Athena Home Loans springs into action, passes on full 0.25% cut
The RBA reduced official interest rates by 0.25% only a few short minutes ago, but some providers have already sprung into action. Just now, Athena Home Loans announced it will be passing on the full cut to its home loan customers, effective immediately.
The changes will apply to both new and existing customers, and will see rates for the Athena Variable Rate Home Loan (owner occupier, P&I) drop as low as 2.84% p.a. (2.80% p.a. comparison rate*).
That means existing customers will see some serious reductions in their monthly repayments. For those paying off a $400,000 loan over 30 years (P&I, LVR <80%), a decrease of 0.25% could result in savings of $53 a month, or $636 over a year.
Investor rates have also been sharpened quite a bit. Currently, investors looking to pay principal and interest on a loan will be looking at variable rates as low as 3.24% p.a. (3.20% p.a. comparison rate*).
“Saving customers money is at the core of Athena’s mission. By passing on all three of the RBA rate cuts immediately, we have been able to save our customers over $23 million over the life of their loans,” said Athena Co-founder and CEO, Nathan Walsh.
Athena Home Loans October 1 rate changes
Since launching in February, Athena has won over homebuyers with some very simple but attractive messaging: we’ll give you a great home loan, then help you get rid of it.
And after passing on the full rate cut three times this year it’s certainly holding up its end of the bargain. At the time of writing, only one other provider has done the same.
“We have had an overwhelming customer response to the last two cuts with over $2 billion in application volume since the June rate cut. Customers are realising they don’t need to put up with a home loan provider that doesn’t pass on the savings when they can,” said Walsh.
We’ve included a summary of Athena’s Variable Rate Home Loan below, but if you’re wondering how it stacks up against other offerings on the market, make our variable rate home loan comparison page your next stop.
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