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About Split Home Loans

It may seem that choosing between a fixed and variable home loan is black and white, it’s either one or the other. However, there is a third way and it allows you to combine the best features of both loan types.

A split loan allows you to have a portion of your home loan with a fixed interest rate and the remaining portion with a variable interest rate.

You have the option of selecting the percentage you would like fixed and the percentage you would like variable, as long as the minimum fixed amount is covered, as per the individual loan requirements.

Compare our split home loan interest rates and product features below.


  • Enjoy fixed-rate security as well as the ability to pay off the variable portion of your mortgage sooner

  • Access features that only come with variable interest rate home loans, such as a line of credit and others

  • Have the ability to change your split percentages a set number of times for free, which offers you extra flexibility.


  • You may incur additional fees if you make extra repayments or pay off the fixed portion of your home loan sooner

  • You won't receive the full benefit of interest rate reductions that a variable home loan provides

  • You may incur additional fees for changing the split ratios more than the allowed number of times.

How does a split home loan work?

One of the toughest decisions you can make when choosing between mortgages is whether or not to choose a fixed rate or variable rate option. It can be an agonising choice, especially if official interest rates are relatively low. This is where a split home loan can be a great option. A split loan is not really a loan in itself, it’s really a feature of existing loans. In a nutshell, you can make part of your loan variable and part fixed. You have the option of working out exactly how much of each loan is fixed and how much is variable, which can be yet another tough call. Our experienced advisors are experts in split mortgages, and are only too happy to guide you through the whole process. There can be lots of benefits to splitting your loan up, and we want to make sure you can take advantage of all of them.

How can a split loan calculator help my decision making?

It is important when using a split loan calculator to make sure you have as much information as you can, and that the information is as accurate as possible. Calculators such as these are a great way to be able to get a full picture of how much the repayments will be, both for the variable and fixed part of your loan. As expected, they can also give you an idea of how much interest you will pay across the life of your loan. Simply put in the loan amount, when the payments will be made, how long the loan is for, and the interest rates. At Mortgage House, we have a range of calculators to help you take the steps to buying your new home, new investment property or simply to refinance your current loan. You can work out what your mortgage repayments can be, and even how much you may be able to borrow. Using the mortgages we offer, you can calculate the best rates for your split loan, and we also have a calculator that can help make decisions about switching loans easier. If you are unsure how you are going to afford a house deposit, our special budget calculator can help you get there. And we can even let you know how much stamp duty you are likely to pay on your new property.

Excited to be taking first steps on the property ladder

How can I make split home loan rates work for me?

As we detailed above, you have some flexibility when it comes to a split home loan. If you want to have half your loan fixed and half your loan variable, then you can. If you want 80/20, 70/30 or even 90/10, you can. You get the picture. Speak to us about what ratio might be best for you, and what you think you can afford.  But there are lots of advantages to splitting home loan rates. Obviously, having the security of a fixed rate, and the ability to pay off a variable portion is a big benefit. Most variable loans allow you to make extra payments without fees. This can save you thousands in interest over the life of your loan. And there are often more features with variable loans than there are with fixed rate loans, including lines of credit and offset account opportunities. And a lot of split mortgages allow you to change your fixed and variable ratio a number of times. This can offer you a fair bit of flexibility, and the peace of mind of knowing that if your circumstances change, you may be able to adjust your loan. However, you may have to pay additional fees.

What are the best split loan options?

As we mentioned above, split mortgages aren’t really individual loans, but are features of existing loans. As such, there is a lot to consider when finding the best option for you. There really isn’t one or two loans that stand out from the rest, as a result. So, when looking for the best option for you, make sure you take into account all the other features and fees and charges of the loan. Obviously, the interest rate is a good place to start. As is whether or not the loan has an offset option, and whether there is a minimum amount you are allowed to borrow. The next thing to consider is whether there are features such as redraw facilities, and whether you are allowed to make additional payments.

What about repayments?

The first thing to remember about repayments for split mortgages is that additional repayments for the fixed rate portion of the loan can attract fees. It can be difficult to put all the variables together when working out the repayments. Not only do you need to make sure you can afford the payments, but you need to calculate between both variable and fixed interest rates and payments. However, there are a lot of advantages to having a split loan, and we want to make it work for you.

Our Split Home Loans

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