Learn more about split loan
How to use our Split Loan Calculator
Using the Split Loan Calculator is simple. Enter the required details and your estimated repayments will be calculated automatically. You can adjust each field to see how different variables could affect your loan.
Loan amount - This is the total amount you plan to borrow.
Loan term - This is the length of time you will take to repay your split home loan.
Repayment frequency - Choose how often you want to make repayments. You can select monthly, fortnightly, or weekly.
Fixed portion of loan - This is the amount of your home loan that will have a fixed interest rate.
Fixed term - This is how long the fixed rate will apply. You can choose a period from one to five years.
Fixed rate - Adjust the interest rate for the fixed portion of your loan.
Variable rate - Adjust the interest rate for the variable portion of your loan.
The calculator will estimate your fixed repayments, variable repayments, total monthly repayment, repayments after the fixed period ends, total interest payable, and the overall loan cost.
The calculator provides an estimate only. If you have questions about a split loan, if you have any questions, our friendly lending team is here to help!
FAQs
A split home loan allows you to divide your loan into two parts. One portion will have a fixed interest rate, and the other will have a variable interest rate. For example, if you borrow $750,000 and choose a 70:30 split, $525,000 would sit on a fixed rate while the remaining $225,000 would be on a variable rate.
Most lenders offer flexibility with how you divide the loan amount, so you can choose a split that suits your financial goals.
A split home loan can offer you the advantages of both rate types. If interest rates fall, the variable portion of your loan may benefit from lower repayments. If rates rise, the fixed portion protects you from experiencing the full impact of a repayment increase.
You can tailor the split to suit your needs and goals to access features from both fixed rate and variable rate loans.
A split rate loan lets you access features from both fixed and variable loans. The fixed portion provides certainty because your interest rate and repayments will stay the same for the fixed term, which can protect you if interest rates increase. The variable portion offers flexibility, such as allowing you to make additional repayments, access redraw and use an offset sub-account to help reduce interest charges. This combination can be useful if you want stability while able to access flexible loan features.
Most lenders allow you to choose how you divide your loan, whether it is 50:50, 70:30, or another combination that suits your scenario.
When your fixed period expires, that portion of your loan usually reverts to the lender’s standard variable rate unless you choose to refix or restructure.
Yes, additional payments are allowed on a split home loan. At loans.com.au, you can make unlimited extra repayments to the variable portion of your loan and access them later through your redraw facility.
Whereas, on the fixed portion, you can make up to $10,000 in extra repayments per fixed year without penalty. Keep in mind that the fixed portion does not have a redraw facility, so you will not be able to access the extra funds you pay into that part of the loan.
Yes, you can refinance a split rate loan. However, if you refinance during the fixed period, you may be charged fixed rate break costs. It is important to check these costs before making any changes to your loan.
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Kathryn
Lending Specialist
Real people, based in Brisbane, Australia
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