Athena Home Loans

Read on to compare some of Athena’s key home loan interest rates and the key features they have.

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Summary

About 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.

What home loans does Athena offer?

Athena has principal & interest home loans and interest-only home loans for both owner-occupiers and investors. At the time of writing (August 2019), they only accept home loan applications for refinancers, so first home buyers might be out luck.

Athena home loan interest rates

Athena has home loan products with no ongoing, application or exit fees for owner-occupiers and investors looking to switch home loans.
Company Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayments
 
Variable OO P&I 3.09% 3.05% $1,705 More details
Variable OO Interest-only 3.59% 3.24% $1,197 More details
Variable Investor P&I 3.49% 3.45% $1,794 More details
Variable Investor Interest-only 3.59% 3.49% $1,197 More details
Ad rate
p.a.
Comp rate*
p.a.
Monthly
repayments
Variable OO P&I
3.09% 3.05% $1,705
More details
Variable OO Interest-only
3.59% 3.24% $1,197
More details
Variable Investor P&I
3.49% 3.45% $1,794
More details
Variable Investor Interest-only
3.59% 3.49% $1,197
More details

Base criteria of: a $400,000 loan amount, variable home loans with an LVR (loan-to-value) ratio of at least 80%. Introductory rate products were not considered for selection. This table includes only a snapshot of the lender’s products, not all of them. Monthly repayments were calculated based on the selected products’ advertised rates, applied to a $400,000 loan with a 30-year loan term. *Rates correct as at 3 September 2019.

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’.
  • Loyalty bonus: Athena loyal customers can get a 0.01% discount for each of the first five years of repayments made on time, which can amount up to 0.05%.
  • Direct salary transfer: You can pay your salary directly into your home loan account, reducing the balance.

How to apply for home loan with Athena

Eligibility criteria

Athena has certain requirements you must meet to qualify for their home loans:

  • You must be refinancing
  • You must have at least 20% equity and be borrowing between $100,000 – $2,000,000
  • You must be employed
  • 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.

Documents needed

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
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