Unloan and Athena leave other lenders in the dust, immediately cutting rates for borrowers

By Jasmine Gearie · · 4 min read
Fact Checked
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The Reserve Bank announced it would slice 25 basis points off the cash rate at its August meeting, and while most banks are making customers wait up to two weeks before getting rate relief, two lenders have passed on the cut immediately.

Online-only lenders Unloan and Athena have already reduced their variable rate home loans by 0.25% p.a.

Unloan’s variable rate is now 5.24% p.a. (5.15% p.a. comparison rate*), while Athena’s base variable has lowered to 5.64% p.a. (5.59% p.a. comparison rate*) – rates apply for 80% loan-to-value ratio (LVR).

Unloan and Athena cut rates immediately

  • Unloan Variable Home Loan

    • Owner occupier
    • Principal & Interest
    • 20% min deposit
    • Redraw available
    Interest rate
    5.19 % p.a.
    Variable
    Comparison rate
    5.10 % p.a.
    Go to site
    • The first home loan with an automatic loyalty discount (conditions apply)
    • No application or banking fees
    • Built by CommBank

  • Straight Up

    • Owner occupier
    • Principal & Interest
    • 20-30% deposit
    • Redraw available
    Interest rate
    5.64 % p.a.
    Variable
    Comparison rate
    5.59 % p.a.
    No Partner link

With the new lower rate coming into effect immediately, Unloan easily keeps its place on our list of top cheap home loans. It has one of the lowest variable rates in our database at the time of writing, and is only bested by Police Credit Union’s rate of 4.99% (5.04% p.a. comparison rate*).

How are the major banks responding to the cuts?

ANZ, CommBank, NAB and Westpac have all announced rate cuts are coming to their variable rate home loans, but customers will have to wait up to two weeks for the changes to come into effect.

ANZ and Commonwealth Bank will take 10 days to pass on the August cut to borrowers, while NAB is delaying its changes for 13 days and Westpac pushes it out to two weeks.

Even when the changes come into effect, customers with ANZ, CommBank and NAB need to put in a request online, in-app or over the phone to have their mortgage repayment adjusted, as these banks won’t do it automatically.

If you want to see which lenders have announced rate changes, check our RBA interest rate tracker for all the latest movements.

Could you be getting a better rate?

It’s worth remembering that even if your mortgage provider passes on a rate cut, you could still get a better deal by refinancing your home loan.

The average variable rate in our database is 6.13% p.a.† – not accounting for rate changes that have only been announced – and yet the lowest available is 4.99% p.a. (5.04% p.a. comparison rate*).

The difference between the average and the lowest is a hefty 1.14% p.a., and switching from the average rate to the lowest could slash $341 off your monthly repayments on a $500,000 loan ‡.

Take a look at our home loan comparison calculator to see how much you could save by switching to a lower rate.

† Source: Mozo database on 12 August, 2025. Average variable home loan interest rate for an owner occupier with <80% LVR, making principal and interest repayments over 25 years on a $500,000 home loan.

‡ Source: Mozo database on 12 August, 2025. Repayments calculated for a $500,000 home loan making principal and interest repayments over 25 years.

* 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 $150,000 over 25 years.

** Initial monthly repayment figures are estimates only, based on the advertised rate. You can change the loan amount and term in the input boxes at the top of this table. 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 provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.

While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.

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