A new mortgage lender launched this week with one simple goal: to help homeowners pay off their home loans faster.
Almost two years in the making, Athena Home Loans seeks to answer demand for a more trustworthy and dependable lender in the midst of record national household debt and the continuing fallout from the royal commission.
Co-founder and CEO Nathan Walsh said, “The royal commission has shone a bright spotlight on a badly broken system. Customers have told us they want to pay off their home loan faster and this is exactly what Athena is here to help them do.
“Our goal is to get customers a great home loan, and then help them get rid of it.”
A survey of 1,000 Australian homeowners revealed that 77% felt confident that banks are ripping people off and 43% of big bank borrowers are considering switching lenders.
In response, Athena boasts it is “proudly not a bank, and never will be.” Its digital platform allows customers to secure a loan without the usual costs of bankers, branches or overheads. The company aims to pass those savings to customers via lower interest rates.
The lender launched with a variable rate from 3.49% annually for owner occupier principal and interest loans, and one of the most competitive market rates for investors starting at 3.89%.
Athena also launched a variable rate refinance offer, lending up to 80% of the property value and allowing customers to choose the flexible loan terms that are best for them.
According to Walsh, “Many customers are surprised at the scale of the savings potential, and what it can mean for them financially after years of being loyal bank customers.
“We know how busy Australian families are. Athena has used cutting-edge technology to make refinancing refreshingly simple. Borrowers can apply online via our intuitive mobile-friendly experience, and chat with a real Australian home loan expert seven days a week,” he concluded.
Athena was founded in June 2017 by ex-NAB bankers Nathan Walsh and Michael Starkey.