Split Home Loan Repayments Calculator

Use Savvy’s split loan repayment calculator to work out how much you could save on your home loan by splitting it in two.

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, updated on August 7th, 2023       

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In the past, borrowers had to choose between the flexibility of a variable interest rate for their home loan and the security of a fixed rate.  However, it’s now possible to enjoy the benefits of both by choosing a split loan. Use Savvy’s split loan repayment calculator to work out what your mortgage repayments will be before you compare home loans right here.

Split loan calculator explained

How does the split loan calculator work?

The split mortgage calculator is like two calculators in one.  It gives you information about the two separate parts of your loan: the fixed portion and the variable portion.  The fixed portion is represented in black on the loan balance chart, and the variable portion is represented in green. 

The green variable information is always shown on top in the chart.  You may find the black, fixed rate portion is presented behind the green if your fixed rate loan portion is less than 50%.  In this instance, to view your fixed rate information, click on the black dot which appears just to the right of the ‘amount owning’ axis line. 

Enter required information, then click

The results will show how much your loan repayments will be on both the fixed and variable portions of your loan.  After your fixed rate period is over, the entire loan will revert to the variable rate and you’ll only be contributing one repayment, which the split mortgage calculator lists separately as ‘total monthly repayments (after x years).’ 

Finally, the split home loan calculator shows you the total interest you’ll pay on your split loan and the total you would’ve paid if you hadn’t fixed your loan on a lower interest rate for a set number of years.

Can I choose the portion of my loan which is variable and fixed?

Yes – you can choose how much of your loan has a fixed interest rate, and which portion of it is on a variable rate. Common split percentages are 50/50, 60/40 or 70/30.

How much of my loan should I fix?

  • If you believe that interest rates are going to climb in the next few months, it would make sense to fix a higher portion of your loan, such as 70% fixed and 30% variable, to protect the majority of your loan from interest rate rises
  • If you feel that interest rates are going to fall in the next few months, you could leave a larger proportion of your loan on a variable rate, as you will then benefit from any interest rate reductions

Are loan fees higher if you split your home loan?

Most likely, yes – you may end up paying more in fees if you split your home loan, as you may have to pay establishment fees (usually $200 to $700) or ongoing account keeping fees ($10 to $35 per month) on both loan portions, just the same as if you have a loan which is not split.

However, it might be worth your while paying these additional fees for the benefits you’ll gain from having the convenience of both a fixed and a variable rate loan so you can enjoy the best of both worlds.

Savvy compares home loans side-by-side so you can clearly see which loans have the lowest fees.  By using the split home loan calculator, and comparing different loans, you can make sure you’re applying for the best split loan available which will suit your needs.

What are the advantages of splitting my home loan?

More frequently asked questions about split home loans

What is a bank’s standard variable interest rate?

A bank’s standard variable interest rate (SVR) is a bank’s officially announced set interest rate.  It is based on the Reserve Bank of Australia (RBA) cash interest rate, which it announces each month after its monthly meeting.  However, most variable rate loans are offered at a discount to a lender’s published SVR.

Are split loans available to first homebuyers?

Yes – split home loans are available to all borrowers, whether you’re a first homebuyer, a refinancer, an owner-builder or a property investor.  Use Savvy’s split loan repayment calculator to see how much you could save as a first homebuyer choosing to split your mortgage.

Can I fix my loan again once my initial loan period expires?

Yes – many lenders will allow you to refix your interest rate multiple times over the life of the loan.  However, this doesn’t mean you’re guaranteed to receive the same interest rate that you were offered previously. Lenders are likely to offer a different interest rate on your fixed loan depending on how interest rates have changed in the time since you first took out your split loan.

How long can I fix my loan’s interest rate for?

Lenders generally offer fixed term rates between one and five years, although longer fixed terms up to ten years are available in some circumstances.  Introductory loans generally have a fixed interest rate for one to two years.

Can I get a split loan for my investment property loan?

Yes – investment loans come in all shapes and sizes to suit the needs of a variety of property investors, from split or fixed interest-only loans to variable principal and interest loans to low deposit and guarantor loans.  There's a mortgage available for almost every borrowing investment need.

Will my offset account work for both the variable and fixed portion of my loan?

No – your offset account will only be linked to one part of your loan, which will likely be the variable portion.  However, some lenders do allow borrowers to have more than one offset account, but you’d need to deposit funds into both accounts to gain the offset benefit on both sides of your loan.

If I make extra repayments and pay my variable loan portion off early, will I be charged early exit fees?

No – early exit fees on variable rate home loans were banned in Australia in July 2011, so they’re only charged on fixed rate, fixed term loans.  It would be possible to pay off the variable portion of your loan but continue to pay your fixed portion so you avoid paying early exit fees.

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