Athena Home Loans

<html><body>
The home loans fintech Athena have launched AcceleRates, a dynamic pricing model where customer rates are automatically dropped when they enter the new LVR tier.
It essentially rewards customers with lower rates as they pay down their home loan.
AcceleRates will have three price bands based at a LVR of &lt;80%, &lt;70% and &lt;60%. 
As a customer pays down their home loan to reach a new tier, Athena will automatically put customers onto the lower rate.
Nathan Walsh, chief executive and co-founder of Athena, says they want to motivate, encourage and reward customers for paying off their home loan
“Aussie borrowers are so frustrated by the painful negotiations with their current lender in order to get a fair rate", Walsh says.
"On average we are saving customers who switch to us $60,000 over the life of their loan.
"With our new AcceleRates pricing model, many of these customers will now save $70,000."
If Athena customers start out at the 80 per cent LVR tier and pay the minimum on a P&amp;I loan, they would hit the 70 per cent LVR tier in foru years and two months.
They would hit Athen'a lowest rate three years and nine months later.
All existing customers will receive the rate drop on 30 Sept 2020. New customers who apply today will settle with the new rates.
Athena is also known for its innovative “Automatic Rate Match” which promises that existing customers will always be given the same rate as new customers on a like for like loan.
</body></html>

jrobinson-rf4aSBido9

Athena launch dynamic pricing home loan rates

<html><body>
Athena Home Loans have again been the first to cut rates following the RBA's official rate cut at the March meeting.
The online lender has passed on the full 25 basis point cut.
“For the fourth time in a row, Athena has immediately passed on the full RBA rate cut to all customers", Athena chief executive Nathan Walsh said.
"None of the 12 largest home loan lenders have done this.
"This is money that should be in the pockets of Aussie families."
Since the RBA began cutting rates back in June 2019, Athena have passed on each of the 25 basis point cuts in full. Their owner occupier rate for principal and interest mortgage holders is now at 2.59 per cent.
The 12 largest home lenders took an average of two weeks pass on the cuts to customers over the last three RBA rate cuts in full.
This delay has cost borrowers over $350M, and costs over $2 billion in annual excess interest costs.
In a recent survey, only 18% of respondents were confident their lender had passed on the recent rate cuts in full.
Some 64% of respondents who did not receive the full cuts are now considering a switch to a lender that passed on the rate cuts in full.
Walsh said customers should be putting their bank to the test
"If they don't drop your rate in full, then drop your bank", Walsh said.
"The savings opportunity is too important to be short-changed."
 
</body></html>

wdavis-8cCN98p7xp

Athena first to cut interest rates after March RBA cut

<html><body>
Australian Fintech start-up Athena Home Loans has completed its Series B fund raising.
The Series B raise, led by Square Peg Capital, closed at $25 million.
The Series A fund led by Macquarie Bank and Square Peg Capital earlier this year raised $20 million.
Athena was founded by two ex-bankers, Nathan Walsh and Michael Starkey, and seeks to bypass the banks to connect borrowers to superfund backed loans.
It claims to be Australia’s first cloud native digital mortgage platform.
Venture capitalist and co-founder of Square Peg, Paul Bassat, who also sits on the Athena Board, said Square Peg Capital had invested in Athena in Series A and further solidified by leading the Series B round.
“Having worked with Nathan, Michael and the team over the last year I have enormous admiration forthe speed at which they have navigated complex financial systems to develop a robust and customer- centric mortgage service,” Bassat said.
“Athena is solving a really important problem for home buyers and is certainly one of the most exciting Fintech companies in Australia.
“We are thrilled to back the team again and look forward to supporting them on this extraordinary journey.”
Currently in its pilot stage, Athena is trying to create a compelling option to customers, says Athena CEO Nathan Walsh says. 
“During our pilot, we are already seeing the power of the Athena proposition to save money and change lives,” Walsh says.
“A single mum who will be able to pay off her home loan 19 months earlier and save $130,000 over the life of the loan.
“A family with three young kids who will save $40,000 on their home loan can now take the family on the first holiday in years. It’s powerful stuff.”
“Our key priorities with the investment will be to continue to innovate our platform, invest in talent and scale the business.”
</body></html>

Athena Home Loans

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Athena Home Loans

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News