Athena Home Loans
Independent digital-first non-bank with no-annual-fee variable rate positioning.
- Consistently sharp variable rate for prime owner-occupier P&I
- No annual fee on the standard variable product
- Fully digital application with fast settlement on clean files
- Strong refinance positioning against packaged Big 4 alternatives
- No fixed-rate product
- No construction lending
- No retail branches or transaction accounts
- Complex credit files generally do not fit
Athena's standard variable typically sits 20-50 basis points below packaged Big 4 equivalents for prime files at low LVR.
ING Australia
Digital bank (ADI) with mortgage range covering variable, fixed and offset.
- Full product range including fixed rates and offset (Orange Advantage)
- ADI status with depositor protection
- Mortgage Simplifier with no annual fee for non-offset borrowers
- Established broker channel
- Orange Advantage annual fee on offset product
- No physical branches
- Credit policy can be conservative on complex files
- Fixed rate products do not include offset
ING Mortgage Simplifier sits in the same broad range as Athena; Orange Advantage prices slightly higher to fund the offset feature.
The structural difference: bank versus non-bank
The first material difference between Athena and ING is regulatory status. ING Australia is an Authorised Deposit-taking Institution (ADI) under APRA supervision, which means it can take customer deposits and those deposits are covered by the federal Financial Claims Scheme. Athena Home Loans is a non-bank lender, which means no ADI status and no retail deposit-taking.
For borrowers, this matters in two practical ways. First, if you want a transaction account or savings product alongside your mortgage, ING offers them and Athena does not. Second, the wholesale funding model behind a non-bank can be more sensitive to capital-market stress than an ADI funded partly through retail deposits. Both lenders have operated through multiple stress periods without disruption, but the structural risk is different.
Where Athena has the edge
Athena's deliberate no-annual-fee position is genuinely differentiating. For prime borrowers who do not run a meaningful offset balance, the Athena variable rate plus no annual fee frequently produces a lower total cost over the loan life than an ING Mortgage Simplifier (similar rate, no annual fee, no offset) or the more expensive Orange Advantage (offset included, annual fee applies).
Athena's focus on prime owner-occupier P&I refinance is also a deliberate strength. The credit policy is tuned for this segment and the application path is streamlined. For borrowers who fit the profile, Athena typically delivers a faster decision and cleaner experience than a broader lender.
Where ING has the edge
ING offers a complete product range that Athena does not. Fixed rate products, the Orange Advantage with 100 per cent offset, investor lending, and integration with the broader ING banking platform (transaction account, savings, credit card). For borrowers who want a full banking relationship with one provider, ING delivers that and Athena does not.
ING's ADI status also matters for a specific cohort of borrowers: those who feel more comfortable with a bank-supervised lender versus a non-bank, regardless of the structural reality. The Financial Claims Scheme protection on deposits is a tangible reassurance even where the borrower has no deposit at risk.
The offset question
The single biggest decision between Athena and ING for many borrowers is the offset question. Athena offers offset on its Power Up product variant for an additional fee, but the standard Athena variable is offset-free with redraw. ING offers 100 per cent offset on Orange Advantage in exchange for an annual fee around the $300 mark.
The maths is the standard offset-versus-fee comparison. If your offset balance is consistently large enough that the interest saving exceeds the annual fee, ING Orange Advantage wins. If you do not run a meaningful offset balance, Athena variable wins on total cost. The crossover is at a relatively low offset balance for most borrowers.
Which lender for which file
Frequently asked questions
Is Athena or ING cheaper?
For prime owner-occupier P&I borrowers who do not run a meaningful offset balance, Athena's no-annual-fee variable typically produces a lower total cost than ING Mortgage Simplifier. For borrowers running a meaningful offset balance, ING Orange Advantage frequently wins despite the annual fee.
Is Athena a bank?
No. Athena Home Loans is a non-bank lender, which means it is not an ADI and does not take customer deposits. ING Australia is an ADI.
Does Athena offer offset?
Athena offers offset functionality on its Power Up product variant for an additional fee. The standard Athena variable is offset-free with redraw. For borrowers who definitely want offset, ING Orange Advantage is the more straightforward option.
Does ING offer construction loans?
ING writes some construction lending but it is not the bank's strongest product line. For construction loans, the Big 4 or specialist construction lenders typically have more experience and smoother workflows.
Can I refinance between Athena and ING?
Yes, both lenders accept external refinance applications. The streamlined like-for-like APG 223 carve-out applies where the loan size is unchanged. For most refinance shoppers, the practical decision is which lender to refinance to, not whether to keep moving between non-bank options.