Nano Home Loans now available on new purchases

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 4 March 2024

Search promoted home loans below or do a full Mozo database search. Advertiser disclosure
  • Mozo Expert Choice Badge
    Home Fixed Rate

    Owner Occupier, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    5.80% p.a.
    fixed 3 years
    5.91% p.a.

    Enjoy the security of a competitive fixed interest rate from Up. No application, monthly, annual, redraw, or discharge fees to pay. Up to 50 free offset accounts available. Up home loans are only available to owner-occupiers buying or refinancing in major Australian cities. Up is 100% owned by Bendigo Bank. New joiners get $10 by signing up to the app using code UPHOMEMOZO. (T&Cs apply). Mozo Experts Choice award winner.

    Compare
    Details
  • Straight Up

    Obliterate, Owner Occupier, Principal & Interest, <50% LVR

    interest rate
    comparison rate
    Initial monthly repayment
    6.24% p.a. variable
    6.24% p.a.

    Get a low variable rate depending on your deposit with Athena’s Straight Up Variable Home Loan. AcceleRATES feature helps you to reduce your home loan even faster (T&Cs apply). Zero fees to pay. Free redraw facility. Handy mobile app to manage your home loan.

    Compare
    Details
  • Offset Home Loan

    Package, Owner Occupier, LVR<60%, Principal & Interest

    interest rate
    comparison rate
    Initial monthly repayment
    6.15% p.a. variable
    6.40% p.a.

    Ability to open up to 10 offset accounts per loan account. Fast online application. Linked Debit Mastercard® with fee-free access at ATMs across Australia. Package a credit card with your home loan and the annual card fee will be waived (T&Cs apply). 40% deposit required.

    Compare
    Details
  • Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    interest rate
    comparison rate
    Initial monthly repayment
    6.09% p.a. variable
    6.11% p.a.

    Competitively-priced variable rate loan. Ideal for owner occupiers and investors. No service fees to pay. Make free extra repayments and redraws. Flexible repayment schedule available.

    Compare
    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

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