$500 Credit Each Referral Bonus for Referrer & Referee, $1000 Credit for Self-Referral Refinance @ Athena Home Loan

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Go to Deal

Lucille Bluth on 30/09/2022 - 18:26 athena.com.au (199 clicks)
Last edited 30/09/2022 - 18:37 by 1 other user

Just got the email.

Don't forget to use the below random referral wheel under "REFERRAL LINKS" for a referral code.

Our Ultimate$ referral program is always full of feel-good vibes…and for a limited time you can double your cashback!*

Two ways to score:
Refer a mate
You’ll both get double bonus when they settle – that’s $500 each! It’s unlimited, so the more friends you refer, the more you can earn!

Refer yourself
If you have another home loan elsewhere bring it across to us and score the full $1,000 bonus – all to yourself - when it settles. Got more than one other property? Bring them all over, that’s a sweet 1K for each one!

It’s a double-double win-win! 🤑

Make sure applications are submitted by 30 November 2022 and include your unique Ultimate$ code

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Athena Home Loan

• 

  Slo20 on 30/09/2022 - 18:38

  +3

  Just as a reminder Athena is not a bank which means they are not covered by the government's financial claims scheme, which guarantees traditional offset accounts up to $250,000 if the bank goes belly up.

  • 

    2pro4sho on 30/09/2022 - 18:57

    +7

    If they lose my money, then I lose their loan

    • 

      sickllama on 01/10/2022 - 06:53

      What would happen in practice should they fail is your loan would be taken on by another lender. Most likely they would adjust for your offset (which would mean you wouldn't have access to it any more).

      In a situation of a bank failing you probably don't have a lot of refinance options either

  • 

    itsTricky83 on 01/11/2022 - 18:14

    They do have contracts in place where a back-up servicer takes over in the event of collapse.
    And don't count on traditional banks providing a full amount "up to" $250K if they go belly up. The fine print of that is very sneaky! Before any of that happens, regardless of being with a traditional bank or Athena, or a neobank; if your lender goes bust, the most likely outcome is that your mortgage would get sold to another lender. So the "up to" $250k does not come into play until Australia's economy is completely decimated.

    • 

      Slo20 on 01/11/2022 - 18:54

      Your mortgage will get sold to another bank if they go bankrupt and if you had money in redraw that would be used to pay down the loan but that doesn’t mean your money in the savings account or offset account transfers to the new lender. Money in savings / offset is a debt to the bank so if they went bankrupt you would become an unsecured debtor and would join the list of all debtors (below secured debtors) to get some of your money back when they are liquidated.

      • 

        itsTricky83 on 01/11/2022 - 21:13

        Yep, that's right.

        https://www.savings.com.au/savings-accounts/what-happens-if-…

        To expand on that for others..

        What happens to the money in your redraw facility?

        The government guarantee does not cover redraw facilities - whether your lender is an ADI or not. So it doesn’t really matter if you’re with a big four bank or an online non-bank lender - the government guarantee does not apply to redraw facilities, full stop.

        However, if your lender were to go bust, any extra mortgage repayments you have put into the redraw facility would be deducted from the amount you owe the lender. So, your outstanding loan balance would effectively be reduced and your net position would not be impacted.

        On the other hand, mortgage offset accounts are covered under the $250,000 government guarantee.

        Don’t know the difference between a mortgage offset and a redraw facility? While they are similar, a mortgage offset account is pretty much like a transaction account - the money in which is ‘offset’ against the home loan debt, reducing the interest costs. Meanwhile, a redraw facility is a home loan feature that allows you to redraw extra repayments you’ve made on your home loan.

• 

  clubhonda on 30/09/2022 - 18:52

  This is essentially a cashback, and it's pretty small compared to the $4k to $5k cashback you can receive.

  • 

    itsTricky83 on 01/11/2022 - 21:18

    Can you get the cashback multiple times from other lenders though?
    I've got quite a few referrals to Athena now, and all are happy customers. I think at last check I have about $6K of Referrals, with the potential for more of course. Granted, it is getting harder to convince people to go with Athena simply because they are not the outright lowest rate anymore ( but at least they are still fee free!).

• 

  Tyrx on 30/09/2022 - 18:54

  +3

  Athena: We will never treat customers differently.
  - proceeds to introduce rates on LVR tiers

  Athena: We have offset accounts
  - actually a redraw product labeled as an offset

  Athena: We don't run promotions and pass discounts directly to users
  - runs thinly disguised cashback promotions

  Athena: We won't treat you worse than the big 4
  - increases rates beyond RBA cash rate increase

  • 

    2pro4sho on 30/09/2022 - 18:57

    -1

    They have a true offset. I have it. I used it.

    • 

      Tyrx on 30/09/2022 - 19:25

      +1

      They fundamentally cannot have an offset because they are not an authorised deposit taking institute. It's a rebranded redraw. The term used to describe these are "fake offset accounts".

      • 

        2pro4sho on 01/10/2022 - 16:06

        -1

        Source?

• 

  Bang1 on 30/09/2022 - 21:03

  Meh! There are plenty of loan providers/ with lower rates and cashback. I definitely wouldn't recommend them to a mate let alone a stranger even if I was to get $500
  https://www.ratecity.com.au/rba-cash-rate

  Also becareful Athena increased rate more than rba rate prevously and there is no knowing they will do it again and will say our cost of funds are driven by more than the Cash Rate and these funding markets have significantly increased in recent months. We run lean and we simply couldn’t absorb these additional costs any longer.

  Also very quick to raise rates after rba announcement, unlike the competitive lenders who delay rising rates late month or even to next month.

  Make of that what you will.

• 

  bigbadboogieman on 30/09/2022 - 21:07

  Well their 4.29% rate is crap for a specialist mortgage house. I am with Westpac and currently on 4.24% with a proper offset account and also got $2000 as retention bonus. Go to St. George for a 4.19% and $4000 bonus.

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  thrifty on 19/10/2022 - 22:27

  I am considering switching to Athena but where do I enter this referral code? I've gotten as far as the sign up page but haven't seen a spot to enter this code. Thanks :)

  • 

    Lucille Bluth on 20/10/2022 - 08:18

    +2

    Hi thrifty,

    You enter the Athena code when putting in your application, think it is towards the end of the application.

    • 

      itsTricky83 on 01/11/2022 - 18:17

      Yep, @cute as ducks is correct.