our free online enquiry form.