- Athena is a digital non-bank lender founded by former NAB executives, with a mission to make home loans more transparent.
- Its AcceleRATES feature automatically rewards borrowers with lower interest rates as they build equity.
- Its Automatic Rate Match ensures existing customers receive the same rates as new customers.
- Athena’s home loans come with no application, ongoing or annual fees.
Marketing itself as “reimagining” home loans, the digital non-bank lender specialises in home lending, with a stated mission to put the power back in the hands of its customers.
Athena Home Loans was founded in 2017 and officially launched in 2019 by two former senior executives of NAB, Nathan Walsh (CEO) and Michael Starkey (COO), who aimed to challenge the market share of the big four banks.
Athena co-founders, CEO Nathan Walsh (left) and COO Michael Starkey (right)
The lender was backed by high-profile investors, including Square Peg Capital, AirTree Ventures, Macquarie Bank, AustralianSuper and Hostplus.
Athena quickly established a reputation for offering low interest home loans with fast processing times and for swiftly passing on cash rate cuts, winning numerous industry awards along the way.
However, its growth trajectory slowed amid the so-called ‘mortgage wars’ of the post-pandemic period when many lenders aggressively dropped interest rates and offered cashback deals in a bid to lure new and refinancing customers.
In September 2024, REA Group announced it had agreed to acquire an almost 20% stake in Athena Home Loans.
Mr Walsh welcomed the partnership, saying Athena remained committed to continuing its mission of changing home loans for good for all Australians.
“We are focused on helping Aussies pay off their home loan faster and saving themselves a bucket load in the process,” he said.
What home loans does Athena offer?
Athena offers variable and fixed home loans for both owner-occupiers and investors, who can choose between principal and interest (P&I) and interest only (IO) repayment options.
Athena’s home loan products are as follows:
- Straight Up (basic home loan)
- Power Up (variable-rate loan with multiple features)
- Tailored (for non-standard borrowers)
- Fixed loans (home loans fixed for one to three years)
Athena home loans come with no ongoing lender fees and may offer lower interest rates as borrowers’ loan-to-value ratio (LVR) falls. (More about Athena’s AcceleRATES feature below.)
Standard Athena home loans generally require at least 20% deposit (LVR up to 80%).
Athena's Tailored product range may offer alternative lending solutions for some non-standard borrowers, including self-employed applicants and company or trust structures. Eligible Tailored customers may buy even with only 15% deposit without paying lenders mortgage insurance (LMI).
Specialist loans for construction, bridging, or to purchase unique properties are also available.
Compare Athena home loan interest rates
| Lender | Home Loan | Interest Rate | Comparison Rate* | Monthly Repayment | Repayment type | Rate Type | Offset | Redraw | Ongoing Fees | Upfront Fees | Max LVR | Lump Sum Repayment | Extra Repayments | Split Loan Option | Tags | Features | Link | Compare | Promoted Product | Disclosure |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
6.24% p.a. | 6.24% p.a. | $3,075 | Principal & Interest | Variable | $0 | $0 | 50% | |||||||||||||
6.49% p.a. | 6.35% p.a. | $2,704 | Interest-only | Variable | $0 | $0 | 80% | |||||||||||||
6.59% p.a. | 6.56% p.a. | $3,190 | Principal & Interest | Variable | $0 | $0 | 70% | |||||||||||||
6.64% p.a. | 6.54% p.a. | $2,767 | Interest-only | Variable | $0 | $0 | 80% |
Athena home loan features
AcceleRATES
Uniquely, Athena’s Straight Up and Power Up home loans come with the so-called AcceleRATES feature where, as borrowers pay down their loan, their interest rate is automatically lowered to reflect the LVR tier they fall into.
The four tiers are catchily named as follows:
- Liberate (70-80% LVR)
- Evaporate (60-70% LVR)
- Celebrate (50-60% LVR)
- Obliterate (0-50% LVR)
The rate drops apply automatically as borrowers pay off their loans and move to the next LVR tier. The LVR is calculated excluding any amount in the offset or redraw facility.
Automatic Rate Match
Athena was the first lender in Australia to announce what it calls an “automatic rate match” where existing customers are never charged higher interest rates than new customers on like-for-like loans.
In practical terms, it means customers who’ve been diligently paying off their home loans aren’t subsidising low rates for others in the quest to win new business.
“The Australian home loan industry is flawed and it's common practice that existing customers are funding lower new customers' rates. If we drop rates for new customers, we’ll automatically drop them for existing customers on like-for-like home loans,” an Athena spokesperson said.
According to Athena, this so-called “loyalty tax” is costing Australian home loan customers up to $4.5 billion a year.
No fees
Athena does not charge application, ongoing, annual, redraw or any other type of fees (apart from unavoidable government fees and charges, of course) on its standard home loans.
However, Athena may pass on the costs of breaking a fixed loan contract. Also, third party charges can apply when borrowers are buying a property or refinancing, but these aren’t charged by Athena.
Redraw facility and multi-offsets
All Athena’s variable loans come with a redraw facility, allowing customers to make extra repayments on their home loan while still having access to their extra funds at any time.
The Power Up loan also comes with a linked fee-free offset account. Called Cash Stash, this feature allows borrowers to link up to 10 offset accounts to a single Power Up home loan.
Both variable loan products allow unlimited extra repayments, while fixed rate loans permit up to 5% of the outstanding loan balance in extra payments per year.
Split loan option
Athena customers have the ability to split the loan into multiple loans. Each Power Up mortgage can be split up to 10 different loans, customised into either part-fixed or part-variable and with varying loan terms.
Flexible repayments
Athena customers can choose to make weekly, fortnightly or monthly repayments and, on variable loans, make additional repayments as often as they’d like.
Quick refinancing
Athena Home Loans entered the market with the aim of shaking up the refinancing space. One of its promises was to provide a quick response to refinancing applications.
The non-bank lender states prospective refinancers can receive indicative loan options in minutes and may receive rapid conditional assessments through its online application process.
How is Athena different from the big four banks?
As a digital non-bank lender, a major difference between Athena and the big four banks is its online-only operations.
By operating without a branch network and the overheads associated with traditional banking, Athena says it can pass the savings on to customers.
Athena makes no apology for its contrast to the big banks. The tone of its marketing is relaxed and straightforward and the company also boasts B-Corp certification, awarded to businesses that meet high standards of social and environmental performance.
Mr Walsh said this tone is a deliberate strategy to be simple and transparent with people.
What sets Athena apart
I think there's some real frustration out there with existing lenders.
We’re simply: let’s just be straight with customers; here’s what we do, here’s the benefits of that, let’s represent very clearly who we are and what we believe.
Ultimately, we want to be authentic to the way customers are actually talking about their experience with a home loan.
We’re actually pretty passionate about our mission, about helping out Aussies pay off their home loan faster. We really want that to come through and influence the way we talk to customers.
Pros of Athena Home Loans
- No lender fees on standard home loans, including application, ongoing, annual and redraw fees.
- Automatic Rate Match ensures existing customers receive the same rates as new customers on like-for-like loans.
- AcceleRATES feature automatically reduces interest rates as borrowers pay their loans and move into lower LVR bands.
- Multiple offset accounts available through the Power Up loan.
- Unlimited extra repayments on variable rate home loans.
- Flexible lending solutions available through the Tailored product range.
Cons of Athena Home Loans
- Standard loans generally require at least 20% equity or deposit.
- Smaller product range than major banks.
- No branch network and digital-only operations, which may not suit borrowers who prefer in-person banking.
Athena Home Loans eligibility requirements
If you’re looking into applying for an Athena home loan, the lender has eligibility requirements that must be met, including:
- Must be an Australian resident
- Have a mobile phone number
- Have an email address
- Be prepared to receive, sign, and share all documents and communications electronically
Athena, through its Tailored offering, also considers home loan applicants who are self-employed or using companies or trusts.
- Quick note: If Athena can’t give you a loan according to its lending criteria, it promises to help you find a loan with another lender, doing the search, paperwork, and negotiations on your behalf.
How to refinance with Athena
To get started with your home loan application, you can head to Athena’s website. You can also speak to the non-bank lender's loan expert on 13 35 35 weekdays between 9:00 a.m. and 5:00 p.m. AEST.
To get started, you’ll need to provide the details about:
- The address of the property (if applicable)
- The amount you’d like to borrow
Documents needed
As the process gets to credit check stage, you’ll likely need the following:
- Valid ID (e.g. driver's licence, Australian passport, Medicare card)
- Income and employment details (e.g. two most recent payslips)
- Other sources of income (e.g. investments, term deposits, superannuation)
- List of assets and liabilities
- A breakdown of your living expenses
- The most recent statement of any current home loan you’re looking to refinance