Deposit planner
Set a savings goal for your home loan deposit.
Other tools and calculators
Borrowing power
Discover how much you can afford to borrow
Budget planner
Get a clear idea of where your money is going.
Repayment Calculator
See what your home loan repayments could be.
Stamp duty calculator
Work out the cost of stamp duty for your state or territory.
Key fact sheet
Get an overview of the overall costs of a home loan.
Personal loan calculator
Know what your car loan or personal loan repayments might be.
Home loan key features
Our home loans come with:
- Competitive fixed or variable rates
- Fast approvals
- Principal and interest monthly repayments
- Offset account available for both fixed and variable rate loans
- Choose a loan term that suits you up to 30 years
- Redraw facility on all loan types available
- Pre-approval available
- Friendly and helpful team in branch or over the phone
Home deposit FAQs
What is the purpose of our calculators?
We understand that it is important to have a clear idea of your financial situation. That’s why we have designed a range of calculators that will allow you to see everything from what the cost of stamp duty could be for home loan borrowers, to an overview of where your money is going each month to how much you will pay in repayments and interest over the life of the loan.
Take the time to run the numbers according to your specific scenario, but keep in mind that our calculators only provide a general overview. Our friendly team is always here to help. Book an appointment with our lending specialists.
Give us a call on (07) 4031 4460 or email us at loans@cairnsbank.com.au and book in a time to come and chat.
How much do I need to save for a home deposit?
The goal should be to save up as much as possible for your home deposit. Most lenders recommend 20% or above of the purchase price. However, there are first home loans available with 5% and 10% deposits. If you choose a lower deposit option, you may need to pay Lenders Mortgage Insurance (LMI).
What does loan to value ratio mean?
Another term that you may see on your home loan journey is loan to value ratio, which is often abbreviated to LVR. Your LVR will be calculated by taking your deposit and comparing it to the value of the property.
Below is the calculation you can use, to work out your LVR:
Loan amount ÷ property value = LVR.
Let’s use a quick example. Let’s say your deposit is $50,000 and the property’s value is $500,000, in that case you would need to borrow $450,000, making the LVR calculation: $450,000 ÷ $500,000 = 10%.
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.
What will I need to apply for a home loan?
Once you have saved your home deposit and ready to 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.
Apply for a home loan today
To find out more or to apply for a home loan book an appointment with our friendly team.
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