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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Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of January 30, 2023. View disclaimer.
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Disclaimers
The entire market was not considered in selecting the above products. Rather, a cut-down portion of the market has been considered. Some providers’ products may not be available in all states. To be considered, the product and rate must be clearly published on the product provider’s web site. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au, and Performance Drive are part of the Savings Media group. In the interests of full disclosure, the Savings Media Group are associated with the Firstmac Group. To read about how Savings Media Group manages potential conflicts of interest, along with how we get paid, please visit the web site links at the bottom of this page.
