3 min read | 3 Nov 2020
Athena didn’t waste a second before passing on the latest RBA rate cut to both new and existing customers this afternoon.
As soon as the RBA announced they dropped the cash rate by 0.15%. Athena again became the first lender to pass on the drop to both new and existing customers, immediately, and in full.
This rate drop means Athena’s rates are now from 2.19% p.a., P&I for Owner Occupier and 2.54% p.a for Investors.
Since launching 19 months ago, Athena has dropped the RBA rate immediately and in full five times to both new and existing customers. The only lender to do so.
“From day one, Athena has stood by its mission of putting the power of a great rate into the hands of our homeowners. Since the start of COVID-19, we’ve heard many stories from customers that they are frustrated by having to ask their lender to give them a better rate – but we are proud to say that our customers never have to ask,” said Nathan Walsh, CEO and co-founder.
“With refinancing at the top of Aussie homeowners’ agenda, Athena is encouraging Aussies to not be complacent with their rate and actively look for a better deal” says Nathan.
With the impact of the pandemic being felt across the nation, there has never been a better time to switch lenders. RBA data states that the average interest rate for customers on an owner occupier, principle and interest customers sits around 3.12%^. Based on an average loan size of $400,000, if these customers refinanced to Athena’s lowest rate of 2.19% their interest bill would fall by $56,700 over the life of the loan. If they kept their repayments the same, they will be debt free 3 years earlier and save $72,900 over the life of the loan.
AcceleRATES - the more you pay down your loan, the more Athena will automatically lower your rate. It’s another Australian first and another way Athena is changing the mortgage market to help Australian’s pay of their home loan faster
Automatic Rate Match - existing customers score the same new customer rates on the Athena like-for-like loans.
Since launch last year Athena has written over $1.7bn in loans and saved Australian’s over $230 million with the average customer saving $60,000 over the life of their loan.