AMP Bank acquires Nano’s home loan books as fintech exits the mortgage market

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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.

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