Following Nano’s announcement of shift from being a lender to a financial services and technology provider, its home loan book will be transitioned to AMP Bank on 27 March 2023.
AMP Bank partnered with Nano in May 2022 in developing a digital mortgage for retail customers.
By October 2022, Nano announced the suspension of its new home loan applications amid soaring funding costs.
With the transition, home loans under Nano will be under a new loan product under AMP Blue home loan.
AMP Blue has the same competitive interest rate and features, with some adjustments in other features.
Here are some of the changes:
|
Loan Features |
Current Home Loan |
AMP Blue |
|
Repayment Frequency |
Monthly |
Principal & Interest: weekly, fortnightly or monthly
Interest Only: monthly |
|
Offset deposit account via 100% mortgage offset |
Yes, via offset sub-account arrangement |
Yes, up to 10 offset deposit accounts linked to AMP Blue home loan. |
|
Direct Debit (from an account with another financial institution) |
No |
Yes, you can set up a Direct Debit to pay your loan from an AMP Bank offset deposit account or any other Australian bank account. |
|
Internet banking (on desktop) |
No |
Yes |
|
Phone Banking |
No |
Yes |
Find out more about AMP Blue features here.
How will the transition work?
The transfer of Nano home loans to AMP Bank will happen automatically by 27 March 2023.
AMP will be sending emails and notifications about the transition. Here are some of the key dates Nano home loan borrowers must take note of:
- An email will be sent to borrowers on 30 January 2023 informing about the transition.
- AMP Bank will be emailing borrowers with their AMP Blue home loan details by the end of February.
- Borrowers must ensure that their personal details are correct to ensure successful registration to AMP Bank’s digital banking services.
- AMP Bank will be sending AMP Visa debit card in March 2023.
- On 27 March 2023, the loan will transfer to AMP Bank. Borrowers will then need to register to bank online via My AMP, which they can do on the same day as their loan transfers.
- Borrowers will receive their final home loan statement from Nano on 31 March 2023. AMP Bank will then send them statements every six months starting from July 2023.
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