RBA slashed the cash rate to 1%
Checked Athena home loans and they swiftly slashed their loans!
Very good deal, and good reviews online
Athena Home Loans: Variable Refinance Owner Occ P&I 3.09% (3.05% CR)
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sgrusty on 02/07/2019 - 14:57 athena.com.au (4144 clicks)
Last edited 02/07/2019 - 15:11 by 1 other user
Last edited 02/07/2019 - 15:11 by 1 other user
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It’s 3 years.
… with a 4.19% comparison rate
Comparison rate is (close to) meaningless in most cases. Run the actual numbers on a realistic loan balance and accurate terms to get real useful numbers - with balances what they are these days and 30 year loan terms the norm the impact of initial fees is relatively low.
That said, the problem with 2.99% fixed is that we're very likely to have more rate cuts that you will then not get. Maybe hang on for one or two more, then go for a fix.
Not providing financial advice etc etc, but do the maths and Athena are quite compelling.
Athena 3.05% vs (for example) CBA standard variable 4.93% … on a $250K loan that’s $4700 per annum saving.
CBA may sell you a “wealth package” discount for a price, but even with a 0.25% or 0.4% extra discount there’s still a lot of Eneloops between the two.
It's definitely a good rate, but surely nobody is actually on CBA's standard variable rate?
Confident CBA are offering a around 3.6 or so
Yep i will be on 3.48% with CBA after the latest cut.
And from discussions on whirlpool others on CBA with still lower rate.
CBA are offering 3.54% (published, not even sure if that includes the latest cut either). CBA's 'standard variable rate' is basically what you end up on if you've been around with them for nearly 3 decades without bothering to ask for a discount.
CBA are basically.
'Our standard variable is 5%' new customers get a 1% discount.
'Our standard variable is 5.1%' new customers get a 1.1% discount.etc.
Basically they remain competitive for anyone looking for a new mortgage while jacking up prices for everyone not asking for a better deal.
The Wealth Package includes an offset and that can be worth many many thousands of dollars per year in saved tax to the right customer. It will also be a slightly higher rate though. It does suck a bit that the banks that offer offsets charge most of the value they are to customers as higher interest rates. That said if you have a high proportion of your home in offset the interest rate may be substantially less important than having an offset.
Reduce are doing 2.97%
If any employees from Anthea are on here, can you please inbox me. I have a couple of questions.
Thank youHey princess_nik_nak, you can send us a message here: [email protected]. We are taking a bit longer than usual to reply but will get back to you as soon as we can.
Homestar have 2.99, CR 2.99. Anyone had an experience with these guys?
Hey everyone, thanks so much for all the support and feedback! Our Home Loan Experts are doing their best to get back to everyone who has applied with us and/or contacted us. We've been a bit overwhelmed by all the love so we are taking longer than usual to respond but we will get back to everyone as soon as we can.
With the RBA dropping the rate again, there are some great rates from different lenders in the market right now. Just be careful of rate bait when shopping around which a few members have said they've experienced with some other lenders. This is where some lenders attract new customers with a great low rate but once they sign you up, they hike up the rates unnecessarily while still offering lower rates to new customers. At Athena we will never raise your rate unnecessarily and we offer all our customers our best rates straight up - we don't do "honeymoon" rates or "special intro" rates. But like every lender, our rates are affected by the RBA cash rate and borrowing rates.
have been bitten by ING by this within a month of taking the loan so good on you guys!
Thanks
How does redraw/offset works with Athena?
I'm interested in "At Athena we will never raise your rate unnecessarily"
Whose necessity are you talking about here? Can you confirm this means no "out of cycle" rate increases? I would see that as unnecessary, but you might have a different idea.
@icedtea229 my wife and I have been running a small business for 2 years, would we meet eligibility criteria? Cheers
Thought I would share my experience with them so far for people looking to switch. I switched 2 home loans over to Athena about 2 months ago, rate is the lowest variable rate I can find for owner/occupied and investment property (except for the recently advertised Reduced Home Loan). Process was a bit long but worth it for the savings in the long run for me. There was some fees, associated with start up (government fees) plus one of the properties needed a valuation.
I would rate there customer service as average, there was some back and forth with application process but it got done in the end. Recently as a customer I requested a redraw which was delayed and I needed urgently. I called them up and they were able to get the money transferred in about 3 hours so my experience with them has been pretty good so far.
A lot of requests you can do online when you log into your account, so I don't really see customer service has a big deciding factor for me.
There is no offset facility, but redraw is easy and free. You can just redraw into your nominated bank account that money is taken from (original limit is $5000 but you can ask to increase it to $20, 000). You can also do bank transfer into different account (but limit is $5000).
Sorry I have problem right now convincing my wife to switch to an online only lender. She thinks it is somehow much more risky than a bank with an office you can talk to. She is very paranoid and I don't know what to say to her. I know this sounds stupid but she thinks our ownership of the house will be stolen just like that if someone scrumptious gets a hold of the contract. This is in general and not directed to athena.
Are there ANY Athena products with offset facilities?
They don't have the licensed to provide offset facilities. For now at least.
Rates from OP are still valid as of today in case anyone is wondering.
Does anyone know what sort of credit score or credit history is required to get refinance from Athena?
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Guys I believe Bank of Queensland have 2 year fixed for 2.99% from memory. Very good deal