Nano home loans are now available on new purchases
Online lender Nano, a two-time winner of this year’s Mozo Experts Choice Awards, has expanded its home loan refinance product to include new purchases.
Homeowners buying their next property will now be able to take advantage of rates as low as 1.99% per annum (comparative rate of 1.99% per annum*) on the Nano Variable Home Loan.
These interest rates are some of the lowest in the Mozo database, but it’s worth mentioning that Nano will join the rest of the market by raising rates by 0.25% per year this month.
The new rates will take effect on May 19, 2022 and will reflect increased funding costs following the RBA’s recent decision to tighten monetary policy.
Loan amounts on Nano’s variable home loan offer range 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 a good credit score
- Be an Australian citizen or permanent resident.
How does Nano’s approval process work?
Unlike many other lenders, Nano ignores the need for pre-approval and offers buyers a full approval version through its data-driven application process.
In addition to personal details (such as employment status, income, expenses), borrowers will need to provide information about the property they have in mind. A digital evaluation will be carried out in real time.
Nano will then check your credit score and verify your identity. If you are deemed creditworthy, you will then be advised how much you can borrow to purchase the property. According to Nano, the whole process shouldn’t take more than a few minutes.
Remember that this form of approval is not an offer to lend you the amount you want. And as always, approval is conditional on the accuracy of the information you provide.
RELATED: Which Banks Have Raised Home Loan Rates?
For more information on mortgage and lending trends, visit our mortgage statistics page. And if you think a refinance is in order, be sure to browse our home loan comparison page, where you can filter your search by rate and type.
ATTENTION: This comparison rate only applies to the example or examples given. Different amounts and durations will result in different comparison rates. Costs such as withdrawal charges 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 corresponds to a guaranteed loan with monthly principal and interest repayments of $150,000 over 25 years.
Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges, and therefore the total cost of the loan, may vary depending on your loan amount, loan term and your credit history. Actual repayments will depend on your personal circumstances and changes in interest rates.
^ See Mozo Experts Choice Home Loan Awards information
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