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.
Athena Liberate Variable Home Loan
Variable rates from 2.59% p.a. (2.55% comparison rate*)
With variable rates starting from a low 2.59% p.a. (2.55% comparison rate*) for owner occupiers making principle and interest repayments, the Athena Variable Home Loan is one of the most competitive offers currently around. It doesn’t stop there though as Athena doesn’t charge any upfront, ongoing or exit fees and borrowers will also be able to take advantage of free extra repayments and a free redraw facility. Customers will even be rewarded for their loyalty with a 0.01% discount each year for the first five years (up to 0.05% total) as long as all of their repayments are made on time.
*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.