In August 2021, we were approached by the Bank of Melbourne (BOM) to submit a home loan refinancing application. After five weeks of communication with the lending officer, where paperwork and documents were requested and provided, the bank was unable to provide us with an answer. As owners of small company, it was clear that the BOM found it difficult to adequately assess our credit worthiness on the basis that the most recent company tax return had not been filed (as well as other small issues). The fact that we were not the standard PAYG income earners the BOM was accustomed to was simply too much for the bank to handle. This is despite the fact that the refinancing amount was fairly modest, the LVR was 20% and our combined income could service a much much larger loan. By the end of October we still did not receive an answer from the BOM. And then I discovered Nano via a web search. The application process was seamless and we had conditional approval within 20 minutes. No recent tax return? No problem. A Nano representative asked for the most recent four BAS statements (why wasn’t the BOM agile enough to ask for this?) and conditional approval was provided the next day. Very competitive rate (1.99%) with an offset account, a visa debit card and no fees at all. Nano has a model that effectively makes mortgage brokers redundant. My own mortgage broker, who I used to arrange the previous mortgage, couldn’t get close and the ease of the application process is really unbeatable. Be prepared, however, to relinquish your passwords to savings accounts and credit cards, which form the basis of their credit checks and assessment of your ability to service the loan. I was reluctant at first, but was promised that the data is not stored and is not retrievable by third parties or used for nefarious purposes (so they say). To be safe, I did change the passwords after receiving unconditional approval. Overall, the easiest loan application process I have been through.
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