| Overview |
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flagFounded: 2017 |
businessOwned by: Macquarie Bank, Hostplus, Square Peg, Resimac Group and AirTree ventures |
monetization_onFunded by: Resimac |
securityLMI Provider: Not applicable |
account_balanceLender type: Online non-bank lender |
Athena is not an available lender on our panel. This is a review only.
One of the newest entries into the home loan fintech arena, Athena launched in February 2019.
They offer ‘automatic rate‑match’ which gives existing customers the same rates offered to their new customers in an Australian first move.
Currently, they’re limited to offering variable principal and interest refinance home loan for owner-occupiers and investors. And home loans to purchase existing properties only.
They recently introduced a refinance equity release product, with plans to launch more home loan products.
How do Athena’s home loans compare?
Pros
- Competitive variable interest rates
- Existing customers get the same rate offered to new customers
- No application, ongoing or exit fees except for government and third-party fees
- 100% online home loan process
- Fee free unlimited extra repayments, a free redraw facility and no exit fees
- Easy management of your home loan after settlement through their ‘Athena home hub’ app.
Cons
- Strict lending criteria mean that many people are likely to get declined
- Bad choice for complex loans or for borrowers who fall outside the standard lending criteria
- High deposit requirement of 20% to 30% of the property value
- At least one applicant needs to be a PAYG (salaried) employee
- They don’t accept unusual properties, properties outside of the capital cities, or new or off-the-plan properties as security
- No offset facilities
- No fixed and split loans
- They don’t accept self-employed borrowers except for medical, legal, finance or IT self-employed borrowers
- No branch access
- They don’t provide support to apply for government grants and benefits such as the First Home Owners Grant and the First Home Loan Deposit Scheme
- No temporary residents accepted
- They won’t accept anyone with a bad credit history
What home loan types do they have?
Athena currently offers Principal & Interest and Interest-Only home loans for owner occupiers and investors on variable rates for refinancing or buying established property.
They’ve recently added refinance with equity release. They currently do not offer any other types of home loan.
What makes Athena different?
All these perks are available on all Athena’s home loan products:
- All their home loan products have no fees.
- You also get unlimited extra repayments, free redraw facility, and pay no exit fees when you move away from the lender. However, they don’t offer offset accounts.
- Their ‘automatic rate‑match’ feature ensures that existing customers get the same rate offered to new customers.
- Their home loans are priced in three tiers based on your loan to value ratio (LVR). Essentially, the lower your LVR is the lower your interest rate will be. Your interest rates drops automatically to the next tier (lower rate) when you pay down your loan, i.e. from 80% LVR to 70% LVR or 60% LVR.
Tips when applying with Athena home loans
Make sure you’re the right fit.
- As of now, they’re only offering home loans for borrowers who can qualify for a refinance with most lenders and are simply looking for a good rate.
- At least one applicant should be a PAYG employee.
- They can only consider self employed people who are sole traders engaged for more than 2 years in selected industries like legal, finance, IT and medicine.
- The property you’re buying or refinancing should be in the capital city or a major population centre.
- You have a good credit history.
Compare Athena home loans to other lenders
Unsure which lender is correct for you?
Our mortgage brokers will first discuss your situation, complete a pre-assessment and then recommend a couple of suitable lender options for you from our panel of almost 40 lenders.
Give us a call on 1300 889 743 or fill in our free online enquiry form.
