Athena Home Loans: Main Features and How to Apply

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“We’ll give you a great home loan, then help you get rid of it.” That’s Athena’s catchphrase. So, if you’re looking for a non-bank mortgage, then Athena home loans is a good option to consider during a side-by-side comparison of home loans. 

The company believes that life’s too short to get stuck in a long home loan. Still, you need to understand what Athena offers, and how their loans will work for you. Having access to as much information as possible on different options is essential in making clear comparisons.

Here is what you should know:

How Much Do I Qualify For When seeking a Home Loan?

With Athena home loans, you can borrow up to 80 percent or less of your property’s value. Or, you should have at least 20 percent of equity. The minimum loan amount is $100,000, and the maximum is $2,000,000, as of October 2019.

In some cases, your loan limit will be capped at about 70 percent of the property value. This depends on the property’s location, type of property, and if it has a value of over $2.5 million.

As of October 2019, Athena has restrictions on the types and location of the property they accept. For example, they can’t extend loans for homes located outside the major population areas of Australia.

For apartments, any property that’s on the seventh floor or more must have been built before 2013 to be accepted.

Athena Owner Occupier Loans

When considering Athena’s home loans, you have two options. Each has different rates, so it helps to review them to find out one that works for you. The good thing is that they both have standard features, including:

  • Fee-free extra repayments
  • Fee-free lump sum repayments
  • Fee-free redraw facility
  • Flexible loan set up
  • Loyalty discount for the first five years for making timely repayments
  • No application, ongoing, and exit fees

With each loan, you have access to loan experts, you can manage your mortgage online, and you can make changes to your loan fee-free.

Principal & Interest

This loan has a variable interest rate of 2.84 percent, while the comparison rate is 2.80 percent.

Interest Only

You get interest-only repayments for up to 5 years with this loan. It has a variable interest rate of 3.34 percent and a comparison rate of 2.99 percent.

How Can I Get Approved for a Home Loan?

To submit your loan application for Athena loans, you need at least one ID: Medicare card, Australian passport, or driver’s license. You’ll need to provide your income and employment details. Athena will also need details about your assets, liabilities, and expenses.

The documents you provide, such as bank statements, shouldn’t be older than 30 days. When submitting your employment income details, you must provide the two most recent payslips.

You must have a good credit history as Athena checks your score when submitting the loan application. They look at significant issues, such as defaults and bankruptcy. You don’t need to worry about that unpaid parking fine.

Final Thoughts

If you’re looking for a home loan without any fees, then Athena home loans are an option to consider. As of October 2019, Athena only offers variable-rate mortgages, but they have plans to offer fixed and split loans in the future.

Take the time to weigh your mortgage options and find a loan that will not only help you buy a home, but also give you convenience in repayments.

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