Nano digital home loans
Digital home loan provider Nano has launched a new product enabling borrowers to receive full approval within minutes. Image – Canva
  • Nano Digital Home Loans has launched its latest product, offering rapid full approvals
  • Digital product developed as a solution to borrower anxiety surrounding slow or rejected approvals
  • Intuitive digital engine performs all checks automatically to produce result in under 10 minutes

Digital home loan lender Nano has announced it is expanding its product offering to home buyers and investors. The company is the first in Australia to offer users a true end-to-end digital home loan experience.

Nano says the introduction of its latest digital home loan solution, which provides full approval in under 10 minutes, will help Australians navigate the fast-moving market.

Borrowers left anxious over slow or no approvals

According to Nano’s ‘Realising the Australian dream through disruption’ report, the time it takes to achieve home loan approval is one of the greatest barriers for modern home buyers.

Nano’s research indicates that over 70% of home buyers wait over a week for lending approval, while that duration is drawn out to over 3 weeks for one in five. Among the most common reasons for delay were “too much paperwork” and “slow response times”.

One in five of those homeowners also indicated they had missed out on securing one or more properties due to a delay in finance. This is unsurprising, considering that Corelogic observed a drop in days on market to an all-time low of 20 days in November 2021.

Nano co-founder and CEO Andrew Walker said the slow approvals associated with traditional lenders are adding unnecessary anxiety for prospective buyers, and putting 20% to 30% at risk of missing out.

“Unnecessary paperwork and manual credit-underwriting slow things down, and it’s at this point that home buyers start to feel the stress and anxiety that comes with waiting for their loan to be approved.”

Andrew Walker, Nano co-founder & CEO

Andrew Walker Nano
Andrew Walker, Nano. Image – Nano.

Alongside slow approvals, lenders are also left fearing having their loan applications rejected completely.

Despite 94% of respondents believing a pre-approval would mean their loan is approved faster, one in five still found themselves unable to secure a property due to delays.

“Pre-approval is still considered an important first step for many buyers, however it comes as no surprise, that the confidence pre-approval gives buyers is short-lived, as preapproval is not full approval,” said Mr Walker.

“We can give buyers the confidence to purchase fast with full home loan approval in sub 10 minutes, bypassing the need for a pre-approval. Speed and ‘time to yes’ is the new battleground in lending, and we’re leading the way,” he added.

Streamlined full approvals via intuitive digital engine

Nano’s latest product offering for home buyers and investors is described as a “digital decision engine”, rather than an online application process.

Unlike traditional lenders, Nano can provide full approval within a matter of minutes. The decision engine takes into account the borrower’s credit history, serviceability and identity, and even performs a digital property valuation to provide a confident upfront approval.

“Our record time for full approval is sub 10 minutes, making it the fastest loan approval in Australia, if not in the world.

“We’re using technology to innovate so we can give borrowers confidence and peace of mind when buying a property.”

Andrew Walker, Nano co-founder & CEO

Users can borrow up to $2.5 million, or 80% of the valuation, with terms out to 30 years at a competitive loan rate starting at 2.24% per annum.

Additionally, customers can receive more than one loan, use equity from another property as cross collateral, and access a free offset sub-account.

“Our goal at Nano is to enable buyers to bid, offer and buy with confidence, so the home loan approval process doesn’t cause buyers to miss out on their dream property or risk losing their deposit.

“In the end, it’s all about giving buyers flexibility, transparency, and confidence for one of the biggest investments in their lives” concluded Mr Walker.

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