Key points
  • AMP Bank has acquired Nano's home loan book, with customers informed of the change 30 January 2023. 
  • The transition will take place 27 March 2023, with AMP Bank releasing details of the new AMP Blue home loan in February. 

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. 

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Filters
LenderHome LoanInterest Rate Comparison Rate* Monthly Repayment Repayment type Rate Type Offset Redraw Ongoing Fees Upfront Fees Max LVR Lump Sum Repayment Extra Repayments Split Loan Option TagsFeaturesLinkComparePromoted ProductDisclosure
5.94% p.a.
5.98% p.a.
$2,978
Principal & Interest
Variable
$0
$530
90%
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 10% Min Deposit
  • Redraw
  • Extra Repayments
  • More details
  • Available for purchase or refinance, min 10% deposit needed to qualify.
  • No application, ongoing monthly or annual fees.
  • Dedicated loan specialist throughout the loan application.
 Disclosure
5.89% p.a.
5.80% p.a.
$2,962
Principal & Interest
Variable
$0
$0
80%
  • Built and funded by CommBank
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 20% Min Deposit
  • Redraw
  • More details
  • No application or ongoing fees. Annual rate discount
  • Unlimited redraws & additional repayments. LVR <80%
  • A low-rate variable home loan from a 100% online lender. Backed by the Commonwealth Bank.
 Disclosure
5.99% p.a.
6.02% p.a.
$2,995
Principal & Interest
Fixed
$0
$0
60%
  • Owner Occupier
  • Fixed 3 Years
  • Principal & Interest
  • 40% Min Deposit
  • Redraw
  • More details
  • Competitive rates to help you save
  • A Dedicated Relationship Manager
  • Certainty of repayments with a fixed rate term
 Disclosure
5.93% p.a.
5.93% p.a.
$2,975
Principal & Interest
Variable
$0
$395
70%
  • Owner Occupier
  • Variable
  • Principal & Interest
  • 30% Min Deposit
  • Redraw
  • More details
 Disclosure
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Important Information and Comparison Rate Warning
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