How Michael refinanced at less than half the rate his bank had offered  

2 minutes

Read more about Michael’s story in news.com.au

Michael Brooks, an engineer and single Dad from Perth, had a fixed interest loan that was about to mature. He got a rude shock when his bank offered him a renewal at 1.5 times their advertised interest rate.

When he found Nano digital home loans, he thought he would give it a go and applied online. Michael was surprised by what came back. In no time he had approval with a rate almost half what his bank had offered and no fees. “Nano is the way it should be.”

The loyalty tax is clear

“I’ve had this experience with banks before, where they get you with a good deal. Then, when it comes time to refinancing, they take advantage of their customers,” Michael said. “I would have considered staying if they had offered a little bit higher than their advertised rate to avoid the hassle, but they were talking almost double. And that’s appalling.”

“Also, I shouldn’t have to ring up and chase them for a better rate. How hard can it be to just give me your advertised interest rate?”

The switch process fast and easy

“The entire process was simple and straightforward. I got all the loan documents from Nano amazingly quickly, whereas it took my existing bank two months to send me through my documents. With Nano, it was done within a few days.”

Nano’s technology enables users to enter their details through a secure portal that quickly verifies your income and expenses online, so you don’t have to provide any payslips or bank statements.

 “When it comes to estimating your household expenditure, I find that component of filling out the application form for a mortgage painful. Whereas with Nano I was able to give secure access to my accounts and let them calculate my living expenses and not have to think about it. That saved me lot of time and hassle.”

Nano also makes servicing loans simple

Since being approved, Michael has found the experience with Nano has been equally as good.

“I got a call a few days before my first repayment just to make sure everything was fine. To be honest, this is just how a customer’s experience should be. It shouldn’t be that hard.”

He also found the free offset sub-account, the flexible payment options, mobile phone app and Google Pay options all proved easy to set up and start using.

“The app has everything you need. In some ways it is easier to use because it doesn’t have all the fluff.”

Michael says he would have no problems using Nano again. “It gives you the confidence that you know you’re getting a good rate and that its going to be easy to do.”