There are several different types of home loans, and it’s important to consider which one is right for you and your lifestyle. 

A split loan is a home loan option you can choose. Before we explain a split loan, we need to explain fixed home loans and variable home loans. Let’s break it down. 

What is a split loan?

A split loan is where you can choose a fixed interest rate for part of your loan amount and a variable interest rate for the rest. The fixed portion helps to protect you from rate rises while the variable portion allows you to pay off some of your loan sooner, and benefit from any falls in interest rates. 

A split loan can be a way for you to access additional features offered by variable home loans, while locking in some certainty with a fixed rate. For example, at People’s Choice with a split loan you have access to an offset account – which you wouldn’t be able to get with a solely fixed home loan. 

Features of our split loans

  • No additional fee for splitting your loan
  • Make unlimited extra repayments on the variable portion of your loan
  • Offset account option
  • Redraw facility on variable portion
  • Rate lock facility for fixed portion
  • Enjoy the certainty of fixed repayments for your fixed portion
  • Flexible repayment frequency - pay weekly, fortnightly or monthly
  • Loan terms up to 30 years

Applying for a split loan

Whether you’re wanting to apply for a new split loan, or split your existing home loan, we’re here to help. A Home Loan Adviser can review your needs and the various split loan options, including the amount to have within each portion as fixed vs variable.


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