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This follows Nano’s suspension of new mortgage applications. back in octoberflagging the soaring cost of financing for change.
Nano has since shifted its business model to focus on providing technology to financial services companies rather than mortgage providers.
Nano customers were notified of the move to AMP Bank in an email sent on Monday, January 30th.
AMP previously changed its mortgage process in May 2022 to Leveraging Nano’s Platformwhich claims to provide customers with a complete digital experience, offering unconditional mortgage approvals within minutes.
The move will move Nano customers to the new AMP Blue mortgage. This allows the banknote to offer the same floating rate of interest as it does today when transferred.
Upon completion, former Nano customers are subject to any applicable AMP floating rate movement.
How does the migration work?
For Nano customers, AMP outlines that the following steps will occur:
- Change notice: Nano customers will receive an email on January 30, 2023 highlighting their transition to AMP.
- AMP loan details: AMP will announce details of the AMP Bank Blue mortgage by the end of February 2023.
- Migration: On March 27, 2023, the Nano Mortgage will be transferred to AMP Bank. Customers who choose to remain with the bank must register online through AMP’s digital portal.
- Final Settlement: On March 31, 2023, former Nano now AMP customers will receive a final statement from Nano. After that, AMP will send statements every six months from July 2023.
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Looking to buy or refinance a home? The table below shows the lowest interest rate mortgages on the market for owner residents.
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| Features4.5 Star Customer Ratings |
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| Featuresrefinancing only |
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| Unlimited additional repayments |
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- Low interest rates available for buyers and refinancers
- Our experienced lending team based in Australia will assist you at every stage of your mortgage
- Easy online process to check if you are eligible
- In operation since 2011 and backed by Australia’s largest online lender
- No ongoing fees, unlimited redraws, 0.10% offset available
Base Criteria: $400,000 loan amount, variable, fixed, principal and interest (P&I) mortgage with an LVR (loan-to-value) ratio of 80% or higher. However, the Mortgage Comparison table allows calculations to be made on variables selected and entered by the user. Some products may be marked as promoted, featured or sponsored and displayed prominently on the table regardless of their attributes. All products will be listed with his LVR including products and rates clearly published on his website of the product provider. Once the basic criteria are changed by the user, the monthly repayment amount will be determined by the user/you entered loan amount, repayment type, loan term and his LVR based on the advertised rate of the selected product will be *Comparative rate based on $150,000 loan over 25 years. WARNING: This comparison rate is for this example only and does not include all fees and charges. Different terms, fees, or other loan amounts may result in different comparison rates. Prices are current as of January 30, 2023. View disclaimer.
Image by Anna Tarazevich via Pexels
Disclaimer
The entire market was not considered when selecting the above products. Rather, a shrinking portion of the market is taken into account. Products from some providers may not be available in all states. Products and rates must be clearly published on the product provider’s website to be considered. Savings.com.au, yourmortgage.com.au, yourinvestmentpropertymag.com.au and Performance Drive are part of the Savings Media group. For full disclosure, Savings Media Group is associated with Firstmac Group. For information on how Savings Media Group manages potential conflicts of interest and how it is compensated, please visit the website link at the bottom of this page.
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