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
COVID-19 Update: Athena is currently experiencing rising funding costs and processing delays due to high volumes. Refinance applications are taking longer than usual and they are currently not accepting applications for people who are buying a property.
One of the newest entries into the home loan fintech arena, Athena launched in February 2019.
They offer rate matching with their ‘like-for-like loan’ which gives existing customers the same great rates offered to their new customers in an Australian first move.
Currently, they’re limited to only offering variable principal and interest refinance home loan for owner-occupiers and investors.
They recently introduced a refinance equity release product, with further plans on launching products for buying properties.
How do Athena’s home loans compare?
They’re great at
- Refinance for loans up to 80% LVR (limited to 70% in some cases).
- No fee home loans except for government and third-party fees
- Rate matching through their ‘like-for-like loan’ product
- A loyalty bonus where your rate drops by 0.01% each year for the first 5 years
- 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.
But they’ve got some drawbacks…
- Only refinances are available, no purchases or construction loans
- Not available to self-employed borrowers.
- They won’t consider a loan to value ratio of greater than 80% (70% in some cases)
- No offset facilities
- At least one applicant needs to be a PAYG (salaried) employee
- Only accepts properties in capital cities or major population centres
- No temporary residents accepted
- Longer turnaround time from application to approval due to an influx of new applications and limited trained staff
- They won’t accept anyone with a bad credit history
- No fixed and split loans
- Strict lending criteria mean that many people are likely to get declined
What home loan types do they have?
They currently only have two products:
- Owner-occupier ‘Regular low rates’ home loan with both principal and interest repayment and interest only repayment.
- Investor ‘Regular low rates’ home loan with principal and interest repayment and interest only repayment.
What makes them different?
All these perks are available on all their loan products:
- Automatic rate match
- No extra fees
- Fee-free redraw
- Loyalty bonus of 0.01% discount on your rate for each of the first 5 years just for making your repayments. That’s savings of 0.05% on your loan over a 30 year period.
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?
Give us a call on 1300 889 743 or fill in our free online enquiry form.