New platform offers innovative way of funding home purchases

Boasting that it could save borrowers as much as $100,000 over the life of the average loan, Australian home loan platform Athena recently raised $15 million in Series A funding, with plans to launch in beta next month.

Claiming to offer convenience and savings benefits to borrowers and investors, Athena bypasses the banks and links borrowers to loans at much lower rates.

The platform also considers the amount of time a borrower spends in transacting. “In as little as 15 minutes online, a borrower can apply to refinance their mortgage and get conditionally approved at a great rate,” said founders Nathan Walsh and Michael Starkey, both ex-NAB bankers.

Supported by reputable banks and firms such as Macquarie Bank, Square Peg Capital, Apex Capital and Rice Warner, Athena is expected to attract more property seekers and change the game in the industry.

“The win-win model that Athena offers to investors and borrowers has huge potential to disrupt the way home loans are originated, serviced and funded in Australia,” said Square Peg Capital’s co-founder Paul Bassat, who will also be part of the Athena team.

Also read: Thinking of investing in a property? Try crowdfunding