Nano Launches Cheap Credits In Less Than 10 Minutes

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Founded by former Westpac executives Andrew Walker and Chris Lambi, Nano was founded with the belief that it could use technology to address bottlenecks in the approval process. carried away by more than a month with some creditors.

To speed up the process, Nano’s systems simultaneously analyze the value of the property, the borrower’s credit history and loan suitability, and also perform identity checks.

No loyalty tax

The process – from starting the application to unconditional approval – takes about 10 minutes. Last month, the resolution was obtained in nine minutes 41 seconds.

“This is actually the fastest process in the world with some deviation from the norm,” said Mr. Walker.

Nano claims that the system has a significant advantage over competitors in the market that are only a few years old, so it is ready to fight both traditional banks and established fintech companies.

Like Athena, the Nano only promises one percentage rate per product. The focus on approval speed allows you to compete with the Bendigo. & Supported by Adelaide Bank Tic: Toc. The sophistication of the platform contrasts it NAB-Acquired 86,400

Nano’s Mr. Walker says many of the latest technology mortgage offerings are just a digital interface overseen by a loan officer. In some cases, banks simply hand off the rough work to clients.

“They take your information digitally, they provide you with a portal to upload your documents, and then the underwriter sits at the bank,” said Mr. Walker.

“Usually compared to the rest of the industry, the times are fast, for example a few days instead of a week. But this is not a digital process, in fact it is the capture of digital information, and that is the difference. “

Without the overhead of branch network and legacy systems acquired over decades, Nano said it could save a borrower $ 75,000 over the loan term, with about $ 12,000 in fees and commissions alone.

Nano says it will allow you to directly influence prices. He will never charge customers different prices for the same product – terrible Loyalty tax – and will use the proposal to carve out a significant portion of the $ 400 billion Australian home loan market.

Walker predicts that around $ 100 billion in Australian mortgages will be sold digitally over the next three to five years. He cites the experience of the American company Rocket, which has captured about 9% of the market over the past decade through the digital permitting process.

Nano approved $ 30 million in loans during its soft launch, with the first loans being funded from its own balance sheet. In 2020, he received $ 33 million in funding from a New Zealand investor. and will use wholesale markets to fund future loans.

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