Rates and fees verified as correct at 04 August, 2021. Other information correct at the time of writing. Advertiser disclosure.
At present, Nano has one home loan product available to both owner occupier and investor borrowers: the Variable Home Loan. The loan can be used to borrow amounts ranging from as little as $100,000 all the way up to $2,500,000, as long as borrowers have a loan-to-value ratio (LVR) of 75% or under. As you can see from the table below the variable rates on offer are quite competitive, though they vary depending on the type of borrower you are (investor or owner occupier) and the type of repayments you’re looking to make (principal and interest or interest-only). For more details, check out the linked reviews in the table below.
| Product | Rate | Comparison Rate | Service fee | Upfront fee | Monthly repayments | |
|---|---|---|---|---|---|---|
| 2.49% p.a. | 2.17% p.a. | $0.00 | $0 | Go to site | ||
| 1.99% p.a. | 1.99% p.a. | $0.00 | $0 | Go to site | ||
| 2.59% p.a. | 2.40% p.a. | $0.00 | $0 | Go to site | ||
| 2.29% p.a. | 2.29% p.a. | $0.00 | $0 | Go to site |
If you’re up to date with the home loan market you’ll have noticed that the variable interest rates on the Nano Variable Home Loan are very sharp - in fact, they’re currently among the lowest in our database for both owner occupiers and investors.
If you’re looking to reduce the amount of interest you’ll pay on your loan then an offset sub account is a feature to look out for. And guess what? Nano’s Variable Home Loan comes with exactly that and it doesn't cost extra. In fact, in addition to stashing funds in it, mortgage holders can also use the Nano offset sub account to make payments via the attached Nano Visa debit card. It also comes with the ability to use digital wallets Apple Pay and Google Pay.
We’ve already mentioned the relatively low rates on offers, but borrowers who are looking to keep their mortgage costs down will also appreciate the fact that Nano's Variable Home Loan doesn't come with any upfront, ongoing or discharge fees. That’s pretty rare!
Like the sound of a faster, less complicated home loan application process? We don’t blame you. Well, Nano has made this a bit of a mission of theirs, meaning applicants can apply online (whether that’s from a desktop or smartphone), without the hassle of paperwork and get their loan approved in a matter of minutes, not weeks.
As we mentioned above, Nano has a digital application process for its home loans. That means you won't need to scramble around for various paper documents and bits of information as Nano uses everything from 'automated property valuations', 'digital credit scores' and 'automatic retrieval of transaction data' to make the process simpler and faster. Of course the other thing to keep in mind is that you will need to have an LVR of at least 75%. That's at least a 25% deposit to put down. You will also need to have a good credit score and meet all Nano's eligibility criteria.