Nano Home Loans now available on new purchases

By Niko Iliakis · · 2 min read
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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

Mozo may receive payment if you click the products below. We don’t compare the entire market, but you can search our database of 471 home loans.
Last updated 27 July 2024 Important disclosures and comparison rate warning*
  • Featured Product
    Mozo Expert Choice Badge
    Unloan Variable

    Owner Occupier, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a. variable
    5.90% p.a.

    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 online in minutes.

    Compare
    Go to site
    Details
  • Discount Great Rate Home Loan

    Owner Occupier, Principal & Interest, LVR<80%, over $150k

    interest rate
    comparison rate
    Initial monthly repayment
    6.04% p.a. variable
    6.06% p.a.

    An easy to use Home Loan with no establishment fee and no monthly or annual fees. Minimum deposit of 20% is required. Mozo Experts Choice Awards - Investor Home Loan Award 2024^.

    Compare
    Find out more
    Details
  • Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR<70%

    interest rate
    comparison rate
    Initial monthly repayment
    6.25% p.a.
    fixed 3 years
    6.20% p.a.

    No upfront or ongoing fees. Free extra repayments and redraw facility. Option to earn Qantas points. Min 30% deposit required. Borrow up to $10,000,000.

    Compare
    Go to site
    Details
  • Discounted Home Value Loan

    Owner Occupier, Principal & Interest, LVR 70-80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.14% p.a. variable
    6.14% p.a.

    Enjoy competitive rates for owner occupiers. Enjoy unlimited free extra repayments. Flexibility to redraw additional payments for free. No ongoing monthly service fee. Settlement fee waived on new borrowings from $50,000 (T&Cs apply).

    Compare
    Details
  • Featured Product
    Mozo Expert Choice Badge
    Unloan Variable

    Investment, LVR <80%

    interest rate
    comparison rate
    Initial monthly repayment
    6.29% p.a. variable
    6.20% p.a.

    Built by CommBank, the Unloan is the first home loan with an increasing discount (conditions apply) for investors. No application or banking fees. No monthly account keeping or early exit fees. Apply online in minutes.

    Compare
    Go to site
    Details
  • OMG Home Loan

    Owner Occupier, Principal & Interest, <60% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    5.99% p.a. variable
    6.02% p.a.

    BCU Bank’s OMG owner occupied home loan offers a variety of great low rates depending on your deposit. Save with no ongoing annual fees. Access your extra payments when you need to through the redraw facility. Pre-approval valid for 3 months.

    Compare
    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. 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.

^See information about the Mozo Experts Choice Home Loan Awards

Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

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