Refinance savings calculator

⚡️ Compare your current loan with what we can offer
⚡️ You’ll be blown away at how much time and money you could save
⚡️ Switch to Athena and pay your home loan off faster

To view a Key Facts Sheet for Athena Tailored loan products, email hello@athena.com.au.

What our calculator does that others don’t

Athena’s calculator does something most of the others don’t - the full picture of how much you will save by switching, PLUS what happens when you choose to pay your loan down faster.

Things you can see on our calculator

The money and time over the life of the loan you could save by switching to Athena’s rate
The difference in repayments by switching to Athena’s rate
Include more specific and complex situations (i.e. Introductory rate periods or Interest Only periods)
See what happens if you use hacks to pay your loan down faster – like extra repayments and additions into your redraw or offset
And just watch what happens when you use Athena’s weekly and fortnightly repayment

How do we calculate interest?

We calculate it based on your daily loan balance and the interest rate at the time – just like the majority of other lenders.

Try working it out yourself! Take the loan amount, multiply it by the interest rate, then divide it by 365 days (or 366 if it’s a leap year). Simple. For example: A $400,000 loan balance on a 3.59% interest rate would accrue $39.34 in interest per day.

How do we calculate repayments?

We calculate monthly repayments using a standard loan “amortisation” approach. This is the way lenders take the loan amount, plus the interest over the life of the loan and divide it into the term to get a standard repayment amount. This repayment amount never changes over the life of the loan unless something else changes (like your borrowing amount, or interest rates).

During any interest only period, your monthly repayments are equal to the interest accrued over that period.

Why do my fortnightly or weekly repayments look higher than I expect?

Lenders calculate weekly and fortnightly in different ways.

We take your monthly repayment and divide it by 2 for fortnightly and 4 for weekly, and that’s what you pay every week or fortnight. It means you pay off more of your loan faster than other lenders who take the total annual repayments and divide by 26 or 52.

It all adds up so you end up getting an extra month ahead on your repayments per year, which can save up to 4 years on your loan. The extra goes into your redraw or offset that you can access whenever you want.

Don’t want to pay your loan down faster? Just pay the minimum each month using monthly repayments.

Canstar have some pretty good info.

Woah those savings look huge, is it too good to be true?

You better believe it! If you’ve chosen weekly or fortnightly, or added extra repayments or money in your redraw or offset, your savings will sky rocket!

The bigger the loan size, the bigger the savings.

Does the amount I put into my Redraw or Offset reduce my interest payments?

Yes, extra money in your redraw or offset is great because it reduces the interest you pay every day, and over the life of the loan.

It doesn’t however, reduce your loan repayments. They stay the same and more of your repayment goes to pay off the principal of the loan and not towards interest. Winning!

If you keep it up, you’ll pay off your loan ahead of time and leave us early! Remember, no early payout fees here either. We’re happy to say goodbye!

Why do my savings look less when I have $ in my redraw/offset for both my current and Athena loan?

When you use Athena’s calculator and put the same amount of money in both your current loan’s redraw/offset field as well as the Athena redraw/offset, you’ll see that the savings are less.

That’s because you’re paying both loans down faster due to the extra money in each. The more you have in your redraw or offset the better off you will be, especially if you are paying a higher interest rate at your current lender.

Why are my total savings positive but I have higher repayments on my Athena loan?

Looks like you’ll save money by switching to Athena. High five! These could be the reasons why:

You’ve chosen to pay fortnightly or weekly with Athena. Remember, Athena calculates it in a way that helps you pay your loan down faster. We take your monthly repayment and divide it by 2 for fortnightly and 4 for weekly.

You’ve chosen to make extra repayments, we’ve added this to your minimum repayment amount.

You’ve chosen a shorter loan term with Athena.

You’re paying Principal & Interest with Athena and Interest Only on your current loan.