Accessibility links

Applyr
Offset graphic right hand side

Save big time!

Save fortune pile of coins illustration

Save a fortune

The more money you put in your offset, the less interest you'll pay. Pay your salary into the offset, it’ll help pay off your home loan even faster.

100% offset

Save the fees

Unlike other lenders, our Power Up home loan offset has $0 ongoing fees, $0 annual fees, $0 transaction fees.

Save hassle house and coins illustration

Save the hassle

Your offset account is linked to your home loan. Put money in, take it out, make payments… without any charges.

All the frills for free

Get more with our Power Up offset:

💜 100% offset account
💜 $0 fees
💜 Pay your salary into your offset
💜 Unlimited fee-free transactions
💜 More features coming soon!

Get Startedr
Everything fee free image desktop
Everything fee free image mobile
Everything fee free image mobile

An easier way to budget

Hit your financial goals with multi-offsets.

Our variable home loan Power Up now offers up to 10 Cash Stashes per home loan.

Get the lowdownr
Cash Stash multi-offset illustration
Cash Stash multi-offset illustration
Cash Stash multi-offset illustration

Completely fee-free, Athena’s offset is available on Power Up loans

   

 Athena's offset

Other lender's offset 

Fee-free 

YES 

In the lenders we reviewed, monthly fees of up to $10; or annual package fees of up to $395²

Offset recognised for tax purposes  Speak to an expert about tax advice! 

YES 

Yes 

BSB & Account number 

YES 

Yes 

Salary crediting 

YES 

Most 

Instant payments out 

YES 

Most 

Scheduled payments 

YES

Most 

Multiple offsets  

YES

Few 

BPAY out 

On roadmap 

Most 

² Based on advertised interest rates and fees published by various lenders (including the four major banks and a number of other non-major lenders) as of May 2023.

Offset FAQs

How do I select to have an offset account for my new loan application?

Simply choose our Power Up variable rate with the offset selection in the online application form.

If you change your mind at any point, you can easily switch between an offset and redraw after your loan has settled.

Do you charge any fees to have an offset account?

Nope! Unlike other lenders, Athena’s offset is completely fee-free on our Power Up loan.

We are also launching multiple offset accounts soon so that you can bucket your money and keep it organised your way.

Can I have both a redraw and offset on a loan?

You need to choose either a redraw or offset on your Power Up loan. On your Straight Up loan, you only have redraw.

However, if you have multiple variable loan accounts now with our handy split loan structure, you can make different choices for each account.

Can I have an offset with my fixed rate home loan?

Sorry. It’s only available for variable loans.

How do I make repayments if I have an offset?

Making repayments is super simple, and it’s the same for both redraw and offset.

A direct debit will be set up with regular payments debited from your preferred bank account which will become your ‘Linked account’ and deposited into your redraw or offset before your minimum repayment is deducted monthly.

Alternatively, you can have your repayments come out of your redraw or offset if you have salary crediting set up or if you have sufficient funds in your redraw or offset balance to meet the repayments.

You can choose this option provided you consistently maintain enough funds for your next repayment. We’ll also keep your ‘Linked account’ on file just in case.

Can I pay my salary into my offset or redraw?

Sure can. Putting your whole pay into your offset is a great way to reduce your interest instantly.

Salary crediting is available for both our offset and redraw.

If I have multiple Athena home loans, can I have one offset linked to all my accounts?

Easy tiger! You can only link your offset to one loan account.

Will I get an Athena debit card?

Not at this point. Your offset is fast and easy to transact on - move money in and out via BSB & Account number and instant payments out.

How does offset work with AcceleRATES?

Offset and AcceleRATES both help you pay down your home loan faster.

Offset reduces your interest paid, AcceleRATES lowers your interest rate automatically as you pay down your loan.

A reminder that your loan amount does not take into account the funds in your offset or redraw when calculating your LVR.

Can I still pay down my loan to get a lower rate if I have offset?

Bring it on! Pay that baby down. Simply request a permanent limit decrease on your loan.

Choose to have the funds come from your offset redraw once you’ve built up a reasonable buffer or pay an adhoc lump sum, just let us know what you prefer.

How and when will I get my statements?

You’ll get statements every 6 months and they’re always accessible through Home Hub or our Athena App. If you’d like interim statements, just ask.

Can I access tax benefits through Athena’s offset?

Yes, we’ve built our offset to comply with tax requirements. But tax advice is not our thing, so speak to an expert for tax advice!

How does Athena's offset work and why is it different to an offset from a bank?

Athena is not an ADI (Authorised Deposit-taking Institution), which means that your offset is not a separate deposit account and is not covered by the government’s deposit guarantee.

In the very unlikely event that anything should happen to Athena, your loan would be serviced by our alternate service provider. You would never lose the value of your offset.

Rest assured, Athena has some of the biggest backers in the country like Macquarie Bank, Host Plus, Australian Super just to name a few.

How does Athena's offset work with tax and payments?

Athena's offset is linked to your home loan and has the same BSB and account number. It meets the ATO’s requirements of an offset by holding your offset balance separate to your loan balance and the interest saved by this balance.

You can make unlimited transactions out via EFT from your offset account. We're also actively working on more payment features including scheduled payments and BPAY to make our offset more convenient for our customers.

Athena offset doesn't currently support direct debit out for bills, RTGS payments or salary sacrifice from your employer. It does however fully allow salary crediting, where you can pay your salary directly in, reducing the balance you pay interest on. You can also choose to have your loan payments to come directly from the offset.

How does instant payments out work?

Access your money quickly when you need it. Instead of waiting 1-2 business days, you can pay over 100 Australian financial institutions from under a minute. Off you go, you don’t even need to set it up!

__"The bank I’m transferring to doesn’t have instant payments" __

No big deal. When they don’t have instant, we go standard - a simple banking transfer that takes 1-2 business days.

Join thousands of Aussies taking control
of their mortgage

You’ve got nothing to lose but your home loan!
Take 3 mins to see your loan options including rate and repayments.

Get Startedr
Our disclaimers
Please take a moment to read our disclaimers, thanks!
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.

Athena acknowledges the traditional owners of the land on which we gather the Gadigal people of the Eora nation. We acknowledge that sovereignty was never ceded and respect their continued and continuing connection to this place.