The digital acceleration of the last 18 months has not applied to the traditional home loan industry, with new research from Australian fintech Nano revealing 75% of Australians are more frustrated with the slow and tedious home loan process than ever before.
To challenge the outdated approach to refinancing and home loan lending, Nano has launched The Inaction Figure to symbolise the frustrations experienced with traditional lenders.
What does Nano’s Inaction Figure embody?
The Inaction Figure embodies all that Australians see as barriers to home ownership and refinancing, such as confusing jargon (72%) and too much paperwork (48%) as well as slow processes and hidden fees (55%).
With loan approval taking up to two months for three-quarters of the population, it’s no wonder Australians are fed up with the industry, which they believe is designed to benefit the lender, not the borrower (85%) and has failed to innovate (70%).
TV presenter and Real Estate Agent for Selling Houses Australia, Andrew Winter, believes The Inaction Figure could not come at a better time.
“Australians have for far too long experienced poor customer service, red tape, unnecessary jargon, opaque pricing and complex forms when it comes to managing their mortgage.”
“The Inaction Figure is the perfect anti-hero to personify this dissatisfaction with systems that were designed to benefit the lender, not the borrower.”
The research also reveals that Australians are ready for a change, with 86% of Australians believing technology could be used to make home loans easier
Born out of a desire to disrupt the industry and put the consumer first, digital home loan provider, Nano, has fundamentally changed the refinancing experience by offering unconditionally approved loans in under 10 minutes.
Nano’s comments on the Inaction Figure
“If you’ve ever had a home loan you’re familiar with what The Inaction Figure represents. Lenders are stuck in the past, drowning in paperwork, legacy technology and processes.”
Nano’s process does not include any manual paper forms, so we can approve loans online in under 10 minutes, all via your smartphone,” says Nano Co-Founder and CEO, Andrew Walker.
“Our research has shown that almost three-quarters of Australians (71%) feel they are getting ripped off by their home lender, which is why we have no fees and a low rate of 1.99%.”
“Nano is designed to be smart, fair and simple – with the customer at the centre,” he added.
Nano launched in June 2021 and to date has written more than $30 million in refinanced home loans. With The Inaction Figure campaign, the fintech company is asking Australians, frustrated by the process and wanting something better, to make a smart money move and join Nano.
“We’re making the confusing and complex home loan processes simpler, faster and fairer so Australians can easily refinance their home loan,” concluded Walker.
Commissioned by Pureprofile research on behalf of Nano, the research was conducted online in March 2021, using a sample of 1,000 Australian homeowners aged 18+.
Findings of the Nano and Pureprofile research
- 75% of Australians are disgruntled by the home loan processes citing poor customer service and hidden fees
- Australians are frustrated by the traditional home loan process, citing confusing jargon (72%),
- The slow process and hidden fees (55%) and too much paperwork (48%) as key issues
- 85% of Australians believe the market benefits the lender not the borrower
- 70% of Australians think the home lending market lacks innovation
- 71% of Australians feel they are getting ripped off by their home lender
- 86% of Australians believe technology could be used to make home loans easier
Nano is an Australia-based financial technology company that employs advanced data and innovative digital technologies to offer consumers better financial services exemplified by clarity, simplicity, fairness and innovation.