You may know Athena for straightforward home loans and its approach to pricing. But if you run a business, the first decision is which part of its lending range fits your income evidence.
Athena offers standard loans for eligible borrowers with full financial records, as well as Tailored options for more complex situations. The distinction matters: a feature or fee promise attached to one product should not be assumed to apply across the range.
Full financials: compare the standard options
Athena's self-employed guidance points borrowers with complete, current personal and business financials towards its Straight Up and Power Up variable loans. These use full-doc income verification, including tax returns and income statements.
That is a useful starting point if your accounts can support the application. There is no need to assume self-employment automatically puts you into a lite-doc loan. Establish the lending fit first, then choose the features you will actually use.
Straight Up is the simpler variable option with redraw and no offset. For someone who wants a straightforward repayment loan and does not need a separate offset account, it is a product to include in the comparison.
Power Up adds offset and split-loan features. An offset may be useful if you keep a meaningful cash balance while managing uneven household income. The question is how much money you expect to keep there and whether the benefit justifies the difference in the actual quoted rate.
What changes with a Tailored loan?
Athena's Tailored range includes lite-doc lending with alternative income verification, such as an accountant letter. Athena says the Tailored lite-doc route requires at least two years in business. Its public information also describes the possibility of moving to another Athena loan once the borrower can satisfy full-doc requirements, without a refinance.
That could be useful where your business can support borrowing today but your financial records do not fit the standard route. Ask what evidence is required now, what the Tailored rate and fees would be, and what must change before a different loan could be considered.
The future move needs assessment. Do not base today's budget on an assumed rate reduction or a promise that another product will become available on a particular date. Check whether changing products could require new income evidence, a valuation or other conditions.
Keep the Tailored quote separate from the standard product advertising. A no-fee statement on a Straight Up or Power Up page does not establish that a Tailored proposal has the same costs.
Choose around your cash, not just the headline rate
A business owner can have substantial receipts and still have limited money available for the household. Before deciding an offset is essential, separate personal savings from money needed for tax, wages, suppliers and other business commitments. Get accounting advice before moving company or trust money for personal purposes.
Redraw and offset also work differently. Redraw is access to extra repayments under the loan's conditions; an offset is a linked account that reduces the balance used to calculate interest. If the property may later become an investment, seek tax advice before choosing how to hold or use spare funds.
Our self-employed refinancing guide covers the wider costs and evidence involved in changing lenders.
What to ask for before applying
Ask for a named product, its income-evidence requirements and a written outline of the rate, fees and features. If Tailored is proposed, ask why the standard route does not currently fit and what a future transition would require.
Flexdoc works with Athena and can help compare the relevant options through our residential lending service. Start with your financial records and the feature you need most, whether that is a simple loan, an offset or a different way to verify business income.
General information only. Your circumstances have not been assessed. Lending criteria, terms, fees and approval apply. Seek appropriate tax and legal advice.