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21 July 2021

79% of Australians said they had a bad home loan experience. Just how bad is it?

By: Nano digital home loans

79-of-australians-said-they-had-a-bad-home-loan-experience-just-how-bad-is-it

Reports show that home loan refinancing levels surged to $24 billion in May this year, however many homeowners are reluctant to change from their traditional lender because the process can be lengthy, confusing, time consuming and riddled with hidden fees.

Nano surveyed 1000 Australians to learn more about their experience.

This is what they told us.

1. The process is slow

Across the board, Australian’s are fed up with the long and lengthy application process, typically associated with traditional lenders.

76% of Australian’s said they spent up to two months getting a home loan, and felt they were constantly drowning in paperwork (72%). Furthermore, 75% of Australian’s think that applying for a home loan is slow and tedious.

Nano uses technology to get your home loan approved in minutes, not weeks.

2. You’re constantly questioning if you’re getting the best deal

Another pain point is knowing if you are getting the best interest rate.

85% of Australians told us that they believe that the home lending market is set up to benefit the lender not the borrower and feel as though they were being ripped off. With 73% believing that the industry is riddled with complex jargon deliberately to confuse people, it’s no surprise that many are concerned that they’re not getting the best deal and are fed up.

Nano’s digital application is fast, fair, and simple. New and existing customers get our best rate, so you’ll always no where you stand.

3. You didn’t know you were paying fees

Typically, home loans are riddled with hidden fees – application fees, account keeping fees, exit fees and more!

21% of Australians said that they’re most frustrated by paying fees they didn’t even know about and a further 8% of Australian’s said they didn’t know what a comparison rate was (Hint: it helps tell you the true cost of your loan taking into account all of these fees).

Nano offer a low rate with no fees – no application, no account, no transaction, no usage or no exit fees. Simply, no Nano fees. See our low rates.

Make a smart money move

We’re on a mission to bring financial fairness back the mortgage industry and eliminate the lengthy, confusing home lending process. Nano home loans are simple, fast and fair – the kind of home loan that everyone deserves. See our low rates and learn more about refinancing with Nano.

Source: PureProfile Research, March 2021 based on a sample size of 1000 people aged 18+

Disclaimer:

  1. This is the weighted average savings of existing Nano customers, based on the information they provided on their old home loan interest rate.