Athena Home Loans
Athena is a digital direct lender backed by Macquarie Bank, Square Peg, Hostplus, Rice Warner, Apex Capital, RESIMAC Group and AirTree Ventures. Launched in February 2019, Athena only offers home loans for people looking to refinance. The non-bank has branded itself “the home loan wrecker”, offering home loan products that could help customers save money and shorten the life of their loan.
Compare Athena Mortgage Rates
What home loans does Athena offer?
Athena has principal and interest home loans, and interest-only home loans for both owner-occupiers and investors. Athena’s home loans are available for both new lending, and refinancing.
Athena home loan features
Athena offers a variety of home loan features on its home loans. These features include:
- Flexible repayments: You can pay above your minimum repayment for free to potentially save money on your home loan.
- Fee-free redraw facility: There are no fees when you want to redraw your extra money with Athena’s redraw facility.
- Automatic rate match: Athena offers existing customers the same rate for new customers, avoiding ‘loyalty taxes’.
- Direct Salary Transfer: You can pay your salary directly into your home loan account, reducing the balance, and is listed as a ‘future feature’, so watch this space.
- Automatically lower interest rates: Called ‘AcceleRATE’, this feature is essentially a cascading series of interest rates that apply as you pay down your home loan, consisting of three loan-to-value ratio (LVR) tiers.
- Fast refinancing: Refinancing could take as little as 15 minutes through Athena, providing conditional approval. However, delays may still happen between your old lender and Athena.
- Free property report: Athena’s property report provides an estimated value, more detail on the property, recent sales history, and your suburb’s rental and sale history.
How to apply for an Athena mortgage
Athena has certain requirements you must meet to qualify for an Athena mortgage:
- You must have at least a 20% deposit (80% LVR).
- You must be employed as PAYG (pay-as-you-go i.e. a salaried employee)
- Your property must be in a capital city or in a major population centre.
- You are an Australian or New Zealand permanent resident.
- You must have a decent credit history
If eligible, you can go to Athena’s website to get started with your home loan application. You can also speak with an Athena loan expert on 13 35 35.
Not all properties are able to be financed through Athena. Exclusions include:
- New apartment buildings seven floors or more, built after 2013.
- Vacant land
- Leasehold property (except ACT)
- Display homes
- Rural, commercial or industrial properties
- Student accommodation
- Transportable/mobile homes/kit homes
Properties must also be at least 50 square metres excluding balconies and car spaces, and total land size cannot be more than six hectare
Make sure to have your documents prepared when applying for an Athena home loan. They will likely need the following:
- One ID – Driver’s license, Australian Passport, Medicare card
- Income and employment details – your two most recent payslips
- Other sources of income such as investments, term deposits, superannuation, or rental income
- Assets and liabilities
- A breakdown of your living expenses
- The most recent statement of your current home loan you’ll refinance
Considering other lenders? Compare home loans with these low-rate offers for owner occupiers: