This comes following Nano’s suspension of new home loan applications back in October, flagging soaring funding costs for the changes.
Nano has since shifted its business model, focusing on providing technology to financial services companies as opposed to being a home loan provider.
Nano customers were informed of the shift to AMP Bank in an email sent Monday 30 January.
AMP had previously rejigged its mortgage process in May 2022 to utilise Nano’s platform, offering its customers a completely digital experience, claiming to provide unconditional approval for a residential home loan within a matter of minutes.
The shift will see Nano customers transition to a new AMP Blue home loan, which the bank notes will offer the same variable interest rate that is current at the time of transfer.
Once complete, former Nano customers will be subject to any applicable AMP variable rate movements that take place.
How will the transition work?
For Nano customers, AMP outlines the following steps will take place:
- Change notification: An email is sent to Nano customers on 30 January 2023 to highlight the move to AMP.
- AMP loan details: AMP will release details of its AMP Bank Blue home loan by the end of February 2023.
- Transfer: On 27 March 2023, Nano home loans will be transferred to AMP Bank. Customers who choose to remain with the bank will need to register online through AMP’s digital portal.
- Final settlement: On 31 March 2023, former Nano now AMP customers will receive a final statement from Nano. Following this, AMP will send statements every six months from July 2023.
Advertisement
Buying a home or looking to refinance? The table below features home loans with some of the lowest interest rates on the market for owner occupiers.
Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Additional Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.04% p.a. | 6.06% p.a. | $3,011 | Principal & Interest | Variable | $0 | $530 | 90% | 4.6 Star Customer Ratings |
| Promoted | Disclosure | |||||||||
5.99% p.a. | 5.90% p.a. | $2,995 | Principal & Interest | Variable | $0 | $0 | 80% | Apply in minutes |
| Promoted | Disclosure | |||||||||
5.69% p.a. | 6.16% p.a. | $2,899 | Principal & Interest | Fixed | $0 | $530 | 90% |
| Promoted | Disclosure |
Image by Anna Tarazevich via Pexels
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!