Athena home loan review
Also known as Athena Mortgage
Athena is a good choice for refinancers who are tired of the loyalty tax: when it cuts rates for new customers, it automatically cuts them for existing customers on like-for-like loans. Its Power Up loan includes a fee-free 100% offset. It is a non-bank lender, it doesn't take part in the 5% Deposit Scheme, and its standard loans top out at $2 million.
This review covers Athena's loans, how its LVR-tier pricing and Automatic Rate Match work, and how Athena compares with Unloan, a question our readers ask often.
By Better Rate Mate Editorial Team · Last reviewed · Checked against Athena's own website
Athena home loans at a glance
| Feature | Athena |
|---|---|
| Offset account | Fee-free 100% offset on Power Up |
| Redraw | Yes |
| Split loans | Yes, on Power Up |
| Fixed terms | 1 to 3 years |
| Rate match | Existing customers get new-customer rate cuts on like-for-like Straight Up and Power Up loans |
| Loan size | $10,000 to $2,000,000 (standard loans) |
| Lower deposit | Tailored option from a 15% deposit |
| Ways to apply | Online, Athena loan experts, mortgage broker |
| 5% Deposit Scheme | Not a participating lender |
Athena mortgage and home loan repayment calculator
Enter the rate for the Athena loan you're considering (from its rates page), your loan amount and term. The calculator uses the standard principal and interest formula lenders use, so for the same rate, amount and term it gives the same repayment as Athena's own calculator. It doesn't include fees or future rate changes. For the maths and assumptions, see our mortgage repayment calculator page, and test your buffer with the stress test calculator. If you're buying, you can also estimate your stamp dutyand work out how much you can borrow.
Mortgage repayment calculator
Repayments and total interest, with optional extra repayments, an offset account or an interest-only period.
Monthly repayment
$2,997.75
| Loan amount | $500,000 |
|---|---|
| Interest rate | 6.00% a year |
| Time to repay | 30 years |
| Total repayments | $1,079,191 |
| Total interest paid | $579,191 |
Year-by-year balance
| Year | Interest | Principal repaid | Balance |
|---|---|---|---|
| 1 | $29,833 | $6,140 | $493,860 |
| 2 | $29,454 | $6,519 | $487,341 |
| 3 | $29,052 | $6,921 | $480,420 |
| 4 | $28,625 | $7,348 | $473,073 |
| 5 | $28,172 | $7,801 | $465,272 |
| 6 | $27,691 | $8,282 | $456,990 |
| 7 | $27,180 | $8,793 | $448,197 |
| 8 | $26,638 | $9,335 | $438,862 |
| 9 | $26,062 | $9,911 | $428,951 |
| 10 | $25,451 | $10,522 | $418,429 |
| 11 | $24,802 | $11,171 | $407,257 |
| 12 | $24,113 | $11,860 | $395,397 |
| 13 | $23,381 | $12,592 | $382,805 |
| 14 | $22,605 | $13,368 | $369,437 |
| 15 | $21,780 | $14,193 | $355,244 |
| 16 | $20,905 | $15,068 | $340,176 |
| 17 | $19,975 | $15,998 | $324,178 |
| 18 | $18,989 | $16,984 | $307,194 |
| 19 | $17,941 | $18,032 | $289,162 |
| 20 | $16,829 | $19,144 | $270,018 |
| 21 | $15,648 | $20,325 | $249,693 |
| 22 | $14,395 | $21,578 | $228,115 |
| 23 | $13,064 | $22,909 | $205,205 |
| 24 | $11,651 | $24,322 | $180,883 |
| 25 | $10,151 | $25,823 | $155,060 |
| 26 | $8,558 | $27,415 | $127,645 |
| 27 | $6,867 | $29,106 | $98,539 |
| 28 | $5,072 | $30,901 | $67,638 |
| 29 | $3,166 | $32,807 | $34,831 |
| 30 | $1,142 | $34,831 | $0 |
Stress test this loan at higher rates, or see how much you can borrow.
An estimate: interest is charged at the repayment frequency and the rate never changes. It leaves out fees, redraws and rate changes, and assumes the lender accepts extra repayments. Check fixed rate loans for an extra repayment limit, and confirm figures with your lender.
Is Athena good for home loans?
Athena is a good choice for refinancers who are tired of the loyalty tax: when it cuts rates for new customers, it automatically cuts them for existing customers on like-for-like loans.
Pros
- +Automatic Rate Match removes the loyalty tax on like-for-like loans
- +Fee-free 100% offset on Power Up
- +Paying down your loan moves you to a lower LVR-tier rate
- +Tailored options for self-employed and company or trust borrowers
- +Fixed rates available (1 to 3 years)
Cons
- -Non-bank: no branches, no deposit accounts
- -Not part of the 5% Deposit Scheme
- -Standard loans capped at $2 million
- -Rate matching doesn't cover Tailored loans
Who Athena suits
- Refinancers with at least 20% equity
- Borrowers who want an offset without fees
- Self-employed or company/trust borrowers who need a tailored loan
About Athena
Athena Mortgage Pty Ltd is an Australian non-bank lender that launched in 2019. As a non-bank it doesn't take deposits and isn't an authorised deposit-taking institution; it holds an Australian credit licence and is regulated by ASIC for its lending conduct.
Athena's standard loans are Straight Up and Power Up (both variable), Interest Only loans and fixed-rate loans of one to three years. It also has 'Tailored' options for self-employed borrowers, lower deposits (as little as a 15% deposit), company and trust borrowers and people buying before they sell, plus specialist loans including construction and bridging. Our guide to low doc and self-employed home loans explains the documents lenders accept.
- Ownership
- A non-bank lender (not an authorised deposit-taking institution).
- Lender and licence
- Athena Mortgage Pty Ltd ABN 24 619 536 506, Australian credit licence 502611
Athena home loan products
Straight Up
A variable loan with a sharp rate and a redraw facility. No offset.
Power Up
A variable loan with split loans and multiple 100% offset accounts, with $0 ongoing, annual or transaction fees on the offset.
Interest Only
Interest-only loans for a limited period, for owner-occupiers and investors.
Fixed Rate
Fixed for one to three years. Break costs can apply if a fixed loan is repaid or changed early.
Tailored and specialist loans
Options for self-employed borrowers, deposits from 15%, company and trust borrowers, bridging and construction.
Athena home loan rates: how they are set
Straight Up and Power Up rates are built from a reference rate for each purpose and repayment type, less an LVR-based discount that Athena calls AcceleRATES. The tiers are 50% or less, 50 to 60%, 60 to 70% and 70 to 80%, so paying your loan down moves you into a cheaper tier.
Automatic Rate Match means that if Athena drops the rate for new customers on a product and LVR tier, it drops it for existing customers on the same product and tier. Tailored loans are priced as a single final rate and aren't covered by rate matching.
For a benchmark, the RBA's average rate on new owner-occupier variable loans across all lenders was 6.23% in August 2026, and 6.40% for investors (published 8 October 2026). The RBA's cash rate target was 4.60% as at 10 October 2026, after a 0.25 point rise effective 30 September 2026; its next decision is due on 3 November 2026.
Is Athena legitimate? Licence, ownership and ABN
Yes, Athena is a licensed lender. ASIC's register of credit licensees lists Australian credit licence 502611, held since 23 February 2018 by Athena Mortgage Pty Ltd, with the business name Athena Home Loans and the Australian Financial Complaints Authority (AFCA) as its external dispute resolution scheme, so an unresolved complaint can go to AFCA, which is free for consumers. ABN Lookup shows Athena Mortgage Pty Ltd as an Australian private company with ABN 24 619 536 506, active since 28 June 2017.
As a non-bank, Athena doesn't take deposits and isn't an APRA-regulated bank, but its lending is regulated by ASIC under the National Credit Act, like any licensed lender. Search results sometimes mix Athena Home Loans up with other businesses that use the name Athena, so check the ABN and licence number above to be sure you're dealing with this lender.
Refinancing to Athena
Athena's pitch to refinancers rests on three things: no fees on its Straight Up and Power Up variable loans, a rate that is automatically discounted as you pay the loan down (its AcceleRATES tiers), and Automatic Rate Match, which gives existing customers the same rates as new customers on like-for-like loans. It says you can apply and get a decision in minutes, and you can move from Straight Up to Power Up later if you want offset accounts and splits.
To qualify for its standard loans you need an LVR of 80% or less after the valuation, and a loan between $10,000 and $2 million; its Tailored range goes to a 15% deposit. Check your break-even point first with our refinance calculator, and see the refinance guide for the costs.
Athena vs Unloan
Both target refinancers with low-cost variable loans, but they solve the loyalty problem differently. Athena matches new-customer rate cuts for existing customers and lowers your rate as your LVR falls. Unloan adds a loyalty discount of 0.01% p.a. each year you stay (up to 0.30% p.a. in year 30).
Athena has a fee-free offset, fixed rates, interest-only loans and tailored self-employed options; Unloan has none of those but charges no fees at all and is backed by CommBank. Standard Athena loans go to $2 million; Unloan lends up to $10 million. See our Unloan review.
Athena vs the big banks
The big four take part in the 5% Deposit Scheme and have branches; Athena doesn't. Athena's offset is free, as are the offsets on CommBank's Digi and Simple loans, while Westpac builds offset into a $395 package. See CommBank and Westpac.
How to apply for an Athena home loan
- 1
Check your LVR tier and the product (Straight Up or Power Up) online
- 2
Apply online or book a chat with an Athena loan expert; brokers can also submit Athena loans
- 3
Upload income and identity documents; Athena values the property
- 4
Athena gives a decision; if it can't lend to you, it offers a broking service to find another lender
- 5
Sign and settle with your conveyancer
Check how much you could borrow with our borrowing power calculator; Athena's own calculator applies its own lending policy, so its figure can differ.
Budget for stamp duty: NSW stamp duty calculator · VIC stamp duty calculator · QLD stamp duty calculator · WA stamp duty calculator · SA stamp duty calculator · TAS stamp duty calculator · ACT stamp duty calculator · NT stamp duty calculator
Before you apply, ask for the key facts sheet for your loan amount. Every lender must provide one in the same format, which makes loans easy to compare side by side.
Athena home loan questions
Is Athena a bank?
No. Athena Mortgage Pty Ltd is a non-bank lender with Australian credit licence 502611. It doesn't take deposits, so it isn't regulated by APRA as a bank, but its lending is regulated by ASIC under the National Credit Act.
Is Athena Home Loans legit?
Yes. ASIC's register lists Athena Mortgage Pty Ltd (ABN 24 619 536 506, business name Athena Home Loans) as the holder of Australian credit licence 502611 since February 2018, with AFCA as its complaints scheme.
How does Athena's Automatic Rate Match work?
If Athena lowers the rate for new customers on Straight Up or Power Up in a given LVR tier, it automatically lowers the rate for existing customers with the same product and LVR tier.
Does Athena have an offset account?
Yes. Power Up includes a 100% offset with $0 ongoing, annual and transaction fees. Straight Up has redraw only.
Does Athena offer fixed rates?
Yes, fixed-rate loans of one to three years. Break costs may apply if you repay or change the loan during the fixed period.
What is the maximum Athena home loan?
$2,000,000 for its standard loans, with a minimum of $10,000. The limits also apply to split loans.
Is Athena or Unloan better?
Athena if you want an offset, a fixed rate, interest-only or a tailored self-employed loan. Unloan if you want a no-fee variable loan backed by CommBank, or you need more than $2 million.
