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Home Loan Refinance - Nano Founding Member Offer: 2.04% p.a. Variable Rate with 0.15% Discount for Life (Owner-Occupied, P&I)

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Home Loan Refinance - Nano Founding Member Offer: 2.04% p.a. Variable Rate with 0.15% Discount for Life (Owner-Occupied, P&I)
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LCodeAnaconda on 12/04/2021 - 19:15 nano.com.au (186 clicks)
Last edited 14/04/2021 - 07:33 by 2 other users

Received an email on an exclusive home loan refinance offer from Joust, recommending a company called Nano.

Initially I didn't know who they are, but with some research, they appear to be an new digital lender, similar to Athena and 86400.

The offer appears quite competitive, with their variable discounted interest rate at 2.04% currently (with the 0.15% discount), which seems to be better than the digital banks mentioned above. No ongoing fees, meaning their comparison rate is also 2.04%.

Eligibility requirements:

  • Minimum income : $150k
  • Maximum LVR : 65%
  • Refinance only
  • Owner-Occupier and Investment available (higher rates for investment 2.44%)
  • Good credit rating
  • Australian citizen only

There isn't too much information apart from that. While I'm not in a position to refinance my mortgage, I thought it may be of interest to others. On the one hand, I don't think this deal will be for everyone, as it lacks some features I can't do without, such as offset account or ability to redrew [edited - It would appear they do have an offset account], but for those people who may not have these it may definitely be worthwhile.

Financial Home Loan Loan Refinance

Related Stores

Nano Digital Home Loans
Nano Digital Home Loans

closed Comments

  • Terra Australis on 12/04/2021 - 19:20

    do they do an offset
    what are the exit fees

    • Lucille Bluth on 12/04/2021 - 19:25
      +2

      I don't think this deal will be for everyone, as it lacks some features I can't do without, such as offset account or ability to redrew

    • AssociatedNanoDigitalHomeLoans @ Nano Digital Home Loans on 13/04/2021 - 16:00

      Hi Terra, there is an offset sub-account available. Your account comes with a Nano Visa debit card with Apple Pay, Google Pay, BPAY (coming soon) and real-time bank transfer functionality. You also have an app to view and manage your home loan and finances.

      Nano doesn't charge any fees. This includes exit fees. Find out more here - https://nano.com.au/faqs/#faq-6537

  • clubhonda on 12/04/2021 - 19:58
    +1

    There is nothing preventing a non-bank lender from advertising at 2.04%, and jacking up your interest rate every month after you refinance…

    • Tsapena on 12/04/2021 - 20:14
      +2

      ING does this, ropes people in with an attractive rate and bumps it up over time.
      im in the process of giving them the flick.

    • djkelly69 on 12/04/2021 - 22:22

      Is there anything to prevent a bank lender doing the same thing?

    • AssociatedNanoDigitalHomeLoans @ Nano Digital Home Loans on 13/04/2021 - 16:23

      Nano has been founded to bring fairness back to finance. We've built Nano to benefit our customers, so 'jacking up your interest rate' is not what Nano is about nor does it make long term business sense.

  • [Deactivated] on 12/04/2021 - 20:07
    +1

    This Founding Member offer is only valid until 26 April 2021 for the first 30 unconditionally approved home loans.

    also 65% lvr and 150k income….

    • alidli on 13/04/2021 - 12:28

      Yeah, thirty Members of Parliament should have no problem then……cross lease to each other or add more props to their portfolios.

    • netjock on 16/04/2021 - 10:56

      Nano is for the amount of people who can qualify.

  • abhiz on 13/04/2021 - 19:35

    How about refinancing offer/cashback?

  • AncientWisdom on 14/04/2021 - 09:38

    That income requirement is a killer

  • netjock on 16/04/2021 - 10:58
    -1

    Might as well go big bank and fix for 3 - 4 years at <2% then come back when you can meet 65% LTV.

    $150k salary is a bit of laugh considering average salaries in this country and unless you are in are a senior lawyer, IT person, finance or doctor / pharmacist. Unless they take photos of piles of cash from tradies good luck.

    • [Deactivated] on 16/04/2021 - 14:41

      2 people earning $75k would count

      • netjock on 16/04/2021 - 14:43

        65% LTV if you are making $75k each in regional area and buying cheap like <$500k. $75k in the country? You'd be in the top 15% of all salary earners probably 30s with no kids, everyone else has got 2 kids if not 3 by late 20s in most country areas.

        It makes good headlines but it is really looking at super prime borrowers which at this stage of the game there is very few unless you are 50 years old and bought like 10 years ago.

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