AMP
Bank
has
acquired
Australian
fintech
Nano’s
residential
mortgage
portfolio
as
it
pushes
forward
with
plans
to
extend
its
digital
mortgage
offerings.
Nano
has
been
the
backbone
of
AMP
Bank’s
digital
retail
mortgage
offering
that
aims
to
offer
home
loan
approvals
within
minutes.
AMP
Bank
announced
Tuesday
it’s
now
acquired
Nano’s
residential
mortgage
portfolio,
adding
an
additional
$400
million
in
loans
to
its
residential
mortgage
book.
Its
expected
Nano
customers
will
shift
over
to
AMP
Bank
on
March
27
this
year
on
a
comparable
product
and
maintain
their
current
interest
rate.
Customers
will
still
be
able
to
continue
to
access
your
home
loan
via
their
existing
mobile
app.
Offloading
the
mortgages
will
let
Nano
concentrate
on
being
a
financial
services
technology
provider.
Nano
stated that
as
a
result,
it
had
“made
the
decision
to
transition
home
loans
to
AMP
Bank”.
The
bank
said
the
buyout
supports
its
growth
ambitions
with
Nano’s
mortgage
book
comprising
of
primarily
owner
occupied,
principal
and
interest
loans,
with
strong
credit
quality.
AMP
Bank
group
executive
Sean
O’Malley
said
because
of
the
existing
Nano
relationship,
“the
opportunity
to
acquire
their
direct-to-customer
loan
book
aligned
well
with
our
strategy.”
“The
continued
strong
growth
of
AMP
Bank
has
been
largely
organic,
driven
by
investments
in
our
service,
digital
capabilities
and
competitive
offers
to
attract
new
customers,
particularly
through
the
mortgage
broker
channel,”
O’Malley
said.
“However,
in
line
with
our
objective
to
grow
the
bank
and
increase
our
direct
to
customer
channel,
we
will
continue
to
consider
acquisition
opportunities
where
they
make
strategic
sense
and
maintain
the
high
quality
of
our
loan
book.”
AMP
Bank’s
other
mortgage
efforts
include
its
partnership
with
Australian
proptech
firm
Bricklet
in
efforts
to
help
Australians
get
on
the
property
ladder
sooner.
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