Interest only options are also available for both types of borrower. Owner occupiers with an LVR of up to 80% will receive a variable rate of 3.04% p.a. (2.68% p.a. comparison rate*), while investors with an LVR of the same will receive a 3.04% p.a. variable rate (2.93% p.a. comparison rate*).
CEO and co-founder Nathan Walsh said that Australians often have to endure frustrating and drawn out negotiations when trying to secure a lower rate with their lenders.
“That’s why Athena wants to motivate, encourage and reward customers for paying off their home loan and also have peace of mind knowing that once they hit the lower tier, we will drop their rates for them automatically,” he said.
“What this also means is even greater savings for customers. On average we are saving customers who switch to us $60,000 over the life of their loan. With our new AcceleRates pricing model many of these customers will now save $70,000.”
COO & co-founder Michael Starkey explained that customers who sign up for an AcceleRates home loan will spend the bulk of their mortgage paying the lowest interest rate.
“If they start out at the 80% LVR tier and pay the minimum on a Principle and Interest loan, they would hit the 70% LVR tier in only 4 years and 2 months. From there they would hit our lowest rate in just 3 years and 9 months where they would stay for the rest of the loan,” he said.
Along with a few more features, such as the ability to make free extra repayments and access a redraw facility, borrowers can also benefit from Athena’s “Automatic Rate Match,” which guarantees existing customers get the same rate as new customers on a like for like loan.
For a look at how the offerings from Athena stack up against others on the market, be sure to visit our home loans comparison page, where you’ll be able to filter your search by rate and type.