How to apply
To make sure your application is as quick and easy as possible, you should bring the following along when you come to see us:
- Your 2 most recent pay slips or last 2 years Financial Statements and Notices of Assessments (if self-employed)
- Evidence of rental income – rental statements or copy of lease
- The most recent 3 months transactions on all bank accounts and credit card accounts on all non Cairns Bank accounts
- 6 months of all Loan statements for all non Cairns Bank loans
- Statements on superannuation and shares held
- Current rates notice on all properties
- If you have already bought a property – a signed copy of the Contract of Sale
- Personal identification
- Licence
- Passport/or Birth Certificate and Medicare Card
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Home Loan 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.
What is the difference between a fixed and variable interest rate?
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.
What is the difference between the interest rate and comparison rate?
During your home loan search, you may notice 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.
Here at Cairns Bank, our comparison rates are calculated on a loan amount of $150,000 over 25 years with monthly repayments.
What does loan to value ratio mean?
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%.
What is lenders mortgage insurance?
If your deposit turns out to be less than 20% of the property’s value, which was the case in the above scenario, 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.
Buying or refinancing
Looking to buy a home or refinance your loan?
First home buyer
Deposit at the ready? We can help with a loan for your first home
Investment property
Need finance for your investment property portfolio?
Tools and Calculators
Apply for a home loan today
To find out more or to apply for a home loan, book an appointment with our friendly team or visit us in branch.
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