Nano Home Loans first launched to 'priority access' customers in April 2021.
Since its public launch, Nano claims it has saved an average of $79,000 per customer or $15 million in interest for all Nano homeowners.
Co-founder and CEO, Andrew Walker said that reaching this milestone so quickly is due to its digital approach resonating with customers.
Why are customers turning to Nano?
Nano says its completely digital platform offers faster approval times than traditional lenders, with loans applications processed in minutes, instead of days or weeks.
Since its public launch, the digital lender claims it has successfully reduced customers an average repayment by $263 per month.
According to Mr Walker, the stay-at-home orders for many capital cities have allowed people more time to reassess their home loan situation.
"Last year during lockdown we saw loan approval times blow out to over eight weeks as traditional lenders struggled to keep up with the volume of loan applications," Mr Walker said.
"We anticipate seeing this again as banks struggle with outdated technology and trying to balance housing market momentum with supporting customers.
"Being able to complete your home loan application digitally in your own time, outside of standard business hours, with no paperwork is a massive plus for customers during lockdown."
Who's turning to Nano?
According to Nano's analysis, more than 80% of all applications came from customers of one of the traditional banks.
Mr Walker said it's evident that borrowers are turning away from traditional lenders because they feel they aren't rewarded for loyalty.
"We had one customer tell us he plans to wean himself off his traditional bank account he's had for nearly three decades, as he realised Nano provides him everything he needs," he said.
"He now gets his salary paid straight into his Nano offset sub account, so he always has money available, while offsetting the interest on his loan."
Nano features a 5-star rated app, offset sub account, Visa card and payments functionality allowing customers to use Nano for day-to-day finances.
What's next for Nano?
Nano currently offers variable advertised interest rates of 1.99% to 2.59% per annum.
The lender is preparing to build out its suite of home loan offerings by expanding into new products in the second half of 2021 to meet the additional needs of customers.
In the fourth quarter (October to December) this year, Nano plans to launch home loans for new borrowers, not just refinancers.
"It has been a fantastic journey so far and we will continue to innovate and reshape the industry," Mr Walker said.
Photo by Andrew Neel on Unsplash
Ready, Set, Buy!
Learn everything you need to know about buying property – from choosing the right property and home loan, to the purchasing process, tips to save money and more!
With bonus Q&A sheet and Crossword!