Calculate your split home loan repayments
Your contracted home loan repayments will be set to a monthly frequency, meaning you will need to meet the agreed repayment amount by the due date stated on your loan contract each month. To meet this minimum monthly amount, you can however make repayments weekly or fortnightly.
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Heard some home loan lingo but are unsure what it means? Find the answers explained in simple terms (not bank-speak) right here.
You can easily apply for a split loan online or by connecting with one of our friendly Home Loan Specialists.
If you apply online, you may notice that you will be asked to select one home loan. When you get to this part simply select one of your choices and let your Home Loan Specialist know you’re interested in a split loan when they contact you. This is explained during the online application process, so you don’t need to worry about missing this step.
Simply enter the total amount of your home loan (or how much you want to borrow) and the interest rate for both loans. Then select how you would like to split your loan portions. The calculator will run the numbers for you and tell you the repayment amount.
Don’t be afraid to experiment with your percentages. For example, you may prefer to have 60 per cent of your loan in the fixed rate portion and 40 per cent variable instead of a 50/50 split.
The split loan calculator estimates your repayments so you can get an idea of your potential savings when splitting your home loan. As always, if you have a question, our Home Loan Specialists are here to help.
The split loan calculator is useful for estimating your repayments before you decide to apply for a split loan. You’ll also receive a breakdown of the fixed portion and the variable portion of your loan.
Feel free to try a few different combinations and scenarios to find your ideal split loan.
Splitting your home loan is one way of gaining greater control over your repayments. You'll manage the risk of an interest rate rise with a fixed portion, while the variable portion means you won't miss out on the savings if interest rates drop.
Many variable rate loans come with extra features such as an offset account and no limits on making extra repayments; a split loan lets you take advantage of these features too.
If you're refinancing or simply can't decide between a fixed or variable rate home loan, a split loan can give you the best of both worlds.
You’ll need a minimum mortgage amount of $100,000 to split your loan. And, you can have a minimum of $10,000 in any loan portion. There are no maximum limits
For example, a $100,000 home loan could be split into a $90,000 three-year fixed loan and a $10,000 variable home loan.
You can split your loan at any time. Many of our customers switch to a split loan because their household budget and lifestyle has changed since they first took out their loan. While others apply for a split loan straight away.
If you have a question or are in the research stage for your split loan, we’re here to help. You can connect with a Home Loan Specialist at any time.
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Rates are current as at 7 March 2024 and subject to change.
Great Southern Bank, a business name of Credit Union Australia Ltd ABN 44 087 650 959, AFSL and Australian Credit Licence 238317. Lending criteria, limits, conditions, and fees apply. Applications are subject to credit approval.
1 Discounts off the Basic Variable Reference Rate are available to (a) new home loans with a minimum application amount of $100,000; or (b) switching or restructuring of the home loan you already have with us when it includes new borrowing of at least $10,000; for new home loan applications unconditionally approved on or after 7 March 2024. Published interest rates are inclusive of any discounts off the respective Reference Rates. Interest rates and discounts vary based on the loan purpose (owner occupier and investor), repayment type (principal and interest, interest only, construction) and Loan to Value Ratio (LVR). Maximum LVR applies and includes Lenders' Mortgage Insurance and Great Southern Bank loan setup fees where applicable.
2 Great Southern Bank may withdraw or amend this offer at any time without notice. A change in your loan purpose, your repayment type or your loan product will permanently end your entitlement to the discount.
3 LVR means ‘Loan to Value Ratio’. It is the amount of your loan divided by the valuation of your property, calculated as a percentage. For example, if you apply for a loan of $400,000, which will be secured by a property valued at $500,000, your LVR is 80%. We calculate your LVR at the time we approve your loan and your discount won’t change because of changes to the LVR during the life of your loan.
#Offer includes $0 Establishment Fee and is open to new or existing customers applying for a minimum application amount of $100,000 or more. Excludes applications for Internal Refinance of existing facilities. Applications must be received between 31/08/2022 and 30/06/2024 and settled by 30/09/2024. To be eligible to apply online you must be at least 18 years of age, a permanent resident of Australia, applying for yourself or as a married/defacto couple and buying an existing property or refinancing. Great Southern Bank may withdraw or amend this offer at any time without notice.
* Comparison rate accurate for $150,000 secured loan over 25 years. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate.