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

Rhianna Dews

03 Nov 2020

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With a 2.34% p.a. variable interest rate (2.34% p.a. comparison rate*), no fees and a reputation for being among the first lenders to pass RBA rate cuts onto customers, new online Aussie lender Athena is rewriting home loan history.

• 3 November 2020: Athena passes on full 15 basis point RBA cashrate cut to both new & existing customers.

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:

• LibeRATE 70-80% LVR: 2.29% p.a. (2.23% p.a. comparison rate*)
• EvapoRATE 60-70% LVR: 2.24% p.a. (2.21% p.a. comparison rate*)
• CelebRATE <60% LVR: 2.19% p.a. (2.19% p.a. comparison rate*)

Investor, Principal and Interest:

• LibeRATE 70-80% LVR: 2.64% p.a. (2.59% p.a. comparison rate*)
• EvapoRATE 60-70% LVR: 2.59% p.a. (2.56% p.a. comparison rate*)
• CelebRATE <60% LVR: 2.54% p.a. (2.54% 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, 3 March 2020 and 3 November 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. Advertiser disclosure.

  • loans.com.au

    1.99% p.a.variable for 12 months and then 2.48% p.a.

    2.47% p.a.

    $1234

    Product details Close details
    Smart Booster Home Loan

    1 Year Discounted Variable Rate, Owner Occupier, Principal & Interest, <80% LVR

    1.99% p.a.variable for 12 months and then 2.48% p.a.

    2.47% p.a.

    A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required.

    Smart Booster Home Loan

    A super low introductory rate home loan with no monthly or ongoing fees. Unlimited free redraws and unlimited additional repayments to help you build your equity and own your home sooner. Multiple loan splits available. (Rates revert after introductory period ends). 20% minimum deposit required.

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • Optional - with 0.10% additional interest

    • $520

    • 1.99% p.a.variable for 12 months and then 2.48% p.a.

    • 2.47% 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 Booster Home Loan

    Details Close

  • UBank
    Mozo Expert Choice Badge

    p.a.

    2.22% p.a.

    $1234

    Product details Close details
    UHomeLoan

    Owner Occupier, Principal & Interest

    p.a.

    2.22% p.a.

    $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.

    UHomeLoan

    $0 fees and easy application with the Mozo Experts Choice Home Lender Bank of the Year.^ Choose between weekly, fortnightly or monthly repayments. 3 year fixed rates are for new Owner Occupier Principal & Interest loans.

    • $0.00

    • $0.00

    • yes - free up to $20,000 p.a.

    • no

    • no

    • $395

    • p.a.

    • 2.22% p.a.

    • $395

    • 80.00%

    • $100,000

    • $2,000,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $395 Establishment fee waived for fixed rate loans that settle by 31 March 2020. Receive 1.75% Receive 1.75% 3 year fixed rate when you apply by 26 February 2021 and settle within 90 days.

    Read our Mozo Review to learn more about the UHomeLoan

    Details Close

  • Athena
    Mozo Expert Choice Badge

    2.19% p.a.

    2.19% p.a.

    $1234

    Product details Close details
    Celebrate Variable Home Loan

    <60% LVR, Owner Occupier, Principal & Interest

    2.19% p.a.

    2.19% p.a.

    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.^

    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

    • 2.19% p.a.

    • 2.19% 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

    Details Close

  • Macquarie

    p.a.

    2.53% p.a.

    $1234

    Product details Close details
    Basic Home Loan

    Fixed, Owner Occupier, Principal & Interest, LVR 70-80%

    p.a.

    2.53% p.a.

    Flexible loan structure – create up to six loan accounts with different rate and repayment types. Free redraw from your loan using Macquarie Online.

    Basic Home Loan

    Flexible loan structure – create up to six loan accounts with different rate and repayment types. Free redraw from your loan using Macquarie Online.

    • $0.00

    • $400.00

    • yes - free

    • yes - free

    • no

    • $0

    • p.a.

    • 2.53% p.a.

    • $0

    • 80.00%

    • $150,000

    • $750,000

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Monthly

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

    Details Close

  • Suncorp

    p.a.

    2.90% p.a.

    $1234

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

    Owner Occupier, Principal & Interest, <80% LVR

    p.a.

    2.90% p.a.

    Competitive low rates starting from 1.89% (2.94% comparison rate) 2 years fixed for owner occupiers. No monthly account keeping fees & No loan establishment fee.

    Fixed Home Loan Special Offer Home Package Plus

    Competitive low rates starting from 1.89% (2.94% comparison rate) 2 years fixed for owner occupiers. No monthly account keeping fees & No loan establishment fee.

    • $375.00 yearly

    • $350.00

    • yes - free up to $500 per month

    • no

    • no

    • $0

    • p.a.

    • 2.90% p.a.

    • $0

    • 80.00%

    • $150,000

    • -

    • Fixed

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

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

    Details Close

  • Bank of Queensland

    2.59% p.a.

    2.76% p.a.

    $1234

    Product details Close details
    Economy Variable Home Loan

    Owner Occupier, Principal & Interest, <70% LVR

    2.59% p.a.

    2.76% p.a.

    An ongoing low variable interest rate with free redraw, flexible repayment options and one free valuation. Discounted Economy variable rate available for owner occupier lending with max LVR of 70%.

    Economy Variable Home Loan

    An ongoing low variable interest rate with free redraw, flexible repayment options and one free valuation. Discounted Economy variable rate available for owner occupier lending with max LVR of 70%.

    • $10.00 monthly

    • $320.00

    • yes - free

    • yes

    • no

    • $450

    • 2.59% p.a.

    • 2.76% p.a.

    • $450

    • 70.00%

    • $150,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    • $3,000 cashback when you refinance your home loan to BOQ, min $250,000, 80% LVR or less. Apply before 26 February 2021, settle by 28 May 2021.

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

    Details Close

  • 86 400

    2.19% p.a.

    2.20% p.a.

    $1234

    Product details Close details
    Neat Home Loan

    Owner Occupier, Principal & Interest, LVR <60%

    2.19% p.a.

    2.20% p.a.

    Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) and can also make extra repayments. Redraw facility available. Simple online application process.

    Neat Home Loan

    Competitive variable rate. Borrowers choose their repayment schedule (weekly, fortnightly or monthly) and can also make extra repayments. Redraw facility available. Simple online application process.

    • $0.00

    • $300.00

    • yes - free

    • yes - free

    • no

    • $250

    • 2.19% p.a.

    • 2.20% p.a.

    • $250

    • 60.00%

    • $80,000

    • $5,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

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

    Details Close

^See information about the Mozo Experts Choice Home loans Awards