Cairns Penny Savings & Loans

Comparison guide for home loan offers from Cairns Penny Savings & Loans Ltd

Cairns Penny Savings & Loans Ltd has been providing banking services to the people of North Queensland for more than 110 years.

Rates last updated October 14th, 2019
Loan purpose
Offset account
Loan type
Repayment type
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Name Product Interest Rate (p.a.) Comp Rate^ (p.a.) Application Fee Ongoing Fees Max LVR Monthly Payment Short Description
$12 monthly ($144 p.a.)
Borrow from $10000 up to $1000000.
$12 monthly ($144 p.a.)
$12 monthly ($144 p.a.)
Have the ease of budgeting and knowing your repayments with Cairns Penny Savings & Loans Standard Fixed Home Loan.
$12 monthly ($144 p.a.)
Borrow up to 80% LVR.

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Who is Cairns Penny Savings & Loans?

Cairns Penny Savings & Loans Ltd was established in 1899 and aims to provide a more personalised and friendly banking service to its customers compared to most of the traditional banks. Owned by its members, Cairns Penny’s operations are similar to that of a credit union. However, because the core business of Cairns Penny is secured lending, it has a more conservative risk profile than some other financial institutions.

Cairns Penny offers all the usual services that one expects of a bank, such as a range of different accounts, financial planning and insurance, as well as providing loans for homes, cars, and businesses. Customers have the option of registering for internet banking as well as using Cairns Penny’s main branch located on Grafton Street in Cairns.

Home loans offered by Cairns Penny Savings & Loans

Standard Variable Rate

The Standard Variable Rate loan allows for more flexibility and benefits than a fixed rate. It features a mortgage offset account which reduces the amount of interest payable on your home loan and has a redraw facility.

Direct payments from your salary and additional payments can be made on the loan, and you can even change over to a fixed rate home loan if this seems preferable at any stage.

Fixed Rate

The main advantage of a Fixed Rate home loan over a variable one is that it gives you certainty about how much you will be paying each instalment. Otherwise, many of the features of this type of loan are the same as for variable rate loans.

This loan includes a mortgage offset account which can reduce the total amount of interest you have to pay, while a redraw facility allows you access to payments you have already made to the loan. You can elect to make payments by direct salary transfer or lump sum, and can make additional payments at any time. You also have the option of renewing your fixed rate loan when you come to the end of the initial agreement.

Other offerings

Cairns Penny also offers bridging finance and line of credit loans to help home buyers and investors meet their financial goals.

Pros and cons of Cairns Penny Savings & Loans home loans


  • Personalised service. Cairns Penny Savings & Loan provides a personalised, friendly and efficient service. A one-on-one contact service is available to anyone who wants advice on home loans.
  • Help for first-home buyers. Cairns Penny can assist first-time home loan customers with getting the First-Home Owners Construction Grant. This is also known as the Great Start Grant and is intended for any first-home owner who builds or buys a new home on or after 12th September 2012.
  • Online tools. The Cairns Penny website has a clear and concise home loan fact sheet that automatically adjusts for the type of home loan rate you want, the amount you want to borrow and the term you are considering. Just enter your details and the fact sheet will display all the necessary information including total amount you will be paying, the interest rates involved and comparison rates.


  • Fees. There is a one-off application fee for any home loan application.

How to apply for a Cairns Penny Savings & Loans home loan

All you have to do to apply for a Cairns Penny home loan is make an appointment to talk to a representative. You can phone Cairns Penny directly or get in touch via email.

It’s worth using the company borrowing calculator to work out how much you can borrow in advance. The calculator can be accessed on the Cairns Penny website.

When you meet with a Cairns Penny representative you will be asked to show a number of documents relating to your identity as well as your financial status, so it is worth taking the effort to make sure you have as many of these as possible available at the time.

Documents needed to apply for a Cairns Penny Savings & Loans home loan

Personal information

  • Records of your current salary and any other income
  • A recent tax assessment
  • If self-employed, you’ll need to provide your last two tax assessments
  • Bank account statements for the last 12 months
  • Credit card statements for the last three months
  • Details of any loans you are currently paying off
  • Details of any assets you own, including property
  • A contract to purchase either a house or land
  • A passport and/or driver’s licence

Use’s online comparison tools to see how Cairns Penny’s home loans stack up against other products on the market, and seek professional advice to find a home loan to suit your needs.

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2 Responses

  1. Default Gravatar
    VickiJune 27, 2014

    There is a house next door to me
    At that time the house was financed through BAC;I called BAC and they said that Penny’s Loan Institution has it. I don’t want the house for myself, but I am inquiring about the sell price, or if will be for rent? I look forward to hearing from you soon.

    • Avatarfinder Customer Care
      ShirleyJune 27, 2014Staff

      Hi Vicki,

      Thanks for your question.

      Unfortunately you’ve come through to, an online comparison service. Please contact the customer service team at Cairns Penny Savings and Loans directly about your enquiry.


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