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Owner Occupier Home Loan 1.89% (<60% LVR), 1.94% (70%-60% LVR) & 1.99% (80%-70% LVR) @ Athena Home Loans

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Owner Occupier Home Loan 1.89% (<60% LVR), 1.94% (70%-60% LVR) & 1.99% (80%-70% LVR) @ Athena Home Loans
Go to Deal
Kas on 18/01/2022 - 10:07 athena.com.au (5692 clicks)
Last edited 08/03/2022 - 09:27 by 3 other users

Hi XXX,

You're being dropped. Again.

Today we’re dropping our rates to a new record low 🔥 This means your rate will be automatically dropped today. We’ll be making this change during the day, and your interest calculation for today will be on your new rate. We’ll send you confirmation of this new rate for you to see in Home Hub tomorrow, but in the meantime, we wanted you to be the first to know.
___________
Also don't forget now they offer fee free offset account also, see my below updated post about that and clarification reply from Athena about offset account.
https://www.ozbargain.com.au/node/673396

Owner Occupier P&I Interest rate Comparison rate Loan to value ratio
CelebRate 1.89% 1.89% CR 60% LVR
EvapoRate 1.94% 1.91% CR 70%-60% LVR
LibeRate 1.99% 1.93% CR 80%-70% LVR

Referral Links

Referral: random (50)

$250 credit each for referee and referrer.

Financial Home Loan Loan

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closed Comments

  • DH on 18/01/2022 - 10:09
    +9

    Wow was looking at refinancing to them the other day, I might have to have a look as that is quite a decent jump.

    • lawyerz on 18/01/2022 - 10:25
      +2

      dont forget referral if you are, its not $4k but its > $0

      • DH on 18/01/2022 - 10:28
        +1

        As I understand it is $250 so would offset part of establishment and other stuff needed as part of the process.

        • lawyerz on 18/01/2022 - 10:29
          +2

          yeah. sometimes it goes up to $500 during promotional periods but generally $250.

          • DH on 18/01/2022 - 10:30

            @lawyerz: Hey I am willing to pay money to pretty much save money within a few months :)

            • lawyerz on 18/01/2022 - 10:34

              @DH: exactly! me too. You could maaaaybe save abit more if you jump from lender to lender every 2 years to claim the 4k cashback or so - but this is once off and ongoing savings, i made the jump too and have already recouped the costs from jumping away from my previous lender.

              • rick5042 on 18/01/2022 - 11:49

                @lawyerz: Thanks. Who offers $4000 cashback?

              • El-Rhi on 18/01/2022 - 20:58
                +1

                @lawyerz: Every two years? I’ve done 8 in two years… whoops

                • ameyas7 on 19/01/2022 - 06:42
                  +1

                  @El-Rhi: Really? I wonder how it would potentially affect your credit report. I think every switch is considered as a new credit check so 8 in 2 yrs is lot of checks I can imagine.

                  • El-Rhi on 19/01/2022 - 09:02
                    +1

                    @ameyas7: It doesn’t impact, my score is excellent across all three reporting agencies. Home loan credit enquiries don’t mean squat in a CCR world where repayment history is shown

                • lawyerz on 24/01/2022 - 16:19

                  @El-Rhi: i thought there was clawback on the cashback if you jumped away before 12/24 months.

                  • El-Rhi on 24/01/2022 - 16:54

                    @lawyerz: No. Some brokers have a clawback on any broker specific rebate, but the bank cashback generally doesn’t have any clawback

  • Kamppinator on 18/01/2022 - 10:12
    +46

    Wow a lender that actually passes on loan reductions to existing customers pretty much unheard of. Every lender i have been with for variable would just slowly increase the rate regardless of if there was rate rises or drops

    • dottjt on 18/01/2022 - 10:35
      +7

      I've been with TicToc homeloans for around two years now, and I think I've had 4 rate drops so far. In fact, I've already been on the 1.89% variable rate described above for around 4 or 5 months now.

      • EnALup on 18/01/2022 - 10:55
        +8

        You have to ask for it though. They dont offer it automatically. I have heard in WP that few members were declined for rate update.

        • dottjt on 18/01/2022 - 12:25
          +1

          You're correct about having to ask for it, but the process takes maybe 10 minutes.

          Personally I've never been denied, and they said that most of the time that they pass it on. So who knows, maybe I was lucky.

      • eddie eagle on 21/01/2022 - 22:53

        +1 for tictoc, refinanced two loans to them 6 months ago. 1.89% P&I and 2.65 IO investment loan

  • shap08 on 18/01/2022 - 10:16
    +3

    I thought they should be going up?

    • BuyOrNot on 18/01/2022 - 12:43
      +5

      Fixed rates are going up, this is variable.

    • EightImmortals on 18/01/2022 - 17:33
      +1

      The yanks have pegged three rate rises for this year. Not sure about here, probably the same the way inflation is going?

      • Frozensage on 18/01/2022 - 23:03

        inflation here isnt as bad as the US, not as much pressure to increase.

      • Kris P on 19/01/2022 - 18:15

        Not 3, but at least 4.

    • gumbs on 19/01/2022 - 07:55
      +2

      Fixed goes up first, then variable goes down to make sure people pick that. Then variable will go up when the RBA raises rates.

  • matt-ozb on 18/01/2022 - 10:16
    +2

    wow .. they are amazing .. would live to switch from reduce home loans .. reduce have been good to me .. i like the stress-free approach of athena though

  • [Deactivated] on 18/01/2022 - 10:17
    +1

    CommBank 3.24%. Does Athens take longer to approve home loans or are they like any other bank?

    Edit: doesn't matter, they don't lend where I want to buy, does anyone know why that is?

    • abb on 18/01/2022 - 10:23
      +1

      they don't lend where I want to buy, does anyone know why that is?

      Someone at Athena probably has this knowledge… It's very hard for us to say without knowing what place you're talking about.

      One possible reason is risk concentration - i.e. too many loans there already.

      • [Deactivated] on 18/01/2022 - 11:20

        Regional Vic, 1.5 hours from the city. Major town.

        • kosh52 on 18/01/2022 - 23:16

          Ballarat

    • DH on 18/01/2022 - 10:25
      +1

      I thought I was getting screwed at 2.69% during the build phase.

    • cheapskate101 on 18/01/2022 - 10:33
      -5

      Not available in Sydney. Maximum loan amount is $2M. No houses in Sydney are less than that these days 🤣

      • [Deactivated] on 18/01/2022 - 16:23

        Yea. Rules out most of Sydney.

      • dlovep on 18/01/2022 - 16:26

        Why down vote him ? he's telling the truth "No houses" that's more than 1 house, so any 2 houses in Sydney is over $2M… nothing wrong with it… XD

  • mangobango on 18/01/2022 - 10:17
    +1

    Nice, I haven't got the message yet about the rate drop but hope it comes through soon.

  • BaeSuzy on 18/01/2022 - 10:19

    Hi everyone,
    If you are locked into a fixed rate, with another lender. Can you organise refinancing prior, or thats to risky, as if its refinanced before the fixed term, you incur break cost?

    • EnALup on 18/01/2022 - 10:57
      +2

      Yes, you wll need to pay for breaking the fixed loan term.

      • BaeSuzy on 18/01/2022 - 11:12

        Yeah so does everyone, generally wait until the fixed term then refinance? seems a be inefficienct.

        • EnALup on 18/01/2022 - 11:20
          +1

          Yes. Check your loan contract to see how much you you have to pay to break it. Otherwise most people come out of fixed loan term, get better deal from bak on variable or move out to other bank without fixing it again.

    • micsway on 18/01/2022 - 11:12

      yes you can, I did just that recently, you'll need to pay a possible break fee, depending on where fixed rates are now vs. what you fixed your loan at, I fixed at a lower rate than what was on offer today so did not pay anything.

      • BaeSuzy on 18/01/2022 - 11:13

        So say your fix term ends November 2022, which do you start refinancing? trying to find a sweet spot so the transition is smooth haha, have a few loans

        • micsway on 18/01/2022 - 11:15
          +1

          assuming you do not want to refinance prior to the fixed term ending, 4-6 weeks prior was how long it took me to refinance recently with them.

          • BaeSuzy on 18/01/2022 - 11:21

            @micsway: thats pretty good!
            thanks for the info man. will consider more as the year progresses.

        • ameyas7 on 19/01/2022 - 07:08

          Refer to the contact or simply call up customer care and ask them. You don't really need to wait for fixed term to end. Breaking fees can be very low in the last few months. So if you find a good deal, you can consider jumping. You would need to work how much you will save with reduced interest rate plus any cashback vs how much your breaking cost and various other admin fees look like. Nov 22 sounds like bit far away but it also depends on whether your fixed term was 2 or 3 or 4 yrs etc. so best option would be to call up your bank and get specific details for comparing savings vs charges for switching.
          I have once switched after serving only 1 year of 2 yrs fixed term. Breaking cost was considerably high but cash back helped to cover most of it. I still ended up saving as the rate I had locked in was quite high so switching still made sense.

          • BaeSuzy on 19/01/2022 - 15:23

            @ameyas7: yeah, i understand! i have a very good rate, as i locked it in before all the rates. just preparing to what is to come.

    • dammit on 18/01/2022 - 11:26
      +3

      Get a quote from your current lender on what your break fee is. I had a large fixed loan which had a $0 break cost as the rate I’d locked in was lower than the current cost of finance for the bank.

      • BaeSuzy on 18/01/2022 - 11:28

        this is great advice! did you sswitch to athena as well

        • dammit on 18/01/2022 - 11:30

          No, I sold my property 6 months after I’d locked in to a 1.98% 3 year fixed loan with NAB. I asked for a quote on break fees a few times (each quote is only locked in for 7 days) and every time it was $0.

    • matt-ozb on 18/01/2022 - 15:06
      -3

      Only gamblers will gamble with a bank with a fixed rate

      • BaeSuzy on 18/01/2022 - 20:34
        +2

        lol cute.

    • newozbargainermelb on 18/01/2022 - 18:19

      Heard from a friend of mine recently that NAB will allow to break the fixed loan without any economic costs and breaking costs if the current fixed rates are higher than your locked in rates.

      • matt-ozb on 18/01/2022 - 18:24

        that seems logical because the bank won't have lost anything .. they are losing with the existing fixed rate .. good luck with that gamble

        • BuyOrNot on 18/01/2022 - 20:26

          How are they losing, why would they even offer lower rates if they are losing money?

          • BaeSuzy on 18/01/2022 - 20:34

            @BuyOrNot: yeah i understand - i was more asking on people experience on having the most seamless transition. It looked like everyone just waits till the fix is ended, and move on.

  • Jamesk811 on 18/01/2022 - 10:21
    +11

    Athena are 100% the best, lowest interest rates, pass it on to existing customers, offset account (with debit card and OSKO incoming). Moving over to them was so easy and simple and hassle free. Simply the best experience I’ve had with any bank/finance provider.

    • jonnyspizza on 18/01/2022 - 10:56
      +1

      And an app coming soon too I believe (one of the annoying things about Athena at the moment is having to login to the website to check loan balance and access statements).
      Been with Athena for a year and loving it other than a few teething issues here or there. Customer service has also been on point.

      • EnALup on 18/01/2022 - 12:07
        +2

        Wish they were an ADI or supported by bank for the FCS as I am interested in offset account. Love how these guys keep rates same for existing and new customers.

  • tightm8 on 18/01/2022 - 10:25
    +30

    I use Athena, love them. Sure they have limitations but it is a vanilla product and they are able to offer this because its vanilla. What I love about them is the no BS structure where EVERYONE pays whatever the advertised rate is. There is no ambiguity around 'my rate vs your rate' bs you get with the big banks. I found out last week my Aunty was paying a rate of 4.5% on her apartment with 12% LVR. She is a single lady (partner passed away years ago) that isn't literate enough to do shopping, all these years she's just assumed the bank is charging her a fair amount. She is now saving $800 a month.. for a single lady, that is a lot of money. That experience and chat I had with the bank on her behalf has infuriated me and since then I have been on a personal war with the big four.

    As long as you meet the requirements, you pay what everyone else pays within your LVR range with Athena, recommend them a lot.

    • drearyFalcon3 on 18/01/2022 - 10:40

      welly summurised.

      i am with Athena too. :) a happy customer here.

    • sevendollarsfifty on 18/01/2022 - 11:11
      +5

      Wow. That's borderline criminal.

    • bio on 18/01/2022 - 14:47
      +4

      Aunty was paying a rate of 4.5% on her apartment with 12% LVR […] She is now saving $800 a month.

      Are you sure? That means her unit is worth about $5M (~600k remaining balance, going from 4.5% to 2%).

      • tightm8 on 18/01/2022 - 15:22

        She lives in Pyrmont

        • dhnqt on 18/01/2022 - 22:20

          Even in Pyrmont, a 5M unit is a super luxury one.

          • clover on 18/01/2022 - 23:06

            @dhnqt: Yeah, the number seems overstated. 80 dollar sounds more reasonable.

          • dust on 19/01/2022 - 14:14

            @dhnqt: A large penthouse would be around that.

    • GuyfromMelbourne on 18/01/2022 - 18:58
      +3

      I work for big 4 and agree with you 100%. The best thing about Athena is set and forget. This is most important for a lot of people.

    • OzFrugie on 18/01/2022 - 20:28

      How strict / tight are they with servicing vs mainstream lenders?

    • Tony76 on 20/01/2022 - 11:36

      It's because the banks have stores and 'front of house' staff to finance, and are losing credit card market share to Afterpay, et al, as well as all the smaller lenders. Big banks are like free-to-air tv, they'll be mostly dead in a few years due to massively changed conditions and competition. People like tightm8's auntie, and the fact you need a bank account to receive your pay into are the only thing propping them up.

  • onetwothreefour on 18/01/2022 - 10:29
    +1

    Hmmm I still have 1 year fixed at 2.22% with tictoc, starting to regret fixing now.

    • JayM on 18/01/2022 - 10:36
      +5

      I locked part of my rate in at 4.29% with Westpac when the rates looked like they were going up a few years back. Rates started going down a few months later and i'm still stuck with a crap interest rate. Never locking in a rate for 5 years again unless it's guaranteed that they wont go down again.

      • onetwothreefour on 18/01/2022 - 10:54
        +1

        No offense but that makes me feel a bit better haha!

        I locked in for 3 years, luckily I'm not paying much interest due to a small loan amount/money I have in my offset.

        • JayM on 18/01/2022 - 11:09

          I thought it would make you feel better knowing that there's a worse locked rate out there! I know it's my own fault for doing that but I still blame Westpac.

    • micsway on 18/01/2022 - 11:13

      what is their current fixed rate? you might find there is no cost to break if it's higher than 2.22%

      • onetwothreefour on 18/01/2022 - 11:54
        +1

        For 3 years it's 2.59%, 2 years is 2.29% and 1 year is 1.89%.

        • micsway on 18/01/2022 - 15:06

          what was the initial term of your fix?

    • matt-ozb on 18/01/2022 - 23:10

      Why did you think it was a good idea to gamble with a bank with a fixed rate?

  • lawyerz on 18/01/2022 - 10:31
    +6

    Similarly with comments above, I could not recommend Athena enough. A simple, clear, fee free, no-frills structure with exceptional customer service. One time I inquired how/why the interest changed how it did specifically - and got a long, detailed, personal reply specific to my situation, and very quickly as well.

    They are very limited in their lending and have a specific lending profile. for example they will not lend to new apartments build > 2013. and their lending cals are conservative which is GOOD which means if they approve you, you're probably good to go

    one downside of offset vs redraw, as i understand it, is that since your balance in offset doesnt reduce loan amount, you don't get the reduced LVR (and reduced rates) until you actually pay it off (in offset), unlike redraw. I'll still stick with offset, however, for peace of mind and security that the redraw balance cannot simply be wiped out if the lender decides to.

  • cucumber on 18/01/2022 - 10:40
    +3

    why do I get mad everytime I see (80%-70%) instead of (70%-80%)

    • Sum-Ting Wong on 18/01/2022 - 10:57
      +24

      Don’t worry, 50%-40% of people also experience that anger

      • BaeSuzy on 18/01/2022 - 11:15
        +3

        %50-%40 people get that

        • bio on 18/01/2022 - 14:50

          In some languages percent sign actually comes before the number.

    • PleasureMachine on 18/01/2022 - 12:00
      +3

      I get the OCD nature of it, but when you think of it in relatively terms of the LVR, the 80% is actually less than the 70% so it's actually an increasing scale in this case. That's how I look at it anyway.

      (Sorry not as witty as comments below).

  • daemon on 18/01/2022 - 10:54

    nice

  • stuartfaz on 18/01/2022 - 11:03
    +1

    Backing up a lot of the comments here, really happy with Athena having been with them for a couple of years now. Communication and customer service is very good, whole product just does what it says on the tin.

  • Dandaman21 on 18/01/2022 - 11:05
    +1

    The service and rates are great, but for me the number one reason to go with these guys is no rate creep.

  • gsxr600rr on 18/01/2022 - 11:07

    How likely is it they check owner occupier / investor?

  • fishandchips on 18/01/2022 - 11:10

    This indicate RBA will be lower down interest rate otherwise Bank/Lneder will not be so stupid to lower down interest rate, might be due to 100k + Covid cases.

    • elektron on 18/01/2022 - 12:04
      +1

      The rates will be going up, not down.

      • virhlpool on 18/01/2022 - 12:44

        Then how come the banks can afford such low rates at this time?

        I don't know how their investor loan rates fare though.

        • elektron on 18/01/2022 - 12:49

          This is a variable rate, do it's more about the lender's margins then RBA's next move.

  • madbunny on 18/01/2022 - 11:11
    +5

    I've also been with them for the past 2+ years. While the initial approval process was a bit slow, everything else has been absolutely fantastic. One tip to reduce your LVR (assuming house prices in your area have gone up considerably) is to request for them to re-evaluate your home. I was actually trying to find out from them how much extra I needed to pay to shift down to the next LVR step, and they were the ones that suggested that they could conduct a desktop evaluation to see if my property value had gone up. Suprise surprise, it had changed and I didn't even have to make a contribution. Bloody brilliant!

    • daemon on 18/01/2022 - 11:19

      pro tip, thanks!

    • radaxian on 18/01/2022 - 11:20

      Thanks for this tip, I'm with them and was wondering if we could get an LVR adjustment and whether we'd have to pay. I'll see what they say.

    • virhlpool on 18/01/2022 - 12:38

      Isn't it how all banks work though? I thought the banks do fresh valuation when you refinance to them. What is the difference here? I am curious.

      • madbunny on 18/01/2022 - 14:20
        +1

        The difference is that I was already with Athena and wasn't actually refinancing. I emailed them to find out the lump sump payment required so I could move from the 70-80% bracket to the 60%-70% to take advantage of the slightly lower interest rate. I actually made an error with my calculation, so the payment amount was more than I wanted to pay, but they were the ones that offered the re-valuation, which ended up with my LVR dropping without me having to make any additional contributions :)

        Just something else to consider which is probably only applicable to Athena is that if you want to actually move down to the next LVR bracket (other than having your home re-valued), you need to commit any funds in redraw/offset to the loan as just having an amount sit there is not considered - hence why I asked them what amount I needed to pay.

        Hope that helps.

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