Athena has lowered its variable home loan rates once again
Online lender Athena has started 2022 with a bang by dropping a number of its variable home loan rates by between 10 and 30 basis points.
Coming into effect today, Athena’s latest cuts - which apply to its AcceleRATES Variable Home Loan for both new and existing customers - have pushed a number of its variable rates down to new lows. Here are the latest rates:
|Loan-to-value ratio||Variable rate|
|<60%||1.89% p.a. (1.89% p.a. comparison rate*) for owner occupiers|
|70-80%||1.94% p.a. (1.91% p.a. comparison rate*) for owner occupiers|
|70-80%||1.99% p.a. (1.93% p.a. comparison rate*) for owner occupiers|
“There is a lot of speculation that the cash rate will go up later this year, so we have the opportunity to allow our customers to save more and get ahead on their loan before that happens. That’s what our voluntary rate drop is all about,” said Athena's co-founder and chief executive, Nathan Walsh.
For context, Athena's new 1.99% p.a. (1.93% p.a. comparison rate*) rate is a considerable 108 basis points below the current average variable rate in the Mozo database for owner occupiers (P&I repayments, 80% LVR).
On a loan of $400,000 being paid off over 20 years, that 108bp rate gap would equate to a monthly repayment saving of $210 and $50,591 in interest saved over the life of the loan.
Want to learn more about Athena's AcceleRATES Variable Home Loans? Check out our mini reviews of three different AcceleRATES options below.
Athena - Celebrate Variable Home Loan
- 1.89% p.a. (1.89% p.a. comparison rate*) variable rate (<60% LVR)
- 100% fee-free offset
- No upfront or services fees
With super low variable rates starting from 1.89% p.a. (1.89% p.a. comparison rate*) for owner occupiers with an LVR below 60%, Athena’s Celebrate Variable Home Loan could be an enticing option for borrowers who either have some built up equity in their home or a sizeable deposit. In addition to the low rate, the lack of any upfront or service fees may also help mortgage holders keep their costs down, while handy features like an offset account, extra repayments facility and redraws could give borrowers plenty of choice should they wish to reduce the amount of interest they pay or pay off their loan faster. Just bear in mind that Athena’s loans are only available for property purchases in capital cities or major population centres.
Athena - Evaporate Variable Home Loan
- 1.94% p.a. (1.91% p.a. comparison rate*) variable rate (70-80% LVR)
- Zero upfront or ongoing service fees
- Automatic rate drop feature
Available to borrowers with an LVR between 70-80%, the Evaporate Variable Home Loan features low variable interest rates starting from just 1.94% p.a. (1.91% p.a. comparison rate*) for owner occupiers. The loan’s not just about a sharp rate though. That’s because it doesn’t come with any upfront fees or ongoing service fees, plus it offers a number of flexible features including an offset account, extra repayments and a redraw facility. Plus the automatic rate drop feature means that Athena customers will automatically receive a rate reduction once their LVR falls below 70%. Like all of Athena’s loans, it’s worth remembering that you’ll need to be purchasing a property in a capital city or major population centre to be eligible for this offer though.
Athena - Liberate Variable Home Loan
- 1.99% p.a. (1.93% p.a. comparison rate*) variable rate (70-80% LVR)
- Rate automatically dropped as loan is paid off
- Offset account, extra repayments and redraw facility
Athena’s Liberate Variable Home Loan also comes complete with a combo of low interest rates and some useful loan features, though this offer is for owner occupiers with an LVR between 70-80%. Borrowers who fit the bill will be able to access variable rates as low as 1.99% p.a. (1.93% p.a. comparison rate*), plus a range of features including the ability to make free extra repayments and redraws, and the use of an offset account. There are also no upfront or ongoing service fees to budget for, and Athena’s automatic rate drop feature will ensure that as soon as your LVR drops under 70% you’ll be given a new, lower rate. Don’t forget that Athena’s loans are only available for properties purchased in capital cities or major population centres though.
Interested in comparing these Athena home loans to other offers on the market? Head on over to the Mozo home loan comparison page to compare even more options from a range of Australian lenders.
* WARNING: This comparison rate applies only to the example or examples given. Different amounts and terms will result in different comparison rates. Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan. The comparison rate displayed is for a secured loan with monthly principal and interest repayments for $150,000 over 25 years.
** Initial monthly repayment figures are estimates only, based on the advertised rate, loan amount and term entered. Rates, fees and charges and therefore the total cost of the loan may vary depending on your loan amount, loan term, and credit history. Actual repayments will depend on your individual circumstances and interest rate changes.
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