Nano Home Loans now available on new purchases

By Niko Iliakis · · 2 min read
Fact Checked
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Family in kitchen managing home loan.

Online lender Nano, a two-time award winner in this year’s Mozo Experts Choice Awards, has extended its refinance home loan product to include new purchases. 

Owner occupiers buying their next property will now be able to take advantage of rates as low as 1.99% p.a. (1.99% p.a. comparison rate*) on the Nano Variable Home Loan. 

These interest rates are among the lowest in the Mozo database, but it bears mentioning that Nano will be joining the rest of the market in raising rates by 0.25% p.a. this month.

The new rates will take effect 19 May 2022, and 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 satisfy the following criteria:

  • Have a minimum household income of $100,000
  • Have a good credit rating
  • Be over 18 years old 
  • Be an Australian citizen or permanent resident.

How does Nano’s approval process work?

Unlike many other lenders, Nano skips bypass the need for pre-approval and offers homebuyers a version of complete approval via its data-driven application process.

Along with personal details (such as employment status, income, expenses), borrowers will have to provide information on the property they have their sights on. A digital valuation will be conducted in real time.

Nano will then check your credit score and verify your ID. If you’re deemed creditworthy, you’ll then be informed of how much you can borrow to purchase the property. According to Nano, the entire process should take no more than a few minutes.

Just keep in mind that this form of approval is not an offer to lend you the amount you’d like. And as always, approval is conditional upon 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 home loan statistics page. And if you feel that refinancing is in order, be sure to browse our home loan comparison page, where you’ll be able to filter your search by rate and type.

Home loan comparisons on Mozo - last updated 13 August 2022

Search promoted home loans below or do a full Mozo database search . Advertiser disclosure
  • Variable Home Loan 70

    interest rate
    comparison rate
    Initial monthly repayment
    3.10% p.a. variable
    3.12% p.a.

    Affordable home loan rate for buyers or refinancers.. No monthly or ongoing fees. Option to add an offset for 0.10%. Access to savings with unlimited redraws available. Minimum 30% deposit required.

    Go to site
    Details
  • Unloan Variable

    Owner Occupier, Refinance Only

    interest rate
    comparison rate
    Initial monthly repayment
    3.14% p.a. variable
    3.06% p.a.

    For refinancers only. Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for borrowers. No application or banking fees. No monthly account keeping or early exit fees. Apply in as little as 10 minutes.

    Go to site
    Details
  • Featured Product
    Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    3.64% p.a. variable
    3.66% p.a.

    Low variable rate No annual fees to pay. Unlimited additional repayments. Free redraw facility available. Fast digital application. 40% deposit required. Winner of Mozo Experts Choice Australia's Best Essential Bank 2022^.

    Go to site
    Details
  • PAYG Home Loan

    Owner Occupier, Principal & Interest, LVR<80%

    interest rate
    comparison rate
    Initial monthly repayment
    3.29% p.a. variable
    3.33% p.a.

    Low variable rate. Ideal for new home buyers or refinancers. Unlimited additional repayments. Unlimited free redraw. Application completely online. Optional 100% offset can be added for $120 p.a.. 20% deposit required.

    Go to site
    Details
  • Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    3.79% p.a. variable
    3.79% p.a.

    Fast and efficient online application. Automatic discounts as loan is paid down. Free extra repayments and redraw facility. Zero fees. Min 40% deposit required.

    Go to site
    Details
  • Featured Product
    Neat Home Loan

    Owner Occupier, Principal & Interest, LVR 60-70%

    interest rate
    comparison rate
    Initial monthly repayment
    3.74% p.a. variable
    3.76% p.a.

    Low variable rate. No annual fees to pay. Unlimited additional repayments. Free redraw facility available. Fast digital application. 30% deposit required.

    Go to site
    Details

* 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, 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 credit history. Actual repayments will depend on your individual circumstances and interest rate changes.

^See information about the Mozo Experts Choice Home Loan Awards

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