Nano secures patent for its innovative digital lending technology

Nano has cemented its position as the technology leader in Australia’s rapidly accelerating digital home loan market, after being awarded an innovation patent for its proprietary loan application and decision-making
technology.

The Innovation Patent for the ‘Automated Real-Time Digital Mortgage Application and Decisioning Engine’ was awarded on 15 September 2021 and will be published in the next Official Journal of Patents.

The grant by the Australian Patents Office helps confirm the uniqueness of Nano’s platform and recognises the innovative nature of its data-driven technology.

“This Innovation Patent recognises Nano as unique and innovative and sets us apart from the rest of the industry. Many are claiming to be ‘digital’ - but a website application sitting on top of yesterday’s broken processes is not the future” said Co-founder and CEO of Nano, Andrew Walker.

“Our patented technology platform and proprietary algorithms replace weeks of manual effort, rework and frustration with a fast, seamless, paper-free process.

“Having tens of thousands of hours of research and development recognised in this way is a great moment for the team and reinforces our position as the innovator in this space” he added.

Refinancing boom

Nano's Innovation Patent for its technology comes as new figures from the Australian Bureau of Statistics (ABS) show refinancing home loans has reached an all-time high.

Australians refinanced a record $17.2 billion in home loans in July, up 60 per cent from a year earlier as borrowers sought to take advantage of lower interest rates and a booming domestic property market nationwide.

The value of net new flows in the entire Australian home loan market stands at around $370 billion a year.

In a market characterised by unprecedented digital disruption, it’s not difficult to see Australia following other markets such as the US, with 30 per cent of the market being digital in three years. Nano aims to lead this estimated $100 billion-plus annual digital home loan market opportunity.

“In just over a month since our public launch, we hit $100 million in unconditionally approved loans. This speaks volumes of the market appetite for our disruptive techn