4 min read | 1 Oct 2019
The RBA has announced they have dropped the cash rate by 0.25% (25 basis points) today – and for the third time in a row, home loan disruptor Athena has passed on the full rate cut to both existing and new customers.
Effective immediately, this rate drop brings Athena’s rate to one of the lowest on the market from 2.84% p.a variable, P&I for owner occupiers and 3.24% p.a. for investors.
Proudly not a bank and never will be, Athena continues to stay ahead of the curve when it comes to passing on the RBA rate drop to customers.
Since the RBA announced the first cut in June this year, after almost a three-year cut hiatus, Athena was the first to announce that they would pass the cuts to both new and existing customers, in full and with immediate effect and will proudly do so again with today’s cut.
Sadly, not one of Australia’s 12 largest home lenders passed on the RBA rate cuts in full, with an average delay of over 2 weeks to pass on the benefits. This has costed Aussie borrowers over $1 billion in excess interest.
Co-founder and CEO of Athena, Nathan Walsh said, “Saving customers money is at the core of Athena’s mission. By passing on all three of the RBA rate cuts immediately, we have been able to save our customers over $23 million over the life of their loans. And we’re just getting started.”
Nathan continued, “We have had an overwhelming customer response to the last two cuts with over $2 billion in application volume since the June rate cut. Customers are realising they don’t need to put up with a home loan provider that doesn’t pass on the savings when they can.
Since launching in February this year, Athena is saving home owners over $70 million over the life of their loan and proudly stands by the model “great rates that stay great.” The average customer switching to Athena from typical big bank rates is saving over $60,000 over the life of the loan.
What Athena is famous for:
Automatic Rate Match
Athena is the only home loan provider to promise existing customers that they will never give new customers a better rate on a like-for-like loan.
Athena offers all customers 0.01% off their home loan rate every year for the 1st five years. The discount is applied for the life of the loan.
Athena doesn’t charge any ongoing, application, account or exit fees.
For media enquiries and interview with Nathan Walsh, please contact Polkadot Communications Anna MacIntosh 0411 527 756 / Katy Moore 0402 754 575