Home Loans

great home loans

At Cairns Penny we know you want a home not a loan – so we do what we can to help you get rid of it!

We assess your loan needs individually – we don’t rely on a computer to decide whether we should lend to you. We listen to you.

Fixed Rates

If you’re looking for certainty in your repayments, you could consider a fixed rate.

  • A fixed rate means that the interest rate on your home loan will not change for the agreed period, giving you certainty in budgeting, as your payments will not change during that fixed rate period.
  • Overpay up to $20,000 in your fixed rate period without any penalty.
  • Yes – you can Offset on a Cairns Penny fixed rate – we are fairly unique – we allow our Fixed Rate loans to be Offset to help you pay off your home loan quicker and save interest. This also means you don’t have to add complexity with a ‘split loan’
  • You can also make a redraw if you need some cash – giving you great flexibility.

Variable Rates

If you want to overpay by more than $20,000, or you think rates may fall, then you may want a variable rate

  • Payments may increase or reduce depending on whether rates go up or down.

 Split Loans

If you’re looking for a split loan to get the best of both fixed and variable loans just come and talk to us.  We can usually agree your loan to suit your needs, our approach is flexible.

Offset loans

  • Cairns Penny Offset allows you to pay less interest on your variable or fixed rate home loan by linking your Offset Savings Account balance.
  • Instead of receiving interest on your savings (which is income in your tax return) you pay interest on a reduced balance in your home loan meaning you pay less interest overall.


  • If you’ve made extra payments on your home loan you can apply to redraw an amount over $500.
  • It’s an easy way to make sure you get the benefit of paying less interest, but with the flexibility of knowing that you can access your overpayments if you need to.

Tips to pay less interest!

  • Pay fortnightly or weekly rather than monthly. Dividing your monthly payment by 2 or 4 will see you pay an extra month off every year.
  • Increase your regular payment – even a few dollars each week adds up over time
  • Make extra payments if you have funds available
  • When interest rates fall, don’t lower your payments if you have been managing at the current level – just pay your home loan off quicker
  • Come and talk to us if you want to work out the best method for you! We want you save money and pay less interest overall.