Athena: The new home loan lender that’s trying to GET RID of customers

Rhianna Dews

30 Sep 2020

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With a 2.34% p.a. variable interest rate (2.34% p.a. comparison rate*) and no fees, new online Aussie lender Athena is rewriting home loan history.

Everyone gather round, gather round. There’s a new Aussie home loan lender on the block who’s changing the game entirely. Meet Athena, the “game-changing goddess of good stuff!”

After their recent launch in 2019, innovative new online lender Athena Home Loans has kicked things off with a bang, from passing on numerous RBA rate cuts to flaunting their unconventional attitude to lending which is set to shake up the mortgage market entirely and ruffle the big bank’s feathers.

Introducing themselves to the world as the “home loan wrecker,” fintech Athena preach a “love us and leave us” motto, which sums up their whole philosophy of urging borrowers to “pay off your loan quickly so you can have a home, not a loan.”

Upon their initial launch Athena only offered refinance variable principal and interest home loans for owner-occupiers and investors. However, after dropping hints of more products to come in the future, Athena followed through and opened its doors to new borrowers late 2019.

“We’re starting to see more and more fintech's emerging as challenger lenders, and many of them offer genuinely good value. Athena is one of those lenders," said Mozo banking expert Peter Marshall.

“Particularly following the Banking Royal Commission, lots of Aussies are looking for a better value loan and alternatives to the big banks. Athena has popped up right in the midst of all this as quite a good alternative.”

You’re probably wondering what all the fuss is about? Which is why we’ve already gone and found out the answers to all your questions!

Meet Athena. The “game-changing goddess of good stuff.”

Who’s Athena?

Athena is the latest and greatest digital Aussie home loan lender. Unlike most lenders, Athena actually encourages borrowers to pay off their home loans ASAP so they can sit back and enjoy their new home. But if you’re new to the world of online home loans, then you might be happy to find that Macquarie Bank, among other big investors, backs Athena.

Does Athena offer other banking products?

Nope. Athena isn’t a bank, so savings accounts, credit cards and bank accounts aren't currently on the menu for Athena. But, if you're after a home loan, then you're in luck because this is Athena's specialty! 

Athena offers variable principal and interest loans owner-occupier and investor home loans to new and refinancing customers.

Are Athena’s home loans any good?

Well, that depends on what you like. If you like a new or refinance home loan with no fees, low-rates, loyalty bonuses and fab features, including free extra repayments and a free redraw facility, then yeah, Athena’s home loans are pretty good!

Some of Athena’s home loan features:

• Low 2.34% p.a. variable interest rate (2.34% p.a. comparison rate*)
• No application fees, annual/monthly fees or exit fees
• Flexible loan terms ranging from 5-30 years
• Free extra loan repayments
• Choice of either weekly, fortnightly or monthly repayment options
• Fee-free 100% interest offset (this isn't an offset account, but it works in much the same way to help you save on interest)
• Fee-free redraw facility

Read the full Mozo review of Athena's variable rate home loan

...Does Athena really charge no fees?

Don't worry. We did a double-take the first time we heard this too. Athena’s whole philosophy is about helping its customers pay off their loans on the ASAP, which is why there are no application fees, annual/monthly fees or exit fees to help its customers save more money. The only fees you can expect are third-party legal and valuation fees, which is pretty standard for any home loan.

What home loans does Athena offer?

In late 2019 Athena expanded its product offering, which initially only offered refinance variable principal and interest home loans to owner-occupiers and investors, to include home loans for new customers. Click here to compare Athena home loans today.

What are Athena’s new AcceleRates?

Athena recently rolled out a bunch of new home loan products with an innovative pricing system called ‘AcceleRates’ that gives borrowers access to cheaper rates as they pay off their loan.

This new batch of AcceleRates products are available to owner-occupiers and investors and come with three price bands for loan to value ratios (LVR) of <80%, <70% and <60%. The way it works is as borrowers progress through each tier, their interest rate will automatically be reduced.

Here’s a quick rundown of the price tiers for owner-occupiers and investors:

Owner Occupier, Principal and Interest:

• Athena LibeRATE 70% - 80% LVR: 2.44% p.a. (2.38% p.a. comparison rate*)
• Athena EvapoRATE 60% - 70% LVR: 2.39% p.a. (2.36% p.a. comparison rate*)
• Athena CelebRATE <60% LVR: 2.34% p.a. (2.34% p.a. comparison rate*)

Investor, Principal and Interest:

• Athena LibeRATE 70% - 80% LVR: 2.79% p.a. (2.74% p.a. comparison rate*)
• Athena EvapoRATE 60% - 70% LVR: 2.74% p.a. (2.71% p.a. comparison rate*)
• Athena CelebRATE <60% LVR: 2.69% p.a. (2.69% p.a. comparison rate*)

What's Athena's track record of passing on RBA rate cuts?

So far, Athena has successfully passed on the RBA rate cut in full to new and existing customers four out of five times since June 2019 - one of the only lenders in Australia to hold that record!

Recent RBA rate cuts: 4 June 2019, 2 July 2019, 1 October 2019 and 3 March 2020.

Do I need to contact my bank to refinance my home loan?

Nope! Athena's settlement team will work with your bank to move your loan over on your behalf. Seriously, can these guys get any better?

I've never heard of Athena. Is it safe?

While technically not a bank, Athena does, however, use bank-level security and encryption across its digital platform. Plus, Athena has an Australian Credit Licence, which means they're governed by ASIC and must legally adhere to ASIC’s compliance rules.

Does Athena rate match?

They certainly do! If Athena comes out with a low-rate ‘like-for-like loan’ offer for new customers, then they’ll automatically apply a rate-match to the loans of all existing Athena customers. That means no matter how long you're with Athena, you'll get the same low rate as a new customer.

Wondering how much you could save by refinancing to a better deal? Use our home loan comparison tool to find out, or, check out some hot refinancing home loan offers below.

Home Loan Refinance Comparison - rates updated daily

  • Promoted

    Macquarie

    2.54% p.a.

    2.81% p.a.

    $1234

    Product details Close details
    Offset Home Loan Package

    Handy offset account to help pay your home loan off sooner. Up to 10 offset accounts per loan account available. Fee free access at ATMs. Waived credit card annual fee. $0 international purchase fees.

    • $248.00 yearly

    • $400.00

    • yes - free

    • yes - free

    • yes

    • $0

    • 2.54% p.a.

    • 2.81% p.a.

    • $0

    • 70.00%

    • $150,000

    • $5,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Monthly

    Read our Mozo Review to learn more about the Offset Home Loan

  • Promoted

    loans.com.au

    2.48% p.a.

    2.50% p.a.

    $1234

    Product details Close details
    Smart Home Loan 80

    A low-rate home loan that could save you thousands, with no ongoing fees plus unlimited extra repayments and free redraws. Mozo Experts Choice Low Cost Home Loan 2020.^ You'll need to be borrowing $1 million or less and have at least a 20% deposit required.

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • Optional - with 0.10% additional interest

    • $520

    • 2.48% p.a.

    • 2.50% p.a.

    • $520

    • 80.00%

    • $50,000

    • $1,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Smart Home Loan 80

  • Promoted

    HSBC

    p.a.

    2.95% p.a.

    $1234

    Product details Close details
    Fixed Rate Home Loan

    Have the security of a fixed rate for 2 years with the option to split with one of the HSBC variable Home Loans. No ongoing monthly service fees or annual fees. Mozo Experts Choice Fixed Home Loan 2020^

    • $0.00

    • $300.00

    • yes - free up to $10,000 p.a.

    • no

    • no

    • $0

    • p.a.

    • 2.95% p.a.

    • $0

    • 80.00%

    • $50,000

    • $7,500,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Fixed Rate Home Loan

  • Promoted

    Athena

    2.34% p.a.

    2.34% p.a.

    $1234

    Product details Close details
    Celebrate Variable Home Loan

    Fast online application with no fees. Free extra repayments and redraw facility. Min 40% deposit. Crowned Best New Home Loan for 2020 by the Mozo Experts.^

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • $0

    • 2.34% p.a.

    • 2.34% p.a.

    • $0

    • 60.00%

    • $100,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Celebrate Variable Home Loan

  • Promoted

    Homestar

    2.29% p.a.

    2.32% p.a.

    $1234

    Product details Close details
    Star Essentials Home Loan

    Low Cost Home Loan 2020 winner.^ A home loan packed with all the essentials and offering up to $1500 cashback and no ongoing fees. No Construction loans.

    • $0.00

    • $535.00

    • yes - free

    • yes - free

    • no

    • $515

    • 2.29% p.a.

    • 2.32% p.a.

    • $515

    • 80.00%

    • $150,000

    • $850,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • Refinances receive up to $1,500 cashback or upfront fees waived on purchases for applications received by 31 October 2020 and settled by 31 January 2021.

    Read our Mozo Review to learn more about the Star Essentials Home Loan

  • Promoted

    UBank

    2.49% p.a.

    2.49% p.a.

    $1234

    Product details Close details
    UHomeLoan - Discount Offer

    Enjoy a super low rate, $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Free redraw with flexible repayments. Min 20% deposit.

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • $0

    • 2.49% p.a.

    • 2.49% p.a.

    • $0

    • 80.00%

    • $100,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the UHomeLoan - Discount Offer

  • Promoted

    Suncorp

    p.a.

    3.28% p.a.

    $1234

    Product details Close details
    Fixed Home Loan Special Offer Home Package Plus

    No monthly account keeping fees & No loan establishment fee. Get a $2,000 cash bonus when you refinance with an eligible Suncorp Bank Home Loan of $250k+. T&Cs & eligibility criteria apply.

    • $375.00 yearly

    • $350.00

    • yes - free up to $500 per month

    • no

    • no

    • $0

    • p.a.

    • 3.28% p.a.

    • $0

    • 90.00%

    • $150,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • Refinance from another lender to receive a $2,000 cash bonus for loans of at least $250,000 or $3,000 bonus for loans over $750,000. Available for loans with an LVR <90% and applications made by 18 December 2020 and settled by 26 March 2021.

    Read our Mozo Review to learn more about the Fixed Home Loan Special Offer

*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 the amount and term you entered.

**Initial monthly repayment figures are estimates only, based on the advertised rate, and a loan of $500,000 repaid over 25 years. 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.

Mozo may receive advertising fees from the financial institutions, issuers of financial or credit products and third party advice providers that are shown on this page. These fees are based on a cost per click, cost per acquisition, or a fixed fee.