As it moves on with plans to expand its digital mortgage capabilities, AMP Bank has bought the residential mortgage portfolio of Australian fintech Nano.
The foundation of AMP Bank’s digital retail mortgage programme, which aims to provide quick approvals for home loans, has been Nano.
Tuesday saw the announcement from AMP Bank that it had completed the acquisition of Nano’s residential mortgage portfolio, bringing its total volume of residential mortgage loans to $400 million.
On March 27 of this year, it is anticipated that Nano customers will switch to AMP Bank, where they will continue to get the same product and interest rate.
Customers will still be able to use their current mobile app to access your home loan.
Nano may focus on being a provider of financial services technology by offloading the mortgages.
As a result, according to Nano, it “took the decision to shift house loans to AMP Bank.”
The bank claimed that Nano’s mortgage book, which is predominantly composed of owner-occupied, principal and interest loans with good credit quality, supports its expansion aspirations through the acquisition.
We will continue to evaluate acquisition possibilities where they make strategic sense and preserve the excellent quality of our loan book, nevertheless, in keeping with our ambition to develop the bank and expand our direct to customer channel.
One of AMP Bank’s additional mortgage initiatives is its collaboration with Australian proptech company Bricklet in an effort to speed up Australians’ ascent up the property ladder.