Online lender, Athena, is offering new and existing customers the chance to win a history-making cashback offer of $100,000 towards their mortgage.
The latest move from the small lender sees new customers able to go in the draw to win $100,000 off their home, while existing customers can enter by referring a friend to sign up, with both customers then going in the draw.
While a competition and not a guaranteed chance of having your home loan reduced, anyone interested in applying will need to do so 31 October, and be approved by December 15 for either an Athena or Athena Select loan to qualify. Once approved, you go in the draw to win $100,000 taken off the value of your home loan.
The competition could make waves in the industry, though there's only one $100,000 home loan payment on offer. Athena notes this is a game of chance, however, with the winner picked at random. However, even if you don't win, Athena has said referral entries -- existing customers and their friends -- will pick up $250 each when they settle.
Athena's competition offers yet another approach for banks and lenders to convince customers to refinance, joining the regular assortment of cashback offers that provide an injection of money to make the jump to another lender.