This was posted 2 years 10 months 6 days ago, and might be an out-dated deal.

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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

2730
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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Athena Home Loan
Athena Home Loan

closed Comments

        • AlanHB on 18/01/2022 - 16:03

          How did they calculate the V in LVR? Was it close to current market value?

          • madbunny on 18/01/2022 - 16:17

            @AlanHB: As part of my initial loan application they conducted a desktop analysis, which actually ended coming back below the contract sale price, however they organised a physical inspection which then came back and matched the contract price. With regards to the re-evaluation I mentioned above, it was a desktop analysis and the price was around 25-100k+ compared against valuations listed on Domain, RealEstate, PropertyValue.

          • lawyerz on 18/01/2022 - 17:41

            @AlanHB: they do desktop research (probably using core logic data or something) but if you're not happy with it, you could request for someone to come out to do a valuation on the ground. Think they employ some third party to do this. I did that and got additional $50k on my "V" compared to initial valuation.

  • AssociatedGorodemon @ Athena Home Loan on 18/01/2022 - 11:21

    Thoughts on Athena vs Ubank? I'm with Ubank now.

    • dealbrry on 18/01/2022 - 13:09

      I’m interested to hear people’s opinions too. It looks the same for fixed 3 years. It’s close or the same for the higher LVR variable options. I think with offset and/or for lower LVR this is better but I haven’t double checked that.

      • dealbrry on 18/01/2022 - 17:13

        Quick update- I was wrong - 3years fixed is a much lower rate at Ubank. Though I know this is more about variable rates. Am unsure if rates would go lower than they are currently so am considering fixing. Historically 2.49% is still very low. But I guess have to weight that against offset benefits etc.

      • matt-ozb on 18/01/2022 - 17:50
        -1

        good luck gambling with a bank with fixed rates .. I dont have the balls to do that gambling.

        • BuyOrNot on 18/01/2022 - 20:28

          What do you mean? How are you gambling?

          • HecticCrunt on 19/01/2022 - 08:02
            +1

            @BuyOrNot: By going fixed you are gambling that the rates will go up.

            Fixed can be quite devastating if you lock in say 5% and the variable rates drop to 2%. Costs thousands of dollars.

            • dealbrry on 20/01/2022 - 08:37

              @HecticCrunt: But on the flipside you’re also gambling with variable that the rates won’t fly up right? Like the variable rate could go up to 5% or more and then you’d be miffed you didn’t lock in for fixed at 2.5%. Either way you’re taking a punt.

              • financialminimalism on 24/01/2022 - 21:32

                @dealbrry: I look at variable rates as just paying the market price. Fixed is where you’re hedging / gambling. Yea you can TRY to pay less on fixed but good luck, it means you know something the bank doesn’t with how to forecast interest rates.

    • Gojkins on 18/01/2022 - 13:57

      Currently with Ubank too with most fixed until mid year and some variable, but Athena are looking pretty good at the moment especially due to offset…
      Just cbs the effort of transferring over unless savings are really worth it.
      Any insider knowledge or news of whether ubank will ever offset?

    • Carlin on 20/01/2022 - 08:28

      I just moved from Ubank to Athena, I'm happier now

  • mooninstars on 18/01/2022 - 11:32

    Thanks OP, i may use your referral code.

  • rektrading on 18/01/2022 - 11:37
    -4

    More cheap credit.

    It's best to get it ASAP and as much as possible before the real estate goes +20% this year.

  • OzLocutus on 18/01/2022 - 11:43
    +1

    I am looking at refinancing, and now that I've seen this Athena is on the list of options (along with nano, tic toc, and staying with current lender). I do have some questions if anyone knows the answers. Re-financing to fund renovations. Already got 1.99% rate through State Custodians.

    1) Can you do standard bank transfers from Athena Offset account?
    2) Can you do Bpay?
    3) Is PayID supported?

    I note the comments that debit card and osko is coming, so that is nice to know.

    • FatBoyNotSoSlim on 18/01/2022 - 12:32
      +1

      They only launched Offset last month, and it's bare bones right now. At the time of launch it was no to all three, with these basic features coming "soon".

      I'm keeping an eye out for it to have these basics before I swap from the old redraw to their offset.

    • sam cho on 19/01/2022 - 18:15

      I'm with both Nano & Athena.
      Seems like Nano is better for transfer/payment for now as Athena has just started that.
      First of all Nano has it's own app unlike Athena(website){I think? Just settled my refinance today.}
      Nano has Apple pay & Google pay
      Instant pay&receive with notifications.
      Fancy card.

  • Saiya on 18/01/2022 - 11:45
    +1

    I didn't realise Athena had an offset option. How long has that been a thing? I am currently with CommBank will be looking at moving now.

    • Slithe on 18/01/2022 - 11:53
      +3

      Less than a month now. Came out mid December.

      • fruxo on 19/01/2022 - 01:05

        Do they have that bank guarantee of $250k or whatever it is, so that your money is safe even if something happens to athena? Can't remember what it's called, hopefully you can make sense of what I'm trying to say :)

        Edit: sounds like they don't

  • skrep on 18/01/2022 - 11:48
    +1

    Thoughts on Athena vs Homeloans.com.au?

    In the middle of refinancing with homeloans.com.au

    • matt-ozb on 19/01/2022 - 08:45
      +1

      No rate guarantee with homeloans.com.au .. good luck with ongoing rate negotiations for the rest of your life

  • whoopdeedoo on 18/01/2022 - 12:00

    good rate. how are they like with existing customers? is it always inline with the advertised rate?

    • taurenpally on 18/01/2022 - 12:31
      +2

      yep been with them about 5months now and got the email/text saying they are dropping my rate as well to the above :)

    • Hawkeye9 on 18/01/2022 - 13:28

      Yep, always in line. They call it their 'Automatic Rate Match'. When I moved over from Bank of Melbourne I specifically told them I was sick and tired of seeing my mortgage on the BOM website at a lower rate. Athena said that will never happen with them, because they have Automatic Rate Match for ALL their customers.

  • Nick K on 18/01/2022 - 12:33

    Hey guys, I’m pretty new to property. Never owned one but looking into it this year. Do people normally go with brokers or do their own research? Which one is better? My in-law told me broker is better.

    • gaz3342 on 18/01/2022 - 12:39
      +3

      As long as you thoroughly understand how home loans work and the difference between fixed rate, variable rate, offset, redraw etc then just go direct with Athena.

      Brokers are great for people who need guidance but if you're smart enough to understand everything yourself you don't need a broker.

      • atxreader on 30/01/2022 - 05:45

        I agree. Educate yourself before speaking with a broker. In my case, I was a FHB and found a deal with Suncorp that waived the home loan package annual fee for the life of the loan. When I spoke to the broker, his Lowest rate was higher than the Suncorp one, and when I asked if he could negotiate a similar deal with another bank, he said “No”. So I didn’t go with him and got a better deal.

    • Hawkeye9 on 18/01/2022 - 13:33
      +6

      Be careful with a broker. I regret using one. They won't show you ALL the deals you could get because certain banks (such as Athena, TicToc etc) don't pay broker commissions therefore your broker won't get any money over the life of your mortgage if you choose one of them. So they won't even show you those banks as an option. I got suckered into using Bank of Melbourne because my broker advised it. 2 years later I left them. And the broker!

      In my opinion, brokers are good if you have a really complicated situation, or if you need to get something done is a real hurry.

      • mrklaus on 18/01/2022 - 18:29

        I can certainly +1 most of your comment, but I'd add something to the last paragraph:

        Based on my experience, I'd also say a broker is useful if it's your first purchase.
        In our case our broker helped us with all paperwork (of course, expected, but still useful for peace of mind during a very stressful process like buying your first home), coordinating stuff with our solicitor, etc…

        Looking back in retrospect I concede I ended up using a bank that didn't have the lowest rate of all online options, but I did the switch 6 months later, so I'd totally trade again some small $$ for the peace of mind.

      • cocywong on 19/01/2022 - 17:27

        I'm thinking of doing the same and just wondering how was your process of breaking up with your broker? Did you apply a new home loan on your own then let your broker know or the other way around?

        • Hawkeye9 on 19/01/2022 - 18:01
          +1

          Yeah I let him know I wasn't liking the my deal and that i was shopping around (I asked him if he had any suggestions to be nice, even though I knew I was choosing Athena)

          So when he got the notification from the bank that his trail of income from my mortgage would be ending, he knew why. Didn't hear from him. I think brokers are used to it to be honest!

    • Almost Banned on 18/01/2022 - 17:10

      If I were you I would do my own research first online, then approach a broker and see if they can do better than you can.
      As Hawkeye said below, brokers aren't doing this for love. They get upfront and trailing commissions on loans so want to put you into a product which will give them those fees. That means they generally have a stable of lenders that they will offer you products from. They might have 'private' products that the general public won't see, but they also won't recommend you a lender like Athena that doesn't pay broker commissions.

    • matt-ozb on 19/01/2022 - 08:46

      Broker won't show you the cheap deals because then they won't get paid their big commissions

  • virhlpool on 18/01/2022 - 12:36

    It's confusing. Weren't banks already increasing interest rates? At least that was the buzz I heard in recent times.

    • [Deactivated] on 18/01/2022 - 16:28

      Already did. Long term. And will continue to go up.

    • BuyOrNot on 18/01/2022 - 20:31

      Fixed rates have increased already

  • bertusaurus on 18/01/2022 - 12:41

    Argh, this looked really good and I've never refinanced before but unfortunately they are not available in regional Vic. I'm new to this stuff, been with Commbank since buying our house in 2014 and never thought to do anything about it partly due to laziness and partly due to anxiety/lack of knowledge.

    Is refinancing a simple process and a smart idea? I'm unfortunately literally clueless about this and wish I knew more. Currently on 3.25% standard variable rate with Commbank and have approximately 35-37% LVR (worked this out with the Athena calculator). I have to pay some silly "wealth package" fee of like $400 every year so I can have that rate and an offset account. Feel like I'm getting ripped off (and probably am).

    Anyone got any suggestions of similar mobs to Athena where I should be looking? Thankyou!

    • Nuggets on 18/01/2022 - 12:56
      +1

      First port of call is, find best comparable offers and take them to your retentions team and ask for the best they can do. This usually results in a pretty quick reduction on your rate.

      After you do that you can then see if you still are motivated to refi but at least in the meantime you are paying less.

    • drearyFalcon3 on 18/01/2022 - 12:57
      +1

      i have never done refinancing before and been with Suncorp for so many decades and they never really stand for the customers (same as other big banks).

      Until, I found out about Athena.

      The application (for me at least) is flawless. From memory i didn't even need to pop into a shop to do the application, Athena sends off one of the 'ID' person to make the identification check (to make sure you are who you said you are) at front of my house. And that's it. It took about 4 weeks for the whole application to go through, but the delay mainly due to the existing bank (Suncorp) in my case. They have some process to go through to release the title and finalising the loan , not to mention they will try to keep you as a customer (same with any other banks) by dropping the rate (and yet they unable to match Athena), negotiation blah blah. But I stood firm and moved on, and have not regret since.

      Surely, Athenta is not for everyone, but if it works for you, there is no turning back - Athena is the best from my own experience.

    • jekel on 18/01/2022 - 13:15
      +1

      Perhaps try Ubank or Tic Toc see if they service your area.

  • The Aeon on 18/01/2022 - 13:10
    +1

    3 year fixed as an investor is cheaper than owner occupier. That's interesting.

    Looking to move over to Athena but starting a new job in a months time. Anyone know if that will affect my application? The new job will be substantially more pay.

    • lawyerz on 18/01/2022 - 14:27
      +2

      assuming the new job is in a similar industry or similar function - they can accept that even as you're in probation phase. I was in the same situation a few months ago when i applied for a 2nd loan and had extensive chats with athena.

  • jekel on 18/01/2022 - 13:17
    +3

    Yeh highly recomment Athena. I was with CBA for years and felt ripped off and constant battle to complain and get better rate from them. Then I tried Ubank which was ok but then in the past year moved to Athena who I have been happiest with. Always a great rate, I guestimate they have saved me thousands already since switching over to them.

  • TitanLS on 18/01/2022 - 13:26
    +1

    Actual user, not asking referring commission. I was using old traditional bank mortgage. In transitional bank, New client got best cheap rate and old client got forgotten. Royalty for bank will be punished.

    Not the case for Athena, setup is painless and I am so happy with the money I saved. Noone need those old traditional bank fee and higher interest rate.

  • aldoboy on 18/01/2022 - 13:28

    Is it really important to close/reduce credit card limits before applying for home loan?

    • itsTricky83 on 18/01/2022 - 13:36

      In my experience, not really!
      In some cases, having a high limit and proving that you are in control of keeping the expense on the card low shows that you're in control of your finances.
      Each time I've applied for a loan, the rep has stated that to me as well (CBA and Athena)

      • Lucille Bluth on 18/01/2022 - 16:07

        I just put in an application and received a warning message so didn't proceed. Then I got a call from Athena, and advised me to reduce CC limit which I did and the message went away. They strongly urged me to do it to up my borrowing capacity.

    • goobar on 18/01/2022 - 14:25
      +1

      Depends how close you are to the max serviceability based on your income. Credit cards will reduce how much you can borrow.

    • atxreader on 30/01/2022 - 05:52

      It depends on the bank you’re applying with. I spoke to a bank lending manager. I told him I had X number of cards. He told me to reduce it to 1 before I refinance to get a better chance of being approved. That was with Suncorp.

  • sloany on 18/01/2022 - 13:31

    Down to 1.79% with the early sign-up bonus.

    • itsTricky83 on 18/01/2022 - 13:34

      What's this early sign-up bonus you mention?

      • sloany on 18/01/2022 - 13:39
        +1

        They offered a 0.1% discount for a few months when they first launched a few years ago.

        • itsTricky83 on 18/01/2022 - 16:37

          Ahh yes, I think I recall being stuck in my CBA loan at the time so I couldn't jump on board for that deal!

      • arkie0 on 18/01/2022 - 13:40
        +1

        There was a lifetime -0.10% for people who signed up with Athena when they were starting out a few years ago.

  • itsTricky83 on 18/01/2022 - 13:40
    +1

    Athena passing on a rate cut without me either noticing any major media release of pending rate cuts. That's awesome service and why I'm with Athena.
    Always passing on rate cuts immediately and still offering one of the lowest Comparison Rates going around.
    New customers, don't forget to use a random referral code just below the original post to get $250 to $500 off! (Goes straight into your Athena Redraw account)

  • squinly on 18/01/2022 - 14:47
    +1

    Immediately got interested as I’m looking to refinance, only thing that has me concerned is that they aren’t a bank and thus not covered by the governments $250k guarantee if they go under. They specify on their website they have contracts in place for other lenders to take on your loan in the unlikely event they do go under, but I’d be more worried about the cash I’d likely have in the offset account since I like to pay down my mortgage as quick as possible. They obviously have some big backers, so I don’t know what I’m looking for here, but anyone got some words of comfort to put my mind at ease?

    • amsaini15 on 18/01/2022 - 15:06

      You have the right concern. I am thinking the same.

    • f4te on 18/01/2022 - 15:41
      +6

      You're arguably safer with a non-ADI (i.e. not covered by the $250k "guarantee") as all the money would be absorbed into the loan, instead of being treated separately. There's also an initial $20b per institution cap on this guarantee, so if you're with a larger bank then you likely won't get your full $250k back if they go under.

      So say you have a $500k loan and $200k in offset, your debt to be sold/refinanced will be $300k. From an ADI though the debt would still be $500k and you'll be added to a list of people waiting for their money back (your $200k) from the Gov't or whoever.

      • FXD on 18/01/2022 - 16:34
        +4

        Exactly this. You don't lose the money, you just lose access to the quick cash on hand.

      • Gojkins on 19/01/2022 - 17:49

        TIL
        Thank you wise one for sharing this knowledge

      • The Aeon on 29/01/2022 - 00:18

        @f4te Where is the best place to go to officially verify this information? Thanks.

    • Xplosive on 18/01/2022 - 16:11

      Genuine question
      1) Has that ever happened in Australia recently?
      2) With the stringent vetting process, is that even a possibility for Athena?

      • isthisreallife22 on 18/01/2022 - 17:01

        1) A lot of new entrants have come into the market (like Athena) so I think the risk is higher now than previously
        2) You'd hope not but it's bound to eventually happen

  • Lucille Bluth on 18/01/2022 - 15:31
    +1

    Thanks, just put in an application. Can't believe I have put up with as long as I have with crappy rates from ANZ. Look forward to never having to negotiate interest rates again.

  • 7hil on 18/01/2022 - 15:51

    Literally about to finalise my application. Anyone flick me a refer a mate code?

    • sloany on 18/01/2022 - 16:41
      +1

      Use the referral link just below the OP.

      • 7hil on 18/01/2022 - 16:43

        All good now. Thanks for the replies!

  • Jase83 on 18/01/2022 - 15:53

    I swapped over from Bank of Sydney a few months ago and have been happy. Was previously using the redraw facility but changed to the new Offset account (even though the functionality is quite limited right now) as soon as it was released.

  • ozisaver on 18/01/2022 - 15:53

    Does the offset account apply to the fixed rate? Thought tic toc was the only lends that offered offset on a fixed rate

  • striker5950 on 18/01/2022 - 15:57

    what about for line of credit, do they refinance those? and what rate?

  • thekensai on 18/01/2022 - 16:03

    how long does athena take to settle a loan applicantion?

    • Hawkeye9 on 18/01/2022 - 16:35
      +2

      I submitted my application and 24 days later my loan was settled. They text you updates all along the way so you know stuff is happening, which is helpful to know.

      • thekensai on 18/01/2022 - 22:52

        thanks for sharing

  • Aerith-Waifu on 18/01/2022 - 16:18

    Do they do investor loan at all? If so whats the rate?

    OH 2.19%

    Still good

  • FXD on 18/01/2022 - 16:35
    +2

    Your move Nano. Was tossing up between Nano and Athena, but now Athena has pulled ahead.

    • Tyrx on 18/01/2022 - 17:55

      Nano has the significantly better technology platform so I think they might be able to get away with not rate matching Athena. The Athena product is basically unusable if you're planning on using the offset as your day-to-day account due to all the missing standard features.

      • FXD on 18/01/2022 - 18:55

        Ah right. I never use my home loan/offset as my day-to-day account so doesn't sound like Athena's missing features will worry me too much.

  • Almost Banned on 18/01/2022 - 17:15

    Have to say I've been with Athena for about a year and a half and they keep impressing me.
    The application process was quite simple and free.
    They are very much a basic loan product, not fancy, no frills - but if you are ok with that, they are great.
    I am still waiting for the functionality on the offset to improve - then will probably move my transactional banking over.
    A useable app would be nice too.
    But so far I am very happy with their loan product.

  • thrillhouseozb on 18/01/2022 - 17:22

    Sounds great. How does the referral system work here?

    • lawyerz on 18/01/2022 - 17:37

      there's a code that looks like ATH-12345 (sample format) to enter during application form

      use the button below the post to get a random code

    • ilikedeals on 18/01/2022 - 21:47

      Add your code to the random generator. Or use the codes when signing up.
      I wasn’t even aware Athena has referral codes (thanks for Ozbargain, I just added mine)

  • matt-ozb on 18/01/2022 - 17:29

    Any chance they do 90% LVR?

  • sirob1 on 18/01/2022 - 19:59

    No love shown in this thread for HomeStar? 1.79% variable with free offset account.

    • ozisaver on 18/01/2022 - 21:18
      +3

      Probably cos they charge hundreds in extra fees

    • matt-ozb on 18/01/2022 - 23:13
      +2

      No rate guarantee to advertised rate

  • ilikedeals on 18/01/2022 - 21:45
    +1

    Athena is simply awesome
    Amazing company and very innovative
    Most importantly, zero extra fees for life

    Partner has recently signed up and couldn’t be happier (switch from ANZ)

  • furyou on 18/01/2022 - 21:45

    as a self employed how much docs you need to move over?

  • AssociatedDr Rox @ Athena Home Loan on 18/01/2022 - 22:02

    Not servicing my area.

  • zerolimit on 18/01/2022 - 22:15

    I'm in the midst of refinancing and in a pickle.

    My broker has lined up a $360-380k loan with HSCB and getting the $3000 cashback for 3 year fixed variables but they are now going to be upping the rates to 2.69%.

    Should I still pursue with HSCB strictly for the cashback and just refinance at the end of term or jump ship and get the low-interest Athena has the offer?

    I'll be reaching out to my broker soon but feel that Athena would not be a vendor they use. I would love some advice on the best way to make a verdict.

    • sloany on 18/01/2022 - 22:27
      +1

      Calculate the interest cost for both interest rates over the 3 year period. If interest with HSCB costs more than $3k, go with Athena.

      You may want to increase the Athena rate, because no doubt it will increase over the period, being variable. If the cost is in the same ballpark, you might want to stick with HSCB if you want the certainty with the fixed rate.

    • matt-ozb on 18/01/2022 - 23:14

      Never gamble with a bank with fixed rates

      Go to the casino if you want to gamble .. odds are better for you

  • zerolimit on 18/01/2022 - 22:41

    Thanks mate! Had similar thoughts and am glad to have them reaffirmed. The price hike from HSCB was not expected

  • Frozensage on 18/01/2022 - 23:06

    are they really strict on proving your income more so than the banks? broker said big 4 still easiest to get approval?

    • matt-ozb on 18/01/2022 - 23:14
      +1

      Broker needs big commission from big interest rates from big banks

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