Taking aim at two of the biggest gripes amongst home borrowers – slow approvals and uncompetitive rates – digital lender Nano has opened its doors in Australia with super cheap rates and what it claims to be “the world’s fastest home loan”.
According to Nano’s research, three in four Aussie borrowers are fed up with the tedious mortgage approval process which is seeing them spend up to two months getting a home loan.
Nano co-founder and chief executive, Andrew Walker, claims its fully digital approval process takes minutes, not weeks, and clocks in as the fastest in the world.
“So far, the fastest loan application to unconditional approval - so the end of the application, the credit assessment and the ID process - has been 9 minutes and 41 seconds”, says Walker.
Nano is also making waves on the rates front. With variable interest rates from 1.99% (1.99% comparison rate*), Nano’s Variable Home Loan rates are among the lowest in the Mozo database for refinancers with 75% LVR.
Throw in zero application, account, transaction, usage or exit fees, and it’s no surprise that Nano has already processed $100 million in mortgages in its first month alone. Let’s take a closer look at what Nano’s new home loans have to offer…