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Buying or Refinancing

Looking to buy a new home or refinance your loan?

Enjoy low rates from.

6.39% p.a.,1

Comparison rates from.

7.34% p.a.,2

2 year fixed rate on owner occupied or investment home loans with principal and interest repayments.

Key Features

Buying or refinancing has never been easier with our great value home loans.

Competitive interest rates

Enjoy competitive fixed and variable interest rates on your home loan.

Fast turnaround on approvals

As a community focused bank, we have the local knowledge, the flexibility and the team to get your home loan approved much faster than the big banks.

Flexible loan features

Have up to 8 offset accounts for both variable and fixed rate loans. Redraw facility available on all loans. Construction loans are also available.

Old-school service

Refinancing or buying new home can be overwhelming. Our home loan team will take the time to support you through the process and help you get the best outcome.

Rates & Fees

Enjoy competitive fixed and variable rates when buying or refinancing your loan.

Loan typePrincipal & InterestComparison Rate
Fixed 1 Year 6.54% p.a.
7.65% p.a.
Fixed 2 Years6.39% p.a.,1
7.34% p.a.,2
Fixed 3 Years6.44% p.a.
7.27% p.a.
Standard Variable Rate7.34% p.a.
7.54% p.a.
Loan typeInterest OnlyComparison Rate
Fixed 1 Year 6.74% p.a.7.65% p.a.
Fixed 2 Years6.59% p.a.7.54% p.a.
Fixed 3 Years6.64% p.a.7.47% p.a.
Standard Variable Rate7.54% p.a.,17.74% p.a.,2

Most of our banking is free. Where we need to make a charge, we keep these to an absolute minimum.

For more information about our fees and charges click here.

How to apply

Whether you’re buying a new home or refinancing your current loan, we’ll help you every step of the way through the loan process. All you need to do is:

1. Contact our Home Loan Specialists

2. Provide us with supporting documentation.

Home insurance

When you take out a home loan with Cairns Bank, you’ll need the cost of the home to be covered by home insurance. If you need a hand making sure you’re properly covered get in touch with our insurance partners Optimus 1 today.

Purchase FAQs

How can I find out how much I can borrow?

The maximum amount you can borrow is called your borrowing capacity. It depends on your income, your living expenses, and other loan repayments you may have. You can use Cairns Bank’s borrowing calculator to get an estimate of your borrowing capacity. From there, contact one of our lending specialists who will conduct an an in depth review of your borrowing capacity.

An offset account is like a regular transaction account, with one key difference: it is linked to your eligible home loan and can save you money.

Just like a regular transaction account, you can make deposits or withdraw from your offset account, whether online, using a debit card or at an ATM.

The difference is that the money you have in this account is then fully set-off against the outstanding balance of your home loan when we calculate loan interest. This means the interest you pay is based on your home loan balance less the balance in your offset account.

At Cairns bank, an offset account comes attached to your home loan, and you can open up to eight offset accounts.

To find out more click here.

Generally, Cairns Bank will lend you up to 80% of the purchase price, so you’ll need to have a deposit of 20% plus costs to complete your purchase. Government grants may be available to help you with your deposit. However if you can’t still can’t achieve the funds you need, alternatives may be available to you such as Lenders Mortgage Insurance (LMI), where you may be able to borrow up to 95% (an insurance premium applies that you may be able to add to your loan), or a security guarantee from an eligible family member, where they use equity in their property to support your loan.

Cairns Bank may provide pre-approval (also known as approval in principle or conditional approval) to eligible customers who apply for a Cairns Bank home loan, complete an application form, and satisfy any other applicable lending requirements. Pre-approval is an approval for a loan subject to conditions being met, including that security is satisfactory to Cairns Bank.

A pre-approval can give you the confidence to narrow your search for properties within your price range. It will also show sellers and their agents that you are serious about the purchase and understand your likely repayments. Pre-approvals are not essential, but they can be a good idea so that you feel more confident when buying at either private treaty or at auction. Keep in mind they are usually valid for around three months and are conditional on your situation not changing.

Refinancing FAQs

What are the benefits of refinancing my home loan?

There are a great range of benefits to making the switch to Cairns Bank. You can take advantage of our competitive interest rates and select a home loan with the features you need, such as an offset account or redraw facility.

If you’ve owned your property for some time, you may also be able to unlock equity in your home, allowing you to tackle that home renovation, invest in another property, or pay down other debts. And of course, there is the benefit of dealing with a local, customer-owned bank that aligns with your values and provides you with the customer service you need.

If you have equity of less than 20% in your property (which means you owe more than 80% of the property’s value), you may need to pay lenders mortgage insurance (LMI) again on your new loan with Cairns Bank. This is because LMI is not transferrable across lenders.

Generally no, you will not need to pay a deposit when you switch your loan to Cairns Bank. However it will depend on the equity you have in your property based on the security value we apply to it.

When you refinance your loan to Cairns Bank, we will require a security valuation of your property, which may be by either a valuer in person or an electronic valuation. We will work through this with you as part of the application process.

Refinance your home loan today

To find out more or to refinance for a home loan, book an appointment with our friendly team or visit us in branch.