Athena AcceleRATES

Drop your own rate

Everything we do here at Athena is about helping you pay down your home loan faster.

Athena's variable AcceleRATES are based off your LVR (loan-to-value ratio) tiers where we lower your rate based off how much you’ve paid down your loan².

When you permanently pay down your Straight Up or Power Up loan to reach the lower LVR tier, we’ll drop your rate - automatically!

You don’t even have to ask. It’s an Aussie first to reward you for paying down your loan.

The big difference in dollar$$

Based on a $400,000 Owner Occupier, Straight Up, P&I Variable over 25 year term loan.

Average Aussie home loan

Loan amount = 💵 $400K

First 7yrs at 80% LVR = 😕 6.43%

Next 4yrs at 70% LVR = 😕 6.43%

Next 4yrs at 60% LVR = 😑 6.43%

Remaining loan term at 50% LVR & lower = 😒 6.43%

Interest paid over the life of the loan = 😲 $405,008

Loan amount = 💵 $400K

First 7yrs at 80% LVR = 🤔 6.39%

Next 4yrs at 70% LVR = 😏 6.34%

Next 4yrs at 60% LVR = 😌 6.29%

Remaining loan term at 50% LVR & lower = 😁 6.24%

Interest paid over the life of the loan = 🥳 $397,554

That's $7,454 in interest difference!^**

What LVR means and how to calculate it

LVR means: Loan-to-Value Ratio.

It is the amount of your loan (excluding any redraw or offset balance) compared to the value of your property.

To calculate your LVR divide the loan amount by the property value and multiply by 100.

Calculate your refinance savings

Calculating your LVR

For example: If your loan amount is $500,000 and the value of your property is $700,000 your LVR is 71% ($500,000 / $700,000 X 100 = 71%).

If you have $50,000 in an offset or redraw this does not lower your loan amount because you can take this back out anytime.

Loan amount

Your loan amount is essentially your total loan or total amount owing. It does not consider the funds in your redraw/offset when calculating your LVR.

If you are on a principal and interest loan, your loan amount decreases every month as you repay principal.

HOT TIP! 🔥

Use your additional repayments to lower your loan amount permanently to reach the next LVR tier.

If you have funds in an offset/redraw that you want to use to reduce your loan amount just let us know and we can get that sorted for you.

You will need to request for this to be transferred from your offset/redraw to reduce your loan amount. If in the future you wanted to redraw these funds again, you’ll need to apply for a top up.

AcceleRATES questions?

Does my redraw or offset count as part of my loan amount so that I can access the lower rate?

No. The money in your redraw or offset does not lower your LVR loan amount because you can access these funds anytime. This is taken on your total loan amount. While the money in your redraw does not count towards your LVR loan amount, it does count towards your net balance and reduces the interest that is calculated every day.

The more you have in your redraw, the less interest you pay and the faster you pay down your loan with every repayment because more of your repayment is allocated to your principal.

How do you calculate Loan-to-Value ratio (LVR)?

We calculate your LVR, by dividing your loan amount by the value of your property (see below for how we calculate the value).

Your loan amount is essentially your total loan, it does not consider the funds in your redraw/offset when calculating your LVR. If you are on a principal and interest loan, this decreases every month.

For example: If your loan amount is $500,000 and the value of your property is $700,000 your LVR is 71%. ($500,000 / $700,000 X 100 = 71%)

If you’re an existing customer, you can calculate your loan amount by logging into Home Hub and adding your available redraw and loan balance number together.

For example, if you have a $450K loan balance with $50K in available Redraw, your loan amount is $450K +$50K = $500K.

You can choose to use your money in your redraw to reduce your loan amount and LVR.

Can I use money in my redraw or offset to reduce my loan amount and LVR?

You bet. Any time you like. Just text or email us and we can arrange a limit reduction for you.

Just note that you can’t take this back out again without applying for a top up which is subject to a credit check.

How frequently will you check my loan amount and automatically apply the new rates?

Our system checks your LVR every month and automatically applies the new rates if you’re eligible.

Will you let me know when my rates have changed?

Absolutely! Your rate will be changed each month after an automated check.

If your loan amount has reduced enough to tip you into a lower tier, we'll change your rate and let you know by email or SMS for a virtual five high!

What valuation do you use to work out the LVR?

We’ll always use the latest credit approved property valuation which in most cases will be from when you originally applied for the loan, or from a requested loan variation afterwards.

What tier would I fall under if my LVR is exactly 60% or exactly 70%?

If your LVR is exactly 60%, you would qualify for the CelebRATE ≤60% LVR tier. If your LVR is exactly 70%, you would qualify for the EvapoRATE 60-70% LVR tier.

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Our disclaimers

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Athena's disclaimers

All applications are subject to eligibility and assessment. Government charges may apply.

ᶺ Comparison rate calculated on a $150,000 secured loan over a 25 year term. WARNING: Comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Comparison rates for Fixed rate loans are based on a Straight Up revert rate. Comparison rates for variable interest only loans are based on an initial 5-year interest only period. Comparison rates for fixed Interest Only loans are based on an initial interest only period equal in length to the fixed period. During an Interest Only period, your Interest Only payments will not reduce your loan balance. This may mean you pay more interest over the life of the loan.

^** The interest savings estimate is based on average savings of actual customers who have refinanced to Athena's Classic, Straight Up, and Power Up products since launch. It is a modelled estimate and does not predict actual future savings. Assumptions like interest rates and borrower behaviour may change over the loan's life, impacting the estimated savings. Fluctuations in interest rates are not considered. The current interest rate environment may differ from historical trends, affecting actual savings. Fees from the existing lender are not included. The estimate assumes the same loan terms and timely repayments. Individual situations vary, so seek professional advice before making financial decisions.

^~ Winner of Finder Home Loan Customer Satisfaction Awards 2023

¹ We don’t charge you any Athena fees for being a customer with our Straight Up and Power Up home loans, however government charges or break costs may apply when changes are made to your Fixed Loan. Athena fees are applicable to Tailored home loans.

² Athena Straight Up and Power Up interest rates comprise of a reference rate for each product purpose and repayment type less an LVR (loan to value) based discount. Athena Tailored interest rates are compromised of the final applicable rate only. You can find our current rates, reference rates and LVR discounts here. Interest rates may change at any time. Athena’s Straight Up and Power Up Home Loan products are able to access the AcceleRATES discount. The interest rate these products have applied is calculated by applying an LVR percentage discount onto the reference rate. If the LVR is exactly 60%, the loan would qualify for the ≤60% LVR tier. If the LVR is exactly 70%, the loan would qualify for the 60-70% LVR tier. LVR is calculated using Loan Amount, which does not include redraw or offset funds and is based off your property value from the approved property valuation at the time you originally applied for the loan. AcceleRATES rewards loan pay down and isn’t intended to vary with your property’s value. We will not generally accept revaluation requests except at our discretion and at cost to the borrower, where the property has materially changed, such as with a major renovation.

³ Automatic Rate Match. Applies to Athena's Straight Up and Power Up Home Loan products and excludes all others. A like-for-like loan means the product name (e.g., Straight Up) and LVR tier (e.g., ≤50%, 50-60%, 60-70%, or 70-80%) advertised to new customers must be the same product name and the same LVR tier that you have as an existing customer. The way we construct and name products may include a combination of the loan’s purpose (e.g., Owner, Investor), repayment type (e.g., P&I, IO), interest type (e.g., variable), borrower type, different features, or specific qualification criteria. However, none of these criteria will be designed to favour new customers over existing customers. If we ever offer new customers a lower rate on a like-for-like loan, anyone who’s on it will get the Automatic Rate Match.

⁴ Calculated using the RBA 2024 Bank Fees Report, which found that Australians paid $811 million in 2023 on home loans (RBA January 2024), divided by the number of households with a mortgage (ABS Housing: Census 2021). Your situation may be different.

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Athena AcceleRATES

Drop your own rate

Average Aussie home loan