This was posted 2 years 10 months 4 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

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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

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$250 credit each for referee and referrer.

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closed Comments

    • UncleRico on 19/01/2022 - 00:21
      -4

      Not sure how strict they are, but going through their application process was like wading through treacle.

      Repeating the same information with multiple assessors, uploading and reuploading the same pay slips and other financial information and enduring repeated assurances that approval is imminent, just waiting for another assessor to verify the application. My income is over $300k in a long term job, 60% LVR and outright owner of another residence - but I still couldn't get an answer off them inside 5 weeks before giving up, chiefly due to knowing I wouldn't have the patience to deal with that level of responsiveness over a twenty year loan…

      • dust on 19/01/2022 - 18:29
        +1

        My income is over $300k in a long term job

        A PAYG job? (If not then that might explain why you need extra documentation.)

        • UncleRico on 19/01/2022 - 21:37

          Nope. Agree that lack of docs would make a difference. But this was salaried with a verifiable employer of over a decade.

  • DrScavenger on 18/01/2022 - 23:39

    Why tf wont they lend to properties with 7+ floors and built after 2013?! Makes no sense.

    • The Aeon on 19/01/2022 - 00:02
      +6

      Because majority of modern day high rises are a POS (I worked as an engineer on them). Some examples: Mascot towers, opal tower, flammable cladding etc. For a smaller lender with limited funds, no reason for them to take a risk on modern high rises.

      • DrScavenger on 19/01/2022 - 07:12

        high rises are a thing everywhere. Very good for affordable housing. Why is it a pos in Australia?

        • The Aeon on 19/01/2022 - 07:54
          +2

          Nothing wrong with the idea of apartments at all. I'm saying the build quality in Australia is poor. They are built to last until the builders warranty expires, after that extensive maintenance would be required at the cost of unit owners via body corporate. This is not the case with all apartments so I'm not saying it's the case with yours. But it's the case with an alarmingly increasing amount and probably why Athena doesn't want to take the risk.

          • DrScavenger on 19/01/2022 - 08:52

            @The Aeon: So disappointing. Isnt there a law about this?

            • squinly on 19/01/2022 - 09:18

              @DrScavenger: The joke which is sadly kinda true is that in Australia you get a better warranty with your toaster than you do with your house… over the years the building industry was increasingly allowed to self regulate, the result, many corners cut.

              The other issue with modern high rises is if there is a housing market crash, they will be the first properties to fall in value due to over supply and are possibility owned by owners who are more likely to default (first home owners, foreign investors etc), Athena doesn’t want to have a heap of mortgages where the property is worth less than loan on their books.

            • The Aeon on 19/01/2022 - 12:03
              +2

              @DrScavenger: I left the industry a few years ago so I don't have the most up to date inside scoop but when I left they were looking to introduce more legislation around it but currently there is no law - only the builders warranty which from memory is 10 years.

              From an engineering perspective with modern day technology and all this data we have at hand, it's an easy process. Back in the day, we did all calcs by hand and we'd add on big safety factors just to be safe, so you end up with say a 300 - 400 thick concrete slab for each level and it'll last you forever. Now you can do computer simulations and calibrate against monitoring existing apartments, and knowing that everything must just last until the 10 year warranty period - plus a bit of a safety factor. So now you're getting like 180 thick concrete slabs or less for each level, after 10 years you might start getting some cracks in the concrete - it's repairable but at a huge cost (we've seen what happened with the mascot towers when that concrete cracked - mind you that was obviously flawed from the beginning but it is because effort was made to save money by reducing the amount of material used etc.). Note these concrete slab values are just averages, obviously depends on a million factors like height, location (wind loading), ground conditions etc.

              If you've got a big tall building on a tiny plot of land and it's now essentially a knock down, a 1/100 split of a tiny block of land isn't going to cover your costs. Now if you have say a 2 - 4 story old school apartment building on a big block of land, firstly it'll likely last 100 years but even if it doesn't, you're getting a huge split from the land sale when it does eventually need to be torn down.

              Don't get me wrong, new and cheaply (i.e. non-custom) built houses are going the same way. Only difference is, it's the land that's worth all the money so if you're 10 year old house starts getting cracks then you can probably just persevere for 5 - 10 more years in which case most people who would be buying it probably want to knock it down for the land value anyway. The reason why you can persevere with a house for 5 - 10 more years is because failure in a house (i.e. cracked/crumbling wall) is unlikely to kill anyone and the onus is on you. With an apartment building, big difference because there's maybe 200 lives above that cracked wall.

    • gaz3342 on 19/01/2022 - 07:36
      +1

      Because they are unlikely to increase in value. Oversupply.

  • UncleRico on 19/01/2022 - 00:03
    -8

    No offence to the OP or the bare bones interest rate, but dealing with Athena is akin to extracting teeth.

    In November, I had been going through their laborious five week and counting application process of uploading triplicate copies of every earning, asset, serviceability and credit rating check with the third different credit assessor, before I lost patience and told Athena to withdraw my application so I could accept an offer from notoriously stringent ING who I had applied with four days early and had already received approval.

    Spare yourself the frustration and apply with a more responsive lender - if not for your sanity, but so that you can qualify for one of the generous $2-$5k rebate offers still available out there and be able to rely on future dealings with an organisation where the left hand talks to the right and who check their emails and respond to customers in a vaguely timely manner.

    • matt-ozb on 19/01/2022 - 07:30
      +3

      Majority say the opposite, so problem might be the user

      • UncleRico on 19/01/2022 - 21:40

        Maybe. My example was certainly just my experience and I'm glad if the majority had a more pleasant experience.

        I got plenty of apologies from Athena, but no traction. And the same approach and docs yielded a more positive and timely outcome from ING win less than a working week.

        Apologies to the many who were evidently offended by reporting my experiences…

        • ev3nfl0w on 15/02/2022 - 11:32
          +2

          Same experience here - 6 weeks in and they are still asking for the same documentation over and over again. Had to escalate it and was told it will be resolved asap.

          Maybe luck is a factor but it hasn't been the greatest experience so far..

          • buy swap sell on 15/02/2022 - 11:35
            +1

            @ev3nfl0w: Yes same here. Asking for documents already given. Getting frustrated by the whole thing.

            • UncleRico on 16/02/2022 - 20:54

              @buy swap sell: Sorry to hear it.

              I tried to offer honest feedback and a justified negative vote as a warning to others, but my vote got revoked amid a hail of protests and comment neggers for daring to share an honest experience.

              Hope that each of you end up getting a better result eventually…

    • illz on 19/01/2022 - 09:18
      -2

      PEBKAC

    • beesquared on 20/01/2022 - 18:27
      +1

      Had a poor experience with then, they kept losing my information even though it was included in the application, then also discussed via phone. The application allows you to define the term of the loan but the minimum is 10 years… why allow me to choose lower? Just things like that, felt like it was the first time this person had processed a loan. Ended up cancelling my application due to repeated questions and apparent inability to record information

      • UncleRico on 21/01/2022 - 23:58

        Sounds very similar to my experience and ended up with exact same outcome. Only difference is that it wasn't just one person, but multiple.

        Glad you didn't upset as many people as I did when daring to report an experience to try and help others evaluate.

  • fan8956 on 19/01/2022 - 00:16

    Will they like big banks upload your loan details so it shows up in your credit check and other banks can see how much you have borrowed?

  • 1968 on 19/01/2022 - 09:00

    Any investment loan recommendations at the moment? Looking to refinance….

  • mehow on 19/01/2022 - 09:17

    Anyone know if you can change the mortgate to another address and make that your IP?

  • Saiya on 19/01/2022 - 09:40

    For people who are already on Athena with their offset, is it true that you cannot do standard bank transfers from the Athena Offset account? If so, how does do you transfer money from say Commbank/NAB/ANZ etc to Athena and vice versa?

    • daemon on 19/01/2022 - 10:14
      +1

      Not sure where you read/heard that.

      There's a BSB and account number for the offset (same as redraw before switching to offset), and transfers can be made from a bank account to the BSB/account as usual.
      Transfers from the Athena offset to a linked bank account can be done through the Athena website.

      • gaz3342 on 19/01/2022 - 11:05

        Settling with Athena on Friday, do you know if I am able to set my credit card payment to come out of the offset?

        • r1chaz on 25/01/2022 - 14:20

          This is very unlikely given the featureless/basic nature of the offset account. (Based on comments here about the offset account)

  • ozisaver on 19/01/2022 - 11:56

    Any idea if they support PayID / Osko on the offset account ? Can’t find it on their website

    • illz on 19/01/2022 - 13:57

      Yes they do

      • beesquared on 20/01/2022 - 18:31
        +1

        I was told by the rep 'No, because we are not a bank'. I have got used to transferring money instantaneously, so having to wait days for a transfer to complete was a negative.

        • illz on 20/01/2022 - 19:07

          This all changed a month ago when they released their free offset option.
          You get a card which is Osko ready.

          • beesquared on 20/01/2022 - 19:12

            @illz: I suggest folks check with Athena, dont assume. My conversation was today, Amy could not even give any time frames for any of the features other than 2022

          • DH on 24/01/2022 - 23:48

            @illz: Can anyone else confirm this, it is a bit of a make or break point for me as I like to move money quickly eg get my pay, stick it in redraw atm then withdraw it as I need it.

            • sloany on 28/01/2022 - 20:27

              @DH: Not true, no card and they don't currently support PayID/Osko. They say they plan to support instant transfers soon.

              • DH on 28/01/2022 - 21:21

                @sloany: Thanks, but on average how long does it take for you to transfer to another bank (such as the big 4)?

                • sloany on 29/01/2022 - 13:10

                  @DH: Usually 1-2 business days like any standard BSB account transfer. I think they use NAB accounts, so might be faster if you're with them.

  • mith on 19/01/2022 - 12:44

    This question shows how little I know about finance, but:

    Let's say you re-finance an owner occupied loan and invest the extra cash into ETFs - are you then able to claim the interest for this portion of the loan as a tax expense?

  • sam cho on 19/01/2022 - 18:03

    Just got my refinance settled today and the rate cut was passed on yesterday. After 1 year fixed rate 2.3% with CBA, paid 4.6% variable rate for only a month because Athena only took 1 month to settle it.

  • YELNATS on 19/01/2022 - 18:30

    I'm with CBA at 3.08%, anyone been able to get any better than that with CBA?

    • Saiya on 20/01/2022 - 13:20

      Just checked mine, I am on currently 2.8% with CBA.

    • shap08 on 30/01/2022 - 16:57

      I put through a complait because they wouldn't drop me below 3.09%, they didn't care so went to Athena. Then the retention team called me from cba and still couldn't help me…

  • dubo1981 on 19/01/2022 - 19:48

    Does anyone have advice on how to do a fairly accurate servicing check for these guys, before doing a full-blown application?

    I find that often the online calcs are little more than a lead-gen tool, and then I get rejected after applying in full (without knowing the reason why).

    • gaz3342 on 20/01/2022 - 08:52
      +1

      They are pretty strict lenders but all of their criteria is on their website.

  • motherdough on 20/01/2022 - 11:45

    Has anyone who is casually employed had experience financing with Athena? Some banks won't if you're casual even if you meet income reqs

  • steveray9a on 21/01/2022 - 17:22

    I am about to refinance on fixed 2.29% with $3000 cashback…… I've never done a variable before. Is this deal far better than what I am about to do? I am a novice on variable so forgive my ignorance.

    Comments appreciated.

    • daemon on 22/01/2022 - 15:59

      it really depends on your own financial situation, crunch the numbers and see what works out better
      best speak to an expert if you're unsure, but if you're just after comments, we'd need more specifics to actually understand your situation

      for my personal financial situation, this deal is great because of the low rate, fee-free 100% offset (or unlimited repayments before they had offset), and no lender fees

      • steveray9a on 24/01/2022 - 10:50

        Thanks !! I did a bit of reading on the offset. We have 10k in a savings account (interest isn't great). It sounds like if we move this to the offset, we would be a lot better off - right?

        Another question I have regarding the variable rate, so its offering me the 1.89% rate, this changes monthly right depending on the market etc etc. Never done a variable before, have you ever experienced drastic ups and downs or does it usually kinda keep in the same range?

        In your opinion, is this Athena offer far more attractive the fixed 2.29% with $3000 cashback I've been offered,?

        • matt-ozb on 31/01/2022 - 08:24
          -2

          Never gamble with a bank with fixed rates .. go to a casino instead if you want to gamble

          • El-Rhi on 10/02/2022 - 07:01

            @matt-ozb: I’d say those that locked in at sub 2% are feeling pretty good

    • dust on 23/01/2022 - 13:39

      Have a look at the discussions earlier in this thread regarding going with fixed or variable.

  • Lucille Bluth on 25/01/2022 - 22:14
    +2

    I just got unconditionally approved in under 6 days, and that included having in person valuation and ID checks. The entire process from start to finish was super easy.

    • Saiya on 26/01/2022 - 09:08

      Thats great to hear. I am still thinking about moving from CBA. With Athena not being a 'bank' is making me hesitant, but more I read into it the more it looks better.

      • matt-ozb on 31/01/2022 - 08:25

        Why?

        • Tyrx on 03/02/2022 - 21:00

          They're not an ADI, and non-bank lenders were the first to fall on their sword during the GFC. There's a loonnggg list of them that collapsed during that period because they have inherently higher costs to source funding.

  • RoseJJ on 04/02/2022 - 09:00

    Just wondering what is the rate you guys have for the P&I Investment loans. Anyone can share? Thanks

  • Bjay on 07/02/2022 - 09:46

    Hi All. Switching to Athena. Can any of you refer me? lol

    • gaz3342 on 07/02/2022 - 10:07

      PMd

      • Bjay on 07/02/2022 - 15:16

        Already found one sorry. Cheers

  • Gojkins on 07/02/2022 - 15:43

    Noticed that ubank recently changed their advertised variable to 2.09%.. I wonder how quickly Athena's will increase

  • TheRealMorty on 26/03/2022 - 18:01

    Can someone please provide a referral code to me too?

  • DH on 26/03/2022 - 21:00

    Signed up

    Will be 1 month, 1 week from sign up day, guess it isn't too bad considering I had to send parts of the paperwork back by snail mail due to local regulations.

  • Big Deal on 01/04/2022 - 12:01

    ANZ has counter-offered me 2.09% variable and $4k cashback to stay with them. $10 offset pm from Sep'22.
    Should I take it or go with Athena?

    • gaz3342 on 01/04/2022 - 12:45

      Depends, what's the extra 0.1% worth to you over a year?

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