Redraw on Advance Payments

To safeguard your interests, we have introduced the requirement for ALL borrowers and guarantors to execute the request for advance payments. Therefore, if there are two, three or four parties to the loan, all must sign the request. All requests must have original signatures and be delivered to the Cairns Penny Savings & Loans (no faxed copies) before processing will occur. Funds will be deposited to a nominated savings account within 24 hours of receipt of the request. These measures have not been introduced to inconvenience you, but to help us provide the best service possible. Our existing fees and conditions have not changed - one free draw a month, one month's payment to be left in loan account, minimum redraw $500.00. More than one redraw a month will incur a $20.00 fee.

Redraw Authority

Click to download a redraw authority form

 

Residential Loan Requirements

* Employed, or in receipt of other regular income sufficient to meet the loan repayments and other commitments
* 80% of any rental income can be included
* 25% of any Government pension or allowance can also be included
* All income must be substantiated
* Any "cash income" that is not declared is not considered
* Properties offered as security must be located within Queensland
* Sworn valuations are required where loans are in excess of 60% of estimated value. (Valuer to be approved by Cairns Penny Savings & Loans)
* Loans to 95% of sworn valuation will be considered
* Loans are subject to approval by Lenders Mortgage Insurer in cases where borrowing is in excess of 80% of sworn valuation
* In these cases, deposit moneys must be "proven savings"
* All major assets listed on application must be substantiated
* Copies of the last 12 months statements or a letter confirming the good conduct of any current or recently finalized loan.
* Approval is also subject to a satisfactory credit check through Baycorp Advantage

First Home Owner's Grant

If you are buying your first home or unit, you may be eligible for a $7,000 First Home Owner's Grant. Please contact us to discuss your eligibility or visit the Government website www.osr.qld.gov.au/fhog.

Penny Wise Account (S3)

Interest offset on nominated loan by the loan annual percentage rate less 2.00% p.a.

For more information contact Ewan or Ann on 07 40314460
Business Hours: Monday - Friday 9am - 4pm

 

Commercial Loans

Variable
Fixed 1 Year
Fixed 2 Year
Fixed 3 Year
8.99% p.a.
7.85% p.a.
8.20% p.a.
8.80% p.a.

Annual Percentage Rate: Interest calculated on daily balances and debited monthly.

Charges and Conditions apply.

 

Special Purpose Loans

Variable
Comparison Rates
8.60% p.a.
9.918% p.a.*

Annual Percentage Rate: Interest calculated on daily balances and debited monthly.

Charges and Conditions apply.

* Comparison Rates calculated on a loan amount of $30,000 over a term of 5 years on monthly repayments. All comparison rates are for secured loans only.

WARNING: This Comparison Rate applies only to the example given. Different amounts and terms will result in different comparison rates.  Costs such as redraw fees or early repayment fees, and cost savings such as fee waivers, are not included in the comparison rate but may influence the cost of the loan.

A Comparison Rate Schedule is available at our branch or view in online. (insert link to comparison rates table as per existing web site).