Meet Brooke McDonald. Originally from Sydney, Brooke moved to Brisbane to buy her first home. Three years on, after diligently paying down as much of her mortgage as possible, Brooke was ready to refinance. However, she got a rude shock when her existing lender refused to offer her their best advertised rate.
Brooke shares her story of how she set out to find a fairer rate.
‘If you want the advertised rate, you have to go elsewhere’
Brooke discussed rate reductions with her existing bank on several occasions, but she felt like they were seeking to impose a “loyalty tax” by offering only a small 0.4% reduction, notwithstanding the fact that her lending profile had improved significantly.
“The bank was trying to build its mortgage book by advertising a much lower interest rate than I was paying, and they were not going to offer me that rate because I was an existing customer,” Brooke said.
When Brooke first bought her home “my intention was to buy a property, get the most attractive loan rate and just pay the mortgage off as fast as possible,” Brooke said. So, when her lender refused to match their advertised rates, she shopped around for a fairer deal.
“One of the important things about Nano is that every customer gets the same low rate,” she added. Nano’s rate was well below what her bank offered, which at best was almost double.
“The fact is that banks generally won’t move much on rates once you’re a customer. This means if you want to refinance, you have to go elsewhere,” she said.
Simple, fast, easy and accessible experience
Another thing that stood out for Brooke was the simple and fast nature of the Nano home loan experience, compared with the heavy load of paperwork needed to complete a refinancing with another bank.
“Nano was the most appealing purely due to the swiftness in which they dealt with my application. Even the verification of my identity was electronic, which most financial service companies cannot cope with. I quite liked all of that. And there was honest communication throughout the whole application process as well.”
“Nano’s customer service staff were even trying to hurry me up and respond to queries because I was a bit slow sometimes. Everyone was on it, and I got regular emails asking if I had any questions. Nano was quick, efficient and, a pleasure to deal with,” she said.
In the end Brooke refinanced with Nano, with all her documents signed and settled within two weeks. The overall process, technology and the customer service all exceeded her previous bank and Brooke now plans on telling all her friends about Nano.