Australia has a new non bank, with fintech Nano launching publicly with an eye-catching statement that they can reduce turnaround times to minutes rather than days or weeks.
Nano, which claims to be ‘Australia’s first truly end-to-end digital home loan lender’, are offering refinancing and home loans as low as 1.99%, and their striking loan approval claim was backed up by their co-founder.
“Our digital home loan is pretty exciting,” said CEO Andrew Walker. “We’ve reimagined and rebuilt the onboarding, underwriting and ID from the ground up. Our application is our underwriting process and our underwriting process has ID embedded in it at the end, so when you’re at the end of the application, you’re at the end of the onboarding and underwriting process at the same time.”
“We massively parallel process everything that the rest of the industry currently does sequentially. That allows us to get loans written and approved in minutes, not weeks, and therefore dramatically lowers the unit costs and improves the customer experience.”
Nano are currently not available to the broker channel, but you might be seeing their tech sooner rather than later, most likely as a white label product.
“The Nano business is a direct digital B2C business, and we have another division called Nano Platform Solutions, and we’re partnering at the moment to co-develop a broker product,” explained Walker.
“The way to think about it is that, if a broker has the customer relationship and depending on what product the partner that we’re working with wants to start off with, the broker can introduce their customer to our platform, which will be embedded in someone else’s journey as a SaaS business.”
“Then, the customer would sit there with the broker and they could get a yes/no/defer within the space of a few minutes.”
“You don’t have to send the paperwork in, upload the bank statements and wait for three or four weeks for the bank to pick up the file, you’ll know almost instantaneously. We’re designing that with a partner now.”
