The process varies lender to lender, however at Nano, you can get your home loan approved in minutes (not weeks!) due to our market-leading digital application and decision-making process. Once approved, the settlement process is set by your current lender which usually takes around 2-3 weeks, though it can take longer. However, we’ll make sure to stay in touch and clearly communicate with you throughout the process, keeping you updated with progress and next steps – all the way from the start of the application, right through to becoming a Nano customer and official owner of that dream property.
Currently, Nano has a minimum loan amount of $100,000 and a maximum loan amount of $2,500,000, as well as a maximum total customer loan limit of $5,000,000. However, the total amount you can borrow will vary depending on your personal financial situation. You can calculate how much you can borrow using our Borrowing Power Calculator.
At Nano, you’ll need to have a maximum Loan-to-Value Ratio (LVR) of 80%, meaning you’ll need to have at least 20% equity in your existing property (or the equivalent in available funds which you can deposit into your loan before refinancing).
There are a number of reasons why you may consider refinancing, including in order to:
- get a better deal (which could save you thousands of dollars over the life of the loan)
- change your repayment amounts (for example, if you are ahead in repayments and want to reduce them)
- access some of your existing equity
- get a better customer experience
You can refinance as often as you like. You should first check if your current lender has any exit fees or break costs (especially if you have a fixed rate loan). However, if you can get a better deal than you are currently on, it could end up saving you thousands of dollars over the life of the loan.
Nano is unable to say exactly how much it will cost you to switch from your existing lender to us, so we recommend you check your existing financial institution’s T&Cs or contact them to be certain.
Often people think that refinancing is more hassle than it’s worth. This is a result of out-dated, manual, and slow systems that traditional lenders use to process home loan applications resulting in customers waiting weeks (or months) to refinance. Then on top of this, there are vast amounts of paperwork you need to provide. At Nano, we’ve built our digital home loan experience to take all the time, pain and hassle out of refinancing, making it easier for you to consider the true value of making a change.
Refinancing also depends on what your needs are, but there are a number of reasons why you may consider it. You should assess whether your current lender and loan are adequately meeting your needs, and if they could be better met by someone else. But it’s always good to shop around – a better deal could end up saving you thousands of dollars over the life of your loan!
Find out how much you could save by refinancing with Nano using our Refinance calculator.
As a financial technology company, we use data to assess the majority of our home loan applications. This includes verifying your identity, and assessment of your income, expenses and liabilities. As part of your Nano home loan application, you will be required to log into your internet banking where we will access your financial transaction data safely and securely.
In the majority of cases using the data Nano obtains, there is no need to provide any documentation (other than proof of identification), making it a quick and easy experience where you can be approved in minutes (not weeks!).
For the few applications where we may have questions, the Customer Support team will contact you via email and phone to cover any questions they may have. If needed, they may request some additional documentation.
You’ll first need some basic information on your current situation such as your loan amount, loan type, and current interest rate so that you can compare loans.
Once you find a suitable lender (which we hope is Nano), you need to make sure the amount you are asking to borrow will cover the loan (or loans) you are refinancing, including any break or exit fees and outstanding interest.
After this step, you can apply for the new loan. Once approved, the new lender will issue you contracts and organise settlement and transfer of the mortgage. And voila! You can enjoy your new home loan!
At Nano, we make the refinance process as easy and as fast as possible via our market-leading digital application process, where you could be approved in minutes, not weeks. We use automated property valuations, digital credit scores, automatic retrieval of banking transaction data, and digital verification of your identity using biometrics, removing the need for paper-based forms, manual intervention and long waiting times.
Refinancing is essentially taking out a new loan to pay off an existing loan, which could be held at another financial institution
Still have questions?
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