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What is a split home loan?
A split home loan is where you can split your loan and have a part of your loan on a variable interest rate, and part of your loan on a fixed interest rate, so you can take advantage of both interest types. Key advantages of getting a split loan include getting the security of a fixed rate but also the flexibility that a variable loan features.
How does a split home loan work?
With a split home loan, you can ‘split’ your loan into multiple accounts, to reap the benefits of variable rate loans and fixed rate loans. You can choose how you split your loan, giving you flexibility to structure your loan to suit your lifestyle.
How much of a split loan can you fix?
You can choose how you'd like to split your loan. This is a flexible loan type, so you have the option to split the loan to suit you. For example, you can choose to split 60:40, with 60% of the loan has a variable repayment, while the other 40% is fixed.
What types of loans can be split?
Most loan types are able to be split, with the exception being construction loans.
Get started
Apply for a split loan online today. Or, one of our friendly lending specialist can do the hard work for you and manage your paperwork over the phone.
Either way, we can settle your loan quickly so you can start saving thousands sooner.
Why should you split your home loan?
There are many benefits that come with splitting your home loan, with key features being flexibility and certainty. With a split loan, you have the option to choose how much of the loan has a fixed interest rate, and how much has a variable interest rate, allowing you to tailor your loan to suit your preferences.
With this also comes certainty of always knowing what a portion of your repayment will be (due to the fixed rate percentage chosen).
Split Home Loan Rates
Product Name
Principal & Interest rate p.a.
Rollover Rate
Rate Type
Smart Booster Home Loan~ SPECIAL OFFER
Discount Variable - 2 year
2.10%
2.46% comparison rate*
2.50%
Variable
Smart Booster Home Loan~
Discount Variable - 1 year
2.24%
2.72% comparison rate*
2.73%
Variable
1 Year Fixed-
4.24%
2.96% comparison rate*
NA
Fixed
Principal & Interest rate p.a.
2.10%
2.46% comparison rate*
Rollover Rate
2.50%
Interest Type
Variable
Principal & Interest rate p.a.
2.24%
2.72% comparison rate*
Rollover Rate
2.73%
Interest Type
Variable
Principal & Interest rate p.a.
4.24%
2.96% comparison rate*
Rollover Rate
NA
Interest Type
Fixed
Want to see more home loan options? Compare our home loans
Benefits of a split home loan
Customise your loan
Enjoy the customisation of splitting your home loan how you choose to suit your needs
Make additional repayments
You can make unlimited additional repayments with the variable portion of your split home loan
Competitive interest rates
Secure a low fixed rate and take advantage of reduced repayments on the variable portion of the loan when the interest rate drops
Certainty of a fixed rate
Enjoy certainty of having a fixed rate while accessing the benefits and features of a variable rate loan
Added features
You can access loan features such as an offset sub-account with redraw for the variable portion of the loan
No fees
In addition to our great low rates, we don’t charge you any ongoing, monthly or annual fees.
Customise your loan
Enjoy the customisation of splitting your home loan how you choose to suit your needs
Make additional repayments
You can make unlimited additional repayments with the variable portion of your split home loan
Competitive interest rates
Secure a low fixed rate and take advantage of reduced repayments on the variable portion of the loan when the interest rate drops
Certainty of a fixed rate
Enjoy certainty of having a fixed rate while accessing the benefits and features of a variable rate loan
Added features
You can access loan features such as an offset sub-account with redraw for the variable portion of the loan
No fees
In addition to our great low rates, we don’t charge you any ongoing, monthly or annual fees
$0
Application fee
As an online lender, we save in overhead costs and pass those savings directly on to you. So, we don't charge you an application fee.
$0
Ongoing fees
No recurring monthly or annual fees helps save you thousands over the life of your loan.
$0
Repayment fee
No fees to make additional repayments and no limit to the number of additional repayments you can make, so you can pay your loan off sooner.
Read some of our real good feedback.
Our Google Rating
“ The entire team were all very patient as it took a long time for us to find a property
Extremely happy with these guys. I checked them out initially for their low rates but was most pleased with the various team members who helped arrange my loans, especially Ray the lending manager - absolute legend and he deserves a raise - such a great guy who sorted us out all along the way and explained everything very clearly. The entire team were all very patient as it took a long time for us to find a property, including a few false starts at auction. No wait times on the phone with them either. 100% recommended, especially after my experience of being with a major lender for a long time and paying above market interest rates for my loyalty.„
Lawrence I.
April 28, 2022
“ Friendly and efficient service
Seamless experience. Friendly and efficient service.„
Garth W.
April 25, 2022
Frequently Asked Questions
A fixed rate home loan is a loan that has a fixed rate which stays the same for the fixed period you choose, usually between 1-5 years. The fixed rate will not change during it’s fixed term, regardless of if market rates change, or your lender’s rates change. A variable rate home loan is a loan with an interest rate that can increase or decrease at any time, for a number of reasons including a change in the RBA cash rate or a change in your lender’s funding costs.
Yes, you can make additional payments on a split home loan. On the variable portion of your split loan, you can make unlimited additional repayments, and have access to withdraw additional repayments back from your loan’s redraw facility. On the fixed portion of your split loan, you can make additional payments of up to $10,000 per fixed year without penalty, however keep in mind the fixed portion does not have a redraw facility, so you will not be able to redraw upon your additional payments paid to your fixed portion.
Yes, you can add an offset sub-account to the variable portion of your split rate loan.
There can be many benefits of a split rate loan, depending on your financial situation and goals. The main benefit of a split rate loan is the ability to access the best of both a fixed rate loan, and a variable rate loan. A fixed rate loan offers you peace of mind that your interest rate & loan repayments will not change during the fixed period, meaning if rates increase, you will be assured your rate will not move. On the other hand, a variable rate loan offers you much more flexibility to make additional repayments, use your redraw facility, and add an off-set sub account to help maximise your interest savings.
Yes, you can refinance a split rate loan. Please however keep in mind that fixed rate break costs may be charged if you break the fixed term of your fixed portion early.
Our Process
loans.com.au makes applying for a split home loan simple. Here’s how.
Apply online
Apply online
Fill out our application online for one of our split home loans or talk to one of our Australian-based lending specialists to do the hard work for you.
Goodbye paperwork
Goodbye paperwork
Login to onTrack and upload documents at ease. Receive your documents from us and track your application to approval.
Settle and save
Settle and save
We do everything required for the loan settlement, so you can start saving money.
We’ve listed the pros and cons of variable vs fixed to help you find the product suited to your needs.
When you take out a home loan the money you borrow is called the principal, while the interest rate is the charge for borrowing the money, expressed as a percentage per year.
As the name implies, variable home loan rates vary, but how often can they actually change? Find out with loans.com.au
loans.com.au explains whether you can refinance a fixed-rate mortgage and how much it could cost you.
For most people, their home loan is their biggest debt and for that reason, there is a strong urge to pay it off faster.
An offset sub-account is a great feature for borrowers and can help you save time and money off your mortgage. Find out if an offset sub-account is right for you.