AMP Bank acquires Nano’s home loan books as fintech exits the mortgage market
Digital lender Nano will be offloading its home loan books to AMP Bank, following its transition away from lending and towards financial services.
Existing Nano customers will be moved to the AMP Blue home loan on 27 March 2023. The loan was created specifically for Nano customers and will retain the same interest rate and many of the same features.
AMP Bank’s partnership with Nano dates back to May 2022, when it announced the two were building a digital mortgage product with approval times of only minutes.
Rising funding costs eventually forced the digital lender to pare back its operations, with new home loan applications paused in October 2022.
What will be different?
While efforts have been made to ensure the transition is as seamless as possible, Nano customers can expect a few changes. Fortunately, most are additions which customers will appreciate.
What can Nano customers expect?
The transition to AMP Blue is currently in the works. According to AMP Bank, the roadmap will look like this:
Change notification
On 30 January 2023, Nano customers will have been notified via email that their home loan will be transitioned to AMP Bank.
AMP Bank home loan details confirmed
AMP will email new customers by the end of February with details of their new AMP Bank Blue home loan.
Get ready to transfer to AMP
Customers are advised to confirm all their personal details are correct, including email, mailing address and mobile number. This is so all communications regarding registration are sent to the right place.
AMP notes that if you currently have a Visa debit card, you will be sent a new one in March 2023. This will be issued to your last known mailing address, so make sure to update it if it has changed recently.
Transfer finalised
On 27 March 2023, your transfer to AMP Bank will take place. At this point, you will need to sign up for online banking via My AMP. Once this is complete, you’ll be able to access your AMP Blue home loan and see the details of your loan.
Final home loan statement
On 31 March 2023, you will receive your final home loan statement from Nano. Going forward, AMP Bank will send you statements every six months, starting from July 2023.
To see where interest rates currently sit, browse our home loan comparison page.
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, 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 is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
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