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

Rhianna Dews

02 Aug 2019

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With a 2.84% p.a. variable interest rate (2.80% p.a. comparison rate*) and no fees, new online Aussie lender Athena is set to rewrite home loan history.

Everyone gather round, gather round. Word on the street is there’s a new Aussie home loan lender on the block who’s set to change the game entirely. Meet Athena, the “game-changing goddess of good stuff!”

After their recent launch, innovative new online lender Athena Home Loans has kicked things off with a bang, 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.”

At the moment Athena only offers variable principal and interest refinance home loans for owner-occupiers and investors, but they’ve dropped hints of more products to come in the future.

“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 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 refinance loans for owner-occupiers and investors, but word is there’ll be new loan offers like a new property purchase loan coming soon, so watch this space!

Are Athena’s home loans any good?

Well, that depends on what you like. If you like a 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 2.84% p.a. variable interest rate (2.80% p.a. comparison rate*)
  • • No application fees, annual/monthly fees or exit fees
  • • Flexible loan terms ranging from 2-30 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.

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

    Athena

    2.84% p.a.

    2.80% p.a.

    $1234

    Product details Close details
    Variable Home Loan

    Get the low rate you deserve with Athena, one of Australia's newest direct lenders. No fees and fee-free redraw. The same low rates for new and existing customers. Score loyalty bonus for making repayments. Min 20% deposit.

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 2.84% p.a.

    • 2.80% p.a.

    • $0

    • 80.00%

    • $100,000

    • $2,000,000

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

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

  • Promoted

    UBank

    2.84% p.a.

    2.84% p.a.

    $1234

    Product details Close details
    UHomeLoan - Discount Offer

    Free redraw with flexible repayments. Min 20% deposit. Winner of a Mozo Experts Choice Award 2019 in the Low Cost Home Loan category^.

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 2.84% p.a.

    • 2.84% p.a.

    • $0

    • 80.00%

    • $200,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

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

  • Promoted

    Easy Street

    2.95% p.a.

    2.99% p.a.

    $1234

    Product details Close details
    Standard Variable Home Loan - New Money Offer

    100% offset account. $0 monthly fees, $0 annual fees and free redraw. Borrow up to 95% of the property value with Lenders Mortgage Insurance.

    • $0.00

    • $300.00

    • yes - free

    • yes-free

    • yes

    • 2.95% p.a.

    • 2.99% p.a.

    • $500

    • 95.00%

    • $50,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Standard Variable Home Loan - New Money Offer

  • Promoted

    loans.com.au

    2.88% p.a.

    2.90% p.a.

    $1234

    Product details Close details
    Smart Home Loan

    A low-rate home loan that could save you thousands. No application or ongoing fees. Unlimited additional repayments. Unlimited free redraws with no minimum redraw amount, Limited time only.

    • $0.00

    • $0.00

    • yes - free

    • yes - free

    • no

    • 2.88% p.a.

    • 2.90% 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

  • Promoted

    Newcastle Permanent

    3.19% p.a.

    3.23% p.a.

    $1234

    Product details Close details
    Special Real Deal Home Loan

    Free extra repayments. No application or service fees. Only 10% deposit needed. Winner of a Mozo Experts Choice Award 2019 for the First Home Buyer Loan and Investor Home Loan categories.^

    • $0.00

    • $0.00

    • yes - free

    • yes - fees apply

    • yes - partial only

    • 3.19% p.a.

    • 3.23% p.a.

    • $0

    • 90.00%

    • $150,000

    • -

    • Variable

    • Principal & Interest

    • Owner Occupier

    • Weekly, Fortnightly, Monthly

    Read our Mozo Review to learn more about the Special Real Deal Home Loan

*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.

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