Athena Home Loan Review for Australian Expats
Athena Bank is a leading provider of home loans across Australia. Athena offers an extensive range of home loan products tailored specifically for Australian expats and foreign investors.With no minimum income requirements and offshore applications available, Athena makes financing property purchases accessible for expats worldwide.
This detailed review covers everything you need to know about Athena home loans as an expat borrower.
- Borrow up to 80% LVR for standard home loans
- Allows expats to apply and manage loans online from overseas
- Specialise in dealing with expat documentation and foreign income
Athena Home Loan Options
Athena provides several choices from their variable and fixed rate home loans to investment property loans.
Variable Rate Home Loans
Fixed Rate Home Loans
Investment Property Loans
The Athena Variable Rate Home Loan is the standard variable rate mortgage where the interest rate fluctuates in line with market movements. It offers discounted variable rates as low as 4.04% p.a.
Borrowers can take advantage of features like unlimited extra repayments to pay down the loan quicker and a 100% offset facility that links your mortgage and savings to save on interest costs. The variable rate loan provides flexibility with no lock-in contracts or exit fees.
For borrowers seeking more certainty, Athena provides 1, 2 and 3 year fixed rate home loans. These allow you to lock into fixed interest rates for the term selected. Current Athena fixed rates range from 4.79% p.a for a 1 year fixed rate up to 5.19% p.a. for a 3 year fixed term.
While the rate is fixed, exit fees are payable if you break the fixed term early. After the fixed term period ends, the loan reverts to Athena's standard variable rate product.
Athena also provides tailored loans for investment property purchases. Their Investment Property Loans allow borrowers to finance purchasing a rental property for investment income. Tax deductions can apply on interest payments for investment property loans.
Athena offers both variable and fixed rate investment loans. An offset account can maximise tax deduction benefits. The maximum LVR is 80% for residential investment property with Athena.
Athena Home Loan Reviews
Applying for a home loan with Athena Bank has its perks but you should also be wary of the challenges you may face. These can include the following.
| Pros | Cons |
|---|---|
Online applications for convenience | Minimum 20% deposit required |
100% Athena offset accounts available | Monthly fees on basic home loan packages |
Athena referral rewards of up to $600 | Early termination fees on fixed rates |
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
Athena Home Loan Features
Key features of Athena home loans for expats include:
| Feature | Details |
|---|---|
Online Application | Online applications accessible from anywhere in the world. |
Foreign Income Assessment | Dedicated expat lending team familiar with foreign income. |
Offshore Income Verification | Offshore verification for income and documents. |
Redraw Facility | Additional repayments and redraw facility for flexibility. |
Switching Loans | Switch loans between fixed and variable interest rates. |
Offset Account | 100% offset account to save interest by linking mortgage and savings. |
Key Facts about Athena Bank
Athena Bank was founded in 2005 and is an Australian-owned mid-sized lender.
Athena has a national presence with over 75 branches across Australia.
In 2021, Athena provided over AUD $7 billion in new mortgage financing to customers.
How Do I Apply?
Follow these steps to apply for Athena home loans:
Online application
- Go to Athena website and click “Home Loans”
- Use borrowing calculators and compare rates
- Start application and provide details
- Receive conditional approval within 1-2 days
Branch application
- Meet with an Athena lending specialist
- Provide documents to support application
- Get in-principle approval within the hour
Who is Eligible?
To qualify for Athena home loans, applicants generally need:
- Australian residency status
- 20% deposit of property value
- Good credit rating and history
- Sufficient income to cover repayments
What Documents Do I Require?
When applying for an Athena home loan, have these documents ready:
- Proof of Identity: passport, driver’s licence, birth certificate.
- Proof of income: pay slips, employment contract, foreign tax docs.
- Assets and liabilities statement: List of all existing assets and debts you own.
- Savings evidence: Documents such as bank statements that show your deposit funds.
- Property contract and valuation: Signed purchase contract and property valuation.
Related Products from Athena Bank
First Home Buyer Loans
First home buyers are a key focus for Athena, with specific loan packages tailored to help first timers enter the property market. Athena’s low deposit First Home Buyer Loans allow approved applicants to purchase with a deposit as low as 5% of the property value.
Separate loan products are offered for 5%, 10% and 20% deposit borrowing. Discounted variable rates are available from as low as 3.99% p.a. Depending on circumstances, first home buyers may be able to borrow up to 95% of the property value.
Introductory Rate Home Loans
Introductory rate loans are also offered by Athena for initial affordability. These loans provide discounted variable interest rates for the first 1-2 years, after which the rate reverts to Athena’s standard variable rate product. Introductory rates allow borrowers to take advantage of lower repayments to begin with. There are no lock-in contracts, so borrowers have flexibility when the intro period ends.
Ready to Explore Athena Home Loans?
Athena Bank offers an extensive range of home loan solutions tailored to Australian expats worldwide. With offshore applications, document verification, and dedicated expat lending teams, Athena simplifies financing Australian property.
Our experienced mortgage brokers are ready to guide you through Athena loans and answer any questions you have as an expat borrower. Contact us today to discuss your Athena home loan options.
Other Australian Lender Reviews
Allow us to find you the perfect home loan.
Apply online to get expert recommendations with real interest rates and repayments.
FAQs About (LENDER)
What is the minimum deposit for an Athena home loan?
The minimum deposit is usually 20% of the property value. Athena offers low deposit loans from 5% deposit for first home buyers.
Does Athena accept foreign income for expat borrowers?
Yes, Athena accepts foreign income from expat borrowers provided you can supply supporting documents.
How long do Athena home loan applications take to approve?
Online applications receive conditional approval within 1-2 business days. In branch applications can receive in-principle approval within an hour.
What fees and charges apply for Athena home loans?
No ongoing annual fees but monthly fees may apply for basic products. Exit fees if breaking a fixed rate. Lenders Mortgage Insurance (LMI) may be required for high LVR loans.
Can I get pre-approval for an Athena home loan while overseas?
Yes, Athena allows pre-approval online for expats before finding a property. A full application is still required later.
Does Athena offer construction loans?
Yes, Athena provides construction loans to finance building a new property before converting to a standard home loan.
Can I manage an existing Athena loan from overseas?
Yes, you can manage an existing Athena home loan from overseas using their online portal for repayments and account maintenance.
How do I refinance my current Athena home loan?
You can apply to refinance your mortgage online with Athena. The process is streamlined for existing customers to obtain better rates or switch products.
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