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First Home Buyers

Ready to take the leap and buy your first home?

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

Take the exciting first step to home ownership with our great value home loans.

Competitive interest rates

Enjoy competitive fixed and variable rates on your home loan.

Flexible loan features

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

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.

Old-school service

Buying your first 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 with your first home 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

When you visit us in branch, we will take you through the first home loan application process from start to finish. You will need to:

1. Contact our Home Loan Specialist.

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 today.

First home buyers FAQs

Who is Cairns Bank?

Cairns Bank is the trading name of Cairns Penny Savings & Loans Ltd. We’ve been supporting the Cairns community with their banking needs for over 125 years.

We take pride in our personal approach to banking. Getting to know our customers and delivering simple products and services is what we’re all about.

And as a customer owned bank we make decisions based on our customers’ needs, rather than the needs of shareholders.

A fixed rate loan allows you to lock in your interest rate for a fixed period of time, protecting you from rate rises. However, it’s important to keep in mind break cost fees may apply.

A variable rate loan on the other hand, has an interest rate that can change over time, depending on what is happening in the market. While this could see your repayments go up or down, often a variable rate home loan can come with greater flexibility.

During your home loan search, you may have noticed that two interest rates are listed – the interest rate and comparison rate.

The comparison rate includes other fees associated with the loan, allowing you to see the true cost of the loan. Comparison rates will use a sample loan amount and term, so it is wise to take the time to run the numbers for your specific circumstances.

Comparison rates are calculated on a loan amount of $150,000 over 25 years with monthly repayments.


The Loan to Valuation Raio (LVR) is the amount you borrow against a property calculated as a percentage of the value of your property itself. For example, if your loan amount is $400K and Cairns Bank’s security value of your property is $500K, then your LVR is 80%.

If your deposit turns out to be less than 20% of the property’s value, then Lenders Mortgage Insurance (LMI), is likely to apply. To put it simply, LMI is a one-off payment, which is typically added to the loan amount. It protects the lender if you were to default on the loan. 

However, there are other options available to avoid paying LMI such as a Security Guarantee from an eligible family member, which utilises equity in their property so that mortgage insurance is not required. 

Contact our lending specialists today to discuss your options and see how we may be able to assist you.

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.

Once you have saved your first home deposit, there are a few other costs to budget for including:

  • Stamp duty, which is a tax and territory charge. Use our stamp duty calculator to work out how much you will need to pay
  • Building and pest inspection fees
  • Conveyancer or solicitor fees
  • Mortgage registration fee
  • Lenders mortgage insurance, if your deposit is less than 20%, as mentioned above
  • Removalist fees, if you’re moving into the property


After you have purchased the property, you will also need to budget for the ongoing fees, such as:

  • Home loan repayments
  • Council rates
  • Water rates
  • Strata fees, if you’re purchasing an apartment, townhouse or villa

The goal should be to save up as much as possible for your first home. Most lenders recommend 20% or above of the purchase price. 

When you visit us in branch, there are several documents that you will need to bring with you. Visit our How to apply for a home loan page for a full rundown.

Once your loan is approved, you will receive pre-approval, and can start the fun part – looking for that perfect first home.

Apply for your first home loan today

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