Completely fee-free, Athena’s offset is available on Power Up loans
Other lender's offset
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!
BSB & Account number
Instant payments out
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.
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 the thousands of Aussies taking control of their mortgage
You’ve got nothing to lose but your home loan! Take 5 mins to see your loan options including rate and repayments.
Please take a moment to read our disclaimers, thanks!
* Discussions with an Athena Investor Concierge does not constitute personalised financial advice; for comprehensive advice, consult a licensed financial advisor.
All applications are subject to eligibility and assessment. Government charges may apply.
¹ 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.
² 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 interest rates comprise of a reference rate for each product purpose and repayment type less a LVR (loan to value) based discount. You can find our current reference rates and LVR discounts here. Interest rates may change at any time. The applicable interest rate will be the advertised rate on the day of settlement for new loans or the day of processing for variations to existing loans.
The standard rate for your product is the reference rate. It is a base rate in our systems that is associated with each different loan product and is the same for every customer on that product type. The interest rate you are charged is calculated by your LVR discount from your reference rate. If your LVR is exactly 60%, you would qualify for the ≤60% LVR tier. If your LVR is exactly 70%, you would qualify for the 60-70% LVR tier. LVR is calculated using Loan Amount, which does not include redraw or offset funds and based off your property value from the approved property valuation at the time you originally applied for the loan.
The LVR discount AcceleRATES, is a percentage discount applied to your product's reference rate, in order to determine your final interest rate. Applies to Athena's Straight Up and Power Up Home Loan products and excludes all others. LVR discounts reward you for reducing your loan amount, and are not intended to vary as the property market changes over the life of the loan. We will not generally accept requests to revalue the mortgaged property over the life of the loan for the purpose of determining the security value unless the value of the mortgaged property has materially changed, such as a major renovation of the mortgaged property. Any revaluations will be at our full discretion and we will pass on the costs of any valuation that you request.
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.
^^ Subject to a credit assessment
** The interest savings calculation 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.
The Canstar 2020 Innovation Excellence Award was received in March, 2020 for the Automatic Rate Match product. The Canstar 5 Star Rating for Outstanding Value Home Loans was awarded in March, 2020 for the Investment Variable Home Loan product.
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.