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Owner Occupier Home Loan AcceleRATES 2.54%(80%-70% LVR), 2.49%(70%-60% LVR) & 2.39% (<60% LVR) @ Athena Home Loans

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Owner Occupier Home Loan AcceleRATES 2.54%(80%-70% LVR), 2.49%(70%-60% LVR) & 2.39% (<60% LVR) @ Athena Home Loans
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Kas on 12/08/2020 - 11:33 athena.com.au (240 clicks)
Last edited 12/08/2020 - 23:24 by 1 other user

Description from their website:

Introducing NEW Athena AcceleRATES
Everything we do here at Athena is about helping you pay down your home loan faster.

That’s why we have come up with our new AcceleRATES! We’ll be introducing three new LVR (loan-to-value ratio) tiers with new rates, based off how much you’ve paid down your loan.

You are now in control of your rate. The more you pay down your loan, the more we’ll lower your rate.

When you pay down your loan to reach the lower LVR tier, we’ll drop your rate - automatically! You don’t even have to ask. It’s an Aussie first!

Click on link to get more info…

Two reasons why I love this company:

Automatic Rate Match: AcceleRATES are available to both new and existing customers! And if we ever tempt new customers with a sexy lower AcceleRATE, we’ll pass it onto our existing customers who have an Athena like-for-like loan on the same LVR tier.

No Athena fees for anything.

Referral Links

Referral: random (50)

$250 credit each for referee and referrer.

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closed Comments

  • mickmac on 12/08/2020 - 11:43
    +4

    Wish they did offset

    • eleventyfour on 12/08/2020 - 11:49
      +1

      Yeah - that's the killer for me. Not interested in redraw, never will be.

      • leeroys_dad on 12/08/2020 - 11:57

        Out of interest, why?

        • mickmac on 12/08/2020 - 12:04
          -1

          For me it's the potential tax implications as I intend on turning my current PPOR to investment, and also offset is just easier IMO…I have my pay and savings going into this one account which sits there until I need to pay a bill or transfer money, which can be as small as 1cent if I wanted.
          Redraw tends to have limitations or minimum amounts that have to be taken out at once. So minimum $500 or $1000 at a time I often see.

          • leeroys_dad on 12/08/2020 - 12:09

            @mickmac: Fair enough

          • yojabbajabba on 12/08/2020 - 13:12

            @mickmac: No redraw minimums with Athena. The redraw account acts just like a regular bank account AFAIK.

            • mickmac on 12/08/2020 - 14:58

              @yojabbajabba: I was talking in general, which I thought was pretty clear. The tax implications still apply.

              • ABZ300 on 12/08/2020 - 16:06

                @mickmac: Fairly new to a mortgage and currently have a redraw facility. What are the tax implications of using a redraw instead of an offset account?

                • eleventyfour on 12/08/2020 - 17:01
                  +2

                  @ABZ300: None if it's your home (principle place of residence).

                • mickmac on 12/08/2020 - 17:48

                  @ABZ300: Like mentioned, none if you never intend on turning it into an investment property. I fully expect to with my property so thats where my circumstances are different.

        • eleventyfour on 12/08/2020 - 17:00

          Have a look at what ME bank did to their customers at the start of COVID. Redraw terms and conditions aren't binding and can be changed (just like your interest rate) without notice. Just like ME, any bank that does so will cop it in the neck but if they are bleeding money for any reason they can stop redraw. It's not a separate account like an offset it. The bank doesn't have as much control over an offset and they must treat it like a separate account.

          • ABZ300 on 12/08/2020 - 18:51

            @eleventyfour: Thank you both for explaining, appreacite it.

            When i got my loan, the package i was put on only had a redraw function available so that's what i have stayed with so far. I do not see myself turning the property into an investment in the near future, but who knows in 5/10yrs that may change.

            So would i need to consider changing into an offset setup now if in 5/10yrs i would need to make it an investment property?

            • leeroys_dad on 12/08/2020 - 19:07
              +1

              @ABZ300: Yes, if you intend to be able to tax deduct the interest repayments, but they will generally be only for the portion that is unpaid as of when you change to offset.

              I personally have split my ppor OO loan and an using for investment purposes so I am able to tax deduct interest incurred

              • countmein on 13/08/2020 - 23:28

                @leeroys_dad: That tax benefit is only if you have enough money in the offset to buy another investment property right? If myself only have 10-20k in offset which is not enough to buy another property so i feel like its not quite applicable.

                e.g i previously had offset when i was on variable, then i fixed my rate and had to lose the offset feature, i dont mind as my balance is not that much enough to buy IP (i was rely on Capital growth which is recently very bad due to pandemic or even before), so for me losing it temporarily is fine.

                • leeroys_dad on 14/08/2020 - 07:14
                  +1

                  @countmein: Can use for other investments too eg shares

                  So my loan of 5 splits is made up of 2x shares and 1x investment and 1x business and 1x OO home loan. It has to be purely for those purposes with no mixing. Plus you need to pay off the splits first to turn be able to use it for these purposes

                  • countmein on 14/08/2020 - 08:38

                    @leeroys_dad: Oh ok good to know, good setup on yours.
                    I dont get the last bit tho, "need to pay off the splits", how? Like my debt is 400k how do we do that? Sorry newbie here

                    • leeroys_dad on 14/08/2020 - 09:40

                      @countmein: Say you had 4 splits (100k each) for your 400k loan.
                      You pretty much need to pay down each loan in order to use it for investment purposes. So pay off 100k first and then you can use that split to buy shares for example

                      Look up debt recycling

            • eleventyfour on 13/08/2020 - 07:20
              +1

              @ABZ300: This is the problem many have. They buy a house to live in and frantically pay it off. Use the captial in that property to upsize and figure they might as well keep the old house as an investment. If you're a fan of negative gearing, this strategy doesn't work because you've minimised your tax dedectible asset by paying it off for all those years. But then, negative gearing isn't a perfect solution - particularly in these times where' we're likely to see some pretty significant (and probably sustained for some time) declines in property values.

              Negative gearing means (on paper) you're making a loss on the investment and letting the government kick in and cover the difference. It assumes the value of the asset will increase over time and you can reap the benefit down the track when you sell because (assuming you keep it for more than 12 months) you only pay capital gains on 50% of the sale price.

              And in the end none of that applies to me at present :-). I just like offsets because it protects my cash more than redraw and I get exactly the same benefit as redraw for my non-deductible home.

              • ABZ300 on 13/08/2020 - 17:04

                @eleventyfour: Thank you both for explaining, much appreciated. I will look at my options that have an offset facility as it sure sounds like the ideal thing to have for a small fee.

  • thydzik on 12/08/2020 - 11:47
    +2

    for a low cost lender, these rates are high.

    • clover on 12/08/2020 - 12:49

      Agree. Tic toc offers the same rate with offset for an additional $10/month

    • Axytrix on 17/08/2020 - 14:41

      @thydzik: I believe we spoke a while ago about Reduce Home Loans.. how did you go, and who are you currently with?

      • thydzik on 17/08/2020 - 14:46
        +1

        I wouldn't touch Reduce Home Loans.

        Check out Freedom Lend 2.17%

        • Axytrix on 17/08/2020 - 21:09

          Awesome Cheers!

  • PeppaCat on 12/08/2020 - 12:10

    still no offset account?

  • LittleTicket on 12/08/2020 - 12:31

    They’ll never offer an offset. Not their style. It’s just a simple, no nonsense loan.

    I do agree with other posters, offsets just make it that much easier to manage and move money.

  • holla4adollar on 12/08/2020 - 13:39
    +2

    These are not that good of a deal.

  • KillerkratZ on 12/08/2020 - 19:20

    If only they will finance apartments more than 7 stories high

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