Since launching to the public in late June, Nano has amassed $ 100 million in approved unconditional home loans under management.
Nano Home Loans was first launched to “priority access” customers in April 2021.
Since its public launch, Nano claims to have saved an average of $ 79,000 per customer or $ 15 million in interest for all Nano owners.
Co-founder and CEO Andrew Walker said reaching this milestone so quickly is due to his digital approach resonating with customers.
Why are customers turning to Nano?
Nano says its all-digital platform offers faster approval times than traditional lenders, with loan applications processed in minutes, instead of days or weeks.
Since its public launch, the digital lender claims it has successfully reduced average customer repayments by $ 263 per month.
Stay-at-home orders for many capital cities have given people more time to reassess their mortgage situation, says Walker.
“Last year, during the foreclosure, we saw loan approval times increase to over eight weeks as traditional lenders struggled to keep up with the volume of loan applications,” Walker said.
“We plan to revisit this as banks struggle with outdated technology and attempt to balance housing market dynamics with customer support.
“Being able to complete your mortgage application digitally at your own pace, outside of standard business hours, without paperwork is a huge benefit to clients during foreclosure.”
Who turns to Nano?
According to Nano’s analysis, over 80% of all inquiries came from customers of one of the traditional banks.
Mr Walker said it is evident that borrowers are turning away from traditional lenders because they feel they are not being rewarded for their loyalty.
“A client told us that he was planning to retire from his traditional bank account that he had had for almost three decades, because he realized that Nano provided him with everything he needed,” he said. -he declares.
“He now receives his salary directly into his Nano compensation sub-account, so he always has cash on hand, while also offsetting the interest on his loan.”
Nano offers a 5-star rated app, cleared sub-account, Visa card, and payment functionality that allows customers to use Nano for their day-to-day finances.
What’s next for Nano?
Nano currently offers advertised variable interest rates of 1.99% to 2.59% per annum.
The lender is set to expand its range of home loan offerings by expanding into new products in the second half of 2021 to meet additional customer needs.
In the fourth quarter (October to December) of this year, Nano plans to launch home loans for new borrowers, not just refinancers.
“It has been a fantastic trip so far and we will continue to innovate and reshape the industry,” Mr. Walker said.
Photo by Andrew Neel on Unsplash