Athena home loans

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Smart Booster Home Loan Discounted Variable - 2yr (LVR < 80%)

Product Features

• Fast turnaround times, can meet 30-day settlement
• For purchase and refinance, min 20% deposit
• No ongoing or monthly fees, add offset for 0.10%

Monthly repayments:$1,449

1.85%Advertised Rate (p.a.)

2.21%Comparison Rate*

More details

Athena is one of the early entrants in Australia’s lending market. Founded in 2019, Athena brands itself as a market disruptor, aiming to provide borrowers with more ways to pay their loans faster.

What type of home loans does Athena offer?

Athena is currently offering principal and interest (P&I) and interest-only (IO) home loans for owner-occupiers and investors on variable and fixed rates. These loans are available for refinancing or for buying an established property.

Athena classifies its variable rate loans based on loan to value ratios (LVR)s. The following classifications are for both owner-occupiers and investors:

• Liberate – 70% - 80% LVR

• Evaporate – 60% - 70% LVR

• Celebrate – ≤ 60%

What are the features of home loans at Athena?

Athena provides borrowers with features that can help them customise their loans according to their needs.

Flexible Loan Set-up

Borrowers have the flexibility to customise their loans according to these specifications: loan term, repayment frequency and type, variable or fixed rate, split option, and direct debit payments.

Repayment Structure for Variable Loans

Athena allows borrowers with variable loans to do the following for free:

• Extra repayments — Borrowers can pay off as much as they want when they want free of charge.

• Lump-sum repayments — Large chunks of payments can be done to reduce the amount of time needed to pay off the loan and the interest charges.

• Early payout or refinance – Athena does not charge any exit fees if the borrower pays off the loan early or refinance to another lender.

Repayment Structure for Fixed Loans

Athena provides fixed-rate borrowers with a little flexibility with their repayments.

• Extra repayments – Borrowers can make additional repayments amounting to up to 5% of the outstanding balance per year for free. The limit is reset for each fixed rate year.

Free Redraw Facilities

Additional repayments towards a variable loan can go to a redraw facility, which borrowers can access for free. Borrowers can make redraws any time they want through their online access.

How to apply for a loan at Athena?

Applications for Athena are done online at www.athena.com.au.

Borrowers who are looking to apply for an Athena home loan must ensure that they meet the eligibility criteria.

• LVR – Borrowers can only borrow up to 80% of the property’s value.

• Employment – Borrowers must be employed (full-time, part-time, or fixed-term PAYG contracts). Self-employed applicants can apply if they are trading for more than two years.

• Postcode – Only borrowers from major population areas can apply for a loan at Athena

• Property Types – There are restrictions on the type of property eligible for an Athena home loan. The following property types are not eligible for application:

  • New apartment buildings 7 floors or more built after 2013

  • Vacant Land

  • Leasehold property (except in ACT)

  • Display homes

  • Rural, commercial, or industrial properties

  • Student accommodation

  • Transportable/mobile homes

• Property Size – Eligible properties have an overall size of at least 50 square meters, excluding balconies and car spaces.

• Residency – Borrowers must be Australian or New Zealand citizens or permanent residents living in Australia.

Documentation requirements

Borrowers who pass the eligibility check must provide the following documents to proceed with their application:

• One form of ID – Driver’s license, Australian Passport or Medicare card.

• Income and employment details.

• Assets and liabilities.

• Fixed and living expense details.

The contract of sale is also needed for borrowers who already entered a transaction before applying for a home loan.

After submitting the initial documents above, the borrower must also provide the following:

• Employment income – Two most recent consecutive pay slips.

• Other income – this includes rental income or any income received through investments, term deposits, or superannuation. Also included are income through child support, Centrelink, or other government payments.

Frequently Asked Questions

Does Athena offer offset accounts?

No, Athena does not offer offset accounts. However, it offers a fee-free redraw facility that works similarly to an offset account.

Can self-employed apply for a home loan?

Only self-employed individuals under certain industries are eligible for a home loan at Athena. Sole traders in the legal, finance, IT, and medicine industries can apply for a home loan provided that they have at least two years of self-employed experience and relevant tax returns.

Does Athena charge any fees?

Athena does not charge any fees in the process of the home loan application. It does not also charge any ongoing fees. However, there are several government fees buyers must be aware of regardless of whether they are buying or refinancing.