Variable Home Loan (Principal and Interest) (Refinance)

Real Time Rating™

4.15

/ 5
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Advertised Rate

3.09%

Variable

Comparison Rate*

3.05%

Maximum LVR
80%
Real Time Rating™

4.15

/ 5
Monthly Repayment

$1,437

based on $300,000 loan amount for 25 years

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Calculate repayment for Athena product

I'd like to borrow

$

Loan term

years

Your estimated repayment

$1,437

based on $300,000 loan amount for 25 years

Pros and Cons

Pros and Cons

  • Interest rates ranked in the best 20%
  • No upfront or ongoing fees
  • Extra repayments and redraw facility
  • Free redraw facility
  • No offset account
  • Not available for first home buyers
  • Maximum loan amount is limited to 80% of the property's value
  • No repayment holidays

Athena Features and Fees

Athena Features and Fees

Details

Maximum LVR

80%

Total Repayments

Next LVR

Interest rate type

Variable

Borrowing range

Suitable for

Owner Occupiers

Loan term range

2 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Unlimited extra repayments

Redraw facility

Redraw fee: $0

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$0

Application fee

$0

Valuation fee

$0

Settlement fee

$0

Other upfront fee

$0

Ongoing fee

$0

Discharge fee

$0

Application method

Online

Phone

Broker

In branch

Other Benefits

Existing customers always get best rate offered to new customers

Pros and Cons

  • Interest rates ranked in the best 20%
  • No upfront or ongoing fees
  • Extra repayments and redraw facility
  • Free redraw facility
  • No offset account
  • Not available for first home buyers
  • Maximum loan amount is limited to 80% of the property's value
  • No repayment holidays

Athena Features and Fees

Details

Maximum LVR

80%

Total Repayments

Next LVR

Interest rate type

Variable

Borrowing range

Suitable for

Owner Occupiers

Loan term range

2 - 30 years

Principal & interest

Interest only

Applicable states

ACT, NSW, NT, QLD, SA, TAS, VIC, WA

Make repayments

Fortnightly, Monthly, Weekly

Features

Extra repayments

Unlimited extra repayments

Redraw facility

Redraw fee: $0

Split interest facility

Loan portable

Repayment holiday available

Allow guarantors

Available for first home buyers

Fees

Total estimated upfront fees

$0

Application fee

$0

Valuation fee

$0

Settlement fee

$0

Other upfront fee

$0

Ongoing fee

$0

Discharge fee

$0

Application method

Online

Phone

Broker

In branch

Other Benefits

Existing customers always get best rate offered to new customers

View Now

FAQs

How can I get a home loan with no deposit?

Following the Global Financial Crisis, no-deposit loans, as they once used to be known, have largely been removed from the market. Now, if you wish to enter the market with no deposit, you will require a property of your own to secure a loan against or the assistance of a guarantor.

The fine print – what are the eligibility criteria?

This competition is only available to Australian residents who are over 18 and check their home loan interest rate at RateCity. However, you are not required to refinance your home loan or apply for any financial products.

You can still enter if you don’t have a home loan yet – enter how much you plan to borrow and the details of the property you’re considering, and we’ll compare mortgage offers that may suit your needs and estimate how much you could save compared to a loan with an average interest rate. 

What is the best interest rate for a mortgage?

The fastest way to find out what the lowest interest rates on the market are is to use a comparison website.

While a low interest rate is highly preferable, it is not the only factor that will determine whether a particular loan is right for you.

Loans with low interest rates can often include hidden catches, such as high fees or a period of low rates which jumps up after the introductory period has ended.

To work out the best value for money, have a look at a loan’s comparison rate and read the fine print to get across all the fees and charges that you could be theoretically charged over the life of the loan.

What does going guarantor' mean?

Going guarantor means a person offers up the equity in their home as security for your loan. This is a serious commitment which can have major repercussions if the person is not able to make their repayments and defaults on their loan. In this scenario, the bank will legally be able to the guarantor until the debt is settled.

Not everyone can be a guarantor. Lenders will generally only allow immediate family members to act as a guarantor but this can sometimes be stretched to include extended family depending on the circumstances.

What is stamp duty?

Stamp duty is the tax that must be paid when purchasing a property in Australia.

It is calculated by the state government based on the selling price of the property. These charges may differ for first homebuyers. You can calculate the stamp duty for your property using our stamp duty calculator.

Why do people use no credit check loans?

What's the difference between Real Time Ratings and comparison rates?

A comparison rate calculates the cost of a $150,000 loan over 25 years. While a comparison rate is a good industry benchmark, it doesn’t consider your specific lending requirements.

Real Time RatingsTM factors in essential information like your loan size, your loan-to-value ratio (LVR), whether you want an offset account and whether you are an investor or an owner-occupier.

Who offers 40 year mortgages?

Home loans spanning 40 years are offered by lenders such as BCU, Teacher’s Mutual Bank and Pepper. Even though these loans exist on the market, they are not overwhelmingly popular as the extra interest you pay compared to a 30-year loan can be over $100,000 or more.

What is a split home loan?

A split loan lets you fix a portion of your loan, and leave the remainder on a variable rate so you get a bet each way on fixed and variable rates. A split loan is a good option for someone who wants the peace of mind that regular repayments can provide but still wants to retain some of the additional features variable loans typically provide such as an offset account. Of course, with most things in life, split loans are still a trade-off. If the variable rate goes down, for example, the lower interest rates will only apply to the section that you didn’t fix.

Should I become a guarantor?

You should carefully weigh up the pros and cons before signing on as a guarantor – because while it can be very rewarding if everything goes according to plan, it can have serious consequences if the plan goes awry.

If the person you’re guaranteeing keeps up with their mortgage repayments, you’ll be able to take pleasure in helping them fulfil their dream of home ownership.

However if that person fails to meet their mortgage repayments, it might damage or destroy your relationship. Your finances might also be affected if the lender asks you to make the repayments or even seizes your home to settle the debt.

How is the flexibility score calculated?

Points are awarded for different features. More important features get more points. The points are then added up and indexed into a score from 0 to 5.

When should I switch home loans?

The answer to this question is dependent on your personal circumstances – there is no best time for refinancing that will apply to everyone.

If you want a lower interest rate but are happy with the other aspects of your loan it may be worth calling your lender to see if you can negotiate a better deal. If you have some equity up your sleeve – at least 20 per cent – and have done your homework to see what other lenders are offering new customers, pick up the phone to your bank and negotiate. If they aren’t prepared to offer you lower rate or fees, then you’ve already done the research, so consider switching.

Home Loans Frequently Asked Questions

What is a honeymoon rate and honeymoon period?

Also known as the ‘introductory rate’ or ‘bait rate’, a honeymoon rate is a special low interest rate applied to loans for an initial period to attract more borrowers. The honeymoon period when this lower rate applies usually varies from six months to one year. The rate can be fixed, capped or variable for the first 12 months of the loan. At the end of the term, the loan reverts to the standard variable rate.

What's wrong with traditional ratings systems?

They’re impersonal 

Most comparison sites give you information about rates, fees and features, but expect you’ll pay more with a low advertised rate and $400 ongoing fee or a slightly higher rate and no ongoing fee. The answer is different for each borrower and depends on a number of variables, in particular how big your loan is. Comparisons are either done based on just today or projected over a full 25 or 30 year loan. That’s not how people borrow these days. While you may take a 30 year loan, most borrowers will either upgrade their house or switch their home loan within the first five years. 

You’re also expected to know exactly which features you want. This is fine for the experienced borrower, but most people know some flexibility is a good thing, but don’t know exactly which features offer more flexibility than others. 

What is the flexibility score?

Today’s home loans often try to lure borrowers with a range of flexible features, including offset accounts, redraw facilities, repayment frequency options, repayment holidays, split loan options and portability. Real Time Ratings™ weights each of these features based on popularity and gives loans a ‘flexibility score’ based on how much they cater to borrowers’ needs over time. The aim is to give a higher score to loans which give borrowers more features and options.

They’re not always timely

In today’s competitive home loan market, lenders are releasing new offers almost daily. These offers are often some of the most attractive deals in the market, but won’t get rated by traditional ratings systems for up to a year. 

The assumptions are out of date 

The comparison rate is based on a loan size of $150,000 and a loan term of 25 years. However, the typical loan size is much higher than that. Million dollar loans are becoming increasingly common, especially if you live in metropolitan parts of Australia, like Sydney and Melbourne. It’s also uncommon for borrowers to hold a loan for 25 years. The typical shelf life for a home loan is a few years. 

The other problem is because it’s a percentage, the difference between 3.9 or 3.7 per cent on a $500,000 doesn’t sound like much, but equals around $683 a year. Real Time Ratings™ not only looks at the difference in the monthly repayments, but it will work out the actual cost difference once fees are taken into consideration. 

Can I check my rates more than once? Can I go back to view loans from a different device (e.g. my phone) or at another time without having to enter details in again?

You can only check your rates once. However we will send you, via email, the link to the result page so that you may return to it.

Savings over

Select a number of years to see how much money you can save with different home loans over time.

e.g. To see how much you could save in two years by switching mortgages,  set the slider to 2.

How much is the first home buyer's grant?

The first home buyer grant amount will vary depending on what state you’re in and the value of the property that you are purchasing. In general, they start around $10,000 but it is advisable to check your eligibility for the grant as well as how much you are entitled to with your state or territory’s revenue office.

Does Real Time Ratings' work for people who already have a home loan?

Yes. If you already have a mortgage you can use Real Time RatingsTM to compare your loan against the rest of the market. And if your rate changes, you can come back and check whether your loan is still competitive. If it isn’t, you’ll get the ammunition you need to negotiate a rate cut with your lender, or the resources to help you switch to a better lender.

How personalised is my rating?

Real Time Ratings produces instant scores for loan products and updates them based what you tell us about what you’re looking for in a loan. In that sense, we believe the ratings are as close as you get to personalised; the more you tell us, the more we customise to ratings to your needs. Some borrowers value flexibility, while others want the lowest cost loan. Your preferences will be reflected in the rating. 

We also take a shorter term, more realistic view of how long borrowers hold onto their loan, which gives you a better idea about the true borrowing costs. We take your loan details and calculate how much each of the relevent loans would cost you on average each month over the next five years. We assess the overall flexibility of each loan and give you an easy indication of which ones are likely to adjust to your needs over time.