Lightning fast: Athena Home Loans quick to pass on full 0.25% RBA cut
Fintech Athena Home Loans has maintained its record as one of the few lenders in Australia to pass on the full 25 basis point RBA cut to its home loan customers for a fourth consecutive time following this afternoon’s Reserve Bank announcement.
The move from Athena came hard on the heels of the Reserve Bank board’s decision to cut the official cash rate from 0.75% to a new record low 0.50% at its March meeting.
Athena’s latest move will apply to both new and existing customers and will result in rate changes to the following Athena home loans.
Athena Home Loans rate changes March 3, 2020
In commenting on today’s rate cut, Athena Home Loans CEO, Nathan Walsh, called out other home loan providers for delaying passing on rate reductions to their own customers.
“This is money that should be in the pockets of Aussie families. We challenge the industry to do as we have done and immediately pass on the rate cut so customers - new and existing - can experience the full rate cut benefits," he said.
Since launching in February 2019, Athena has passed on the full 25 basis point rate reduction to its customers in the wake of each of the Reserve Bank’s recent cuts: June 2019, July 2019, October 2019 and now March 2020.
According to our records, Athena was one of just four lenders in the Mozo database to pass on the full cut after each RBA move in 2019 along with Homestar, UBank and Bank First.
It remains to be seen just how many other lenders will choose to follow suit after today’s RBA announcement, but you can keep track of the changes from a whole range of lenders with our rate cut table which will be constantly updated over the coming days and weeks.
Interested in learning more about Athena’s home loans? Check out our snapshot below or read our full Athena Variable Home Loan review for even more information.
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