Athena Power Up variable home loan

You can borrow up to 80% of a property’s value through Athena Home Loans, a digital lender offering fast loan approvals.

Athena Home Loans is a digital lender that offers competitive interest rates and convenient and fast service.

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Review by

Rebecca Pike is Finder's senior writer for money. She joined Finder after almost four years writing for business publications in the mortgage and finance industry, including three years as editor of Mortgage Professional Australia. She regularly appears as a money expert on programs like Sunrise and Today, as well as across radio and newspapers. She also holds an ASIC-recognised Tier 1 Generic Knowledge certification.

Expert review

The Athena Power Up variable home loan is a great solution for borrowers who want to make additional repayments towards their home loan but continue to have access to that cash.

It has a higher interest rate than Athena’s Straight Up home loan, but offers a 100% offset account as a result. This means you can make extra repayments into your offset account, reducing the amount of interest you’re paying but maintaining access to that money whenever you need it. Not only that, but you can add up to 10 additional sub-accounts (known as Cash Stashes) where you can contribute to your savings goals all while reducing your interest like the primary offset account.

Athena also allows extra repayments towards the loan at no cost as well as free redraw up to $20,000. If you’re interested in more casual access to the money, using an offset account might be the right feature for you.

The loan also has no fees attached to it. You don’t need to pay anything to apply or hold the account. Even if you exit the loan or settle the loan, there are no fees there either. It’s a great feature that many banks and lenders don’t offer.

About this loan

What are the features and benefits of the Athena Power Up variable home loan?

  • Loan purpose.The Athena Power Up variable home loan is for investors and owner-occupiers.
  • Loan to value ratio. You can borrow up to 80% of your property's value.
  • Loan amount.With this loan, you can borrow up to $2,000,000, with a minimum loan size of $100,000.
  • Extra repayments.This loan lets you make unlimited extra repayments at no cost.
  • No fees.This loan has no fees for applying or maintaining the loan, as well as for exiting, switching or settling the loan.
  • 100% offset account.The Power Up home loan offers a 100% offset account attached to the loan.
  • Cash stash accounts. As well as your primary 100% offset account, you can open up to 10 additional cash stash accounts. These work just like 100% offset accounts, but you'll use your primary account for making payments so these will act more like savings accounts. You can split your cash stash accounts up and name them after individual savings goals.

How to apply

To apply for this home loan or learn more about it, click the green button and follow the steps to connect with Athena Home Loans and start an application.

As a purely digital lender, Athena lets you apply directly on its website. You can start by going through the steps to check your borrowing power and eligibility.

Make sure you have the following relevant documents to complete your application:

  • Identification documents. You will need identification such as a driver's licence, passport or birth certificate.
  • Proof of income documents. Recent payslips can establish your income.
  • Asset and liability documents. You need to provide documents showing your current assets (savings accounts, investments) and liabilities (your outstanding debt).

When applying for the Athena Power Up home loan, a borrower should generally meet the following criteria:

  • Age. You must be over 18 years of age.
  • Residency. You should be a resident of Australia.
  • Employment. You should be either pay-as-you-go (PAYG) in a full-time, part-time or fixed-term PAYG contract, or self-employed trading for more than 2 years.
  • Credit history. You need good credit history.

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    Default Gravatar
    December 30, 2022

    I am war veteran on a military war pension earring a life time pension at todays wage of $5000 per month increase at gmt rate.
    I wish to obtain a $530000 loan for Land and a home.
    I have $100,000 cash
    Can I get this size loan …. B.Raskow

      February 21, 2023

      Hi Brian,

      At Finder, we don’t issue home loans to borrowers. Instead we provide general information. If you’re interested in this loan, you can reach out to Athena.

      Kind regards,

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