FAQs
Home loan features

At Nano, we have an all-in-one home loan product to suit your needs. We offer both loans for customers wishing to refinance an existing loan held at another financial institution, as well as new home loans for the purpose of purchasing a residential property.

Our all-in-one home loan has a range of options which cater for owner occupied or investment property loans, and principal & interest or interest only repayment options.

We also give you a free offset sub-account, which reduces the interest charged on your loan to help you pay your loan down faster. All Nano home loans can be managed on the Nano app which gives you instant access to your funds, transaction capability and will be linked to a Nano Visa debit card* where you can make local and international transactions (including withdrawals at an ATM). All, of course, with no Nano fees.

* The Nano Card is issued by Hay Limited ABN 34 629 037 403 (Australian Financial Services Licence 515459). See terms and conditions

No, not yet. But keep a look out, as this feature will be coming soon.

No, Nano does not currently offer loans for vacant land.

Yes, you can. Spend like a local wherever you go. Your Nano Visa* debit card is accepted anywhere overseas that Visa cards are accepted as a payment method. It also comes with the following great features:

  • $0 Foreign Exchange fees with Visa exchange rate.
  • $0 international transaction fees in-store or online.
  • Nano will not charge any fees for international ATM withdrawals (however third-party fees may apply)

* The Nano Card is issued by Hay Limited ABN 34 629 037 403 (Australian Financial Services Licence 515459). See terms and conditions

At this stage, Nano does not currently offer the ability to top up your existing Nano home loan with more funds by increasing your loan limit. This feature will be coming in the near future.

Yes – the minimum loan amount is $100,000 and maximum loan amount is $2,500,000. There is also a maximum total customer loan limit of $5,000,000.

As long as both parties on the loan have combined household income of $100,000 or over, yes, you can proceed with the application. We may ask your partner some additional and different questions to satisfy our responsible lending requirements.

To qualify for a home loan with Nano, initially you’ll need to have a minimum household income of $100,000 as well as a maximum LVR of 80% and meet other eligibility criteria.

Your Nano home loan comes with a free 100% offset sub-account linked to your home loan.

Every dollar in your offset sub-account reduces the interest you pay. Make real-time BSB and account transfers or pay using your Nano Visa* debit card, Apple Pay or Google Pay. And best of all, there are no monthly or yearly account fees.

* The Nano Card is issued by Hay Limited ABN 34 629 037 403 (Australian Financial Services Licence 515459). See terms and conditions

Both traditional offset accounts and offset sub-accounts reduce the interest charged on the loan by “offsetting” the outstanding loan balance by the amount stored in the account.

The main difference is that a traditional offset account is a separate account that can be connected to a home loan with its own stand-alone BSB and account number. A traditional offset account can only be offered by an Authorised Deposit taking Institution (or ADI, such as a bank), and the funds deposited in them form part of the government’s Financial Claims Scheme, which guarantees funds of up to $250,000. You can get 100% offset accounts or sometimes providers apply a partial offset percentage, and the accounts usually have transactional capability.

Nano’s offset sub-account operates in a similar way, however there are some differences.

First, the offset sub-account is a sub-account to the customer’s home loan account, meaning that it does not have a separate, stand-alone account number. As the offset sub-account is not a stand-alone account, the funds can only ever be used to offset the loan account. The funds are not deposit funds.

Second, since Nano is not an ADI, such as a bank, we do not form part of the government’s Financial Claims Scheme. However, at Nano, any funds in our offset sub-account still offset 100% of the interest charged on the loan.

For example, if you have a home loan balance of $500,000 and $20,000 is paid into your Nano offset sub-account and not withdrawn for that month, you will be charged interest only on the balance of $480,000 that month.

Yes, you can. Joint accounts are available with Nano.

At this stage, Nano does not currently offer loans for Self-Managed Super Funds (SMSFs), however, this may be coming sometime in the future. Be sure to check back on our website for updates.

No, Nano does not currently offer construction loans.

All you will need to do is apply online via our market-leading digital application process. It’s as simple as that! We’ve designed a seamless home loan application process using automated property valuations, digital credit scores, automatic retrieval of banking transaction data, and digital verification of identity using biometrics, thereby removing the need for paper-based forms, manual intervention and long delays.

The tax treatment of offset sub-accounts is covered in a tax ruling which can be located here. One potential benefit of an offset account is that the interest that a customer saves by using an offset account will not be taxed. Please speak to your tax adviser for advice on your home loan.

Nano will lend on rural residential properties up to a maximum land size of 2 hectares (20,000 square metres).

Yes. When your loan settles and you register for the Nano app, you will be able to sign up for your Nano Visa debit card*, which you can use to transact from the offset sub-account feature of your home loan wherever Visa cards are accepted (including via Apple Pay or Google Pay).

* The Nano Card is issued by Hay Limited ABN 34 629 037 403 (Australian Financial Services Licence 515459). See terms and conditions

As we are not licensed as an Authorised Deposit Taking Institution (ADI), we cannot offer standalone savings or deposit accounts. However, through our innovative offset sub-account feature of our home loan, the funds you put in automatically reduce the interest charged on your loan.

The reduction in interest is more than you would typically earn in a savings account, and you don’t have to pay tax on it. We also allow you to transact and make instant payments with your funds using your Nano Visa* card, and via the New Payments Platform (NPP).

We also offer customers the ability to set up “vaults” with their offset sub-account. This helps you tuck away your extra funds for those things that are important to you whilst still reducing the interest charged on your loan.

* The Nano Card is issued by Hay Limited ABN 34 629 037 403 (Australian Financial Services Licence 515459). See terms and conditions

Each Nano home loan will have one offset sub-account connected to it, with up to one Nano Visa debit card* per customer to enable access to funds and transact via your favourite merchants.

* The Nano Card is issued by Hay Limited ABN 34 629 037 403 (Australian Financial Services Licence 515459). See terms and conditions

Nano customers can withdraw cash from ATMs. There are no Nano fees. However, customers may be charged fees by other financial institutions or ATM providers when using some ATMs, which is outside of Nano’s control. The Big 4 Bank owned ATMs should be fee free.

Please note, merchants do not accept the Nano Visa debit card* for any cash out options in stores – so if you require cash, an ATM is the only option.

* The Nano Card is issued by Hay Limited ABN 34 629 037 403 (Australian Financial Services Licence 515459). See terms and conditions

Nano customers can use any ATMs where the Visa logo is present (which is pretty much all of them), however, be sure to check on the fees you get charged by the ATM operators before confirming your transaction.

To see information on offset sub-account limits including account, balance and daily transaction/payment/ATM withdrawal limits, refer to the Terms and Conditions.

No. You can make unlimited payments into your offset sub-account, as long as your total offset sub-account balance never exceeds the loan limit or $1,500,000 (whichever is lower).

Yes, you can. At Nano, we encourage paying your salary into your account so that you can get the most out of your Nano home loan and offset sub-account. You can do this by providing your Nano BSB and account number to your employer to have your salary paid directly into your offset sub-account.

There is technically no limit on the number of loans you can have with Nano, as long as you are within our maximum lending criteria.

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