Compare split home loans

The table below compares home loans from our Online Partners that have the split interest rate feature available.

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promoted
Fees & charges apply. Australian Credit Licence 237391.
5.54%
Variable
5.57%
$2,852
Principal & Interest
dot
Cashback up to $4,000*
dot
$0 application fees, monthly or annual fees
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Apply Online
Cashback
Owner occupied
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 237391.
Fees & charges apply. Australian Credit Licence 237391.
promoted
Fees & charges apply. Australian Credit Licence 395219.
5.54%
Variable
5.58%
$2,852
Principal & Interest
dot
Available for purchase or refinance, min 10% deposit
dot
Fast turnaround times to meet tight settlement timeframes
dot
No application, ongoing or monthly fees.
Owner occupied
10% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 395219.
Fees & charges apply. Australian Credit Licence 395219.
promoted
Fees & charges apply. Australian Credit Licence 240701.
5.63%
Variable
5.66%
$2,880
Principal & Interest
dot
Award-winning products and service. Fast approvals.
dot
Discover competitive rates, no ongoing fees & flexible options.
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P&N Bank is your local way home.
Owner occupied
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 240701.
Fees & charges apply. Australian Credit Licence 240701.
promoted
Fees & charges apply. Australian Credit Licence 237476.
5.49%
Variable
5.50%
$2,836
Principal & Interest
Cashback
Owner occupied
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 237476. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 237476. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 237391.
5.54%
Variable
5.57%
$2,852
Principal & Interest
Cashback
Owner occupied
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 237391. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 237391. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 395219.
5.54%
Variable
5.58%
$2,852
Principal & Interest
Owner occupied
10% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 395219. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 395219. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 244533.
5.49%
Variable
5.85%
$2,836
Principal & Interest
Owner occupied
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 244533. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 244533. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 236476.
5.39%
Variable
5.46%
$2,805
Principal & Interest
Owner occupied
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 236476. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 236476. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 214077.
5.49%
Variable
5.52%
$2,836
Principal & Interest
Owner occupied
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 214077. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 214077. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 238981.
5.49%
Variable
5.55%
$2,836
Principal & Interest
Owner occupied
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 238981. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 238981. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 388053.
5.54%
Variable
5.59%
$2,852
Principal & Interest
Cashback
Owner occupied
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 388053. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 388053. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 237391.
5.64%
Variable
5.76%
$2,883
Principal & Interest
Cashback
Owner occupied
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 237391. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 237391. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 237856.
5.49%
Variable
5.85%
$2,836
Principal & Interest
Owner occupied
30% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 237856. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 237856. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 240701.
5.63%
Variable
5.66%
$2,880
Principal & Interest
Owner occupied
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 240701. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 240701. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 237502.
5.69%
Variable
5.71%
$2,899
Principal & Interest
Owner occupied
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 237502. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 237502. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 233714.
5.79%
Variable
5.80%
$2,931
Principal & Interest
Owner occupied
30% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 233714. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 233714. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 237502.
5.64%
Variable
5.89%
$2,883
Principal & Interest
Owner occupied
30% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 237502. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 237502. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 237502.
5.64%
Variable
5.89%
$2,883
Principal & Interest
Owner occupied
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 237502. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 237502. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 234945.
5.94%
Variable
5.95%
$2,978
Principal & Interest
Owner occupied
40% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 234945. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 234945. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 395219.
5.49%
Variable
5.95%
$2,836
Principal & Interest
Owner occupied
10% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 395219. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 395219. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
promoted
Fees & charges apply. Australian Credit Licence 229500.
5.69%
Variable
6.08%
$2,899
Principal & Interest
Cashback
Owner occupied
20% min deposit
Redraw facility
Fees & charges apply. Australian Credit Licence 229500. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 229500. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR

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The initial results in the table above are sorted by Star Rating (High-Low) , then Comparison rate^ p.a. (Low-High) , then Provider Name (Alphabetical) . Additional filters may have been applied, which impact the results displayed in the table - filters can be applied or removed at any time.

promoted
Fees & charges apply. Australian Credit Licence 237391.
Interest rate p.a.
Comparison rate^ p.a.
Monthly repayment
5.54%
Variable
5.57%
$2,852
Principal & Interest
IMB Bank Budget Home Loan
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Fees & charges apply. Australian Credit Licence 237391. See Terms & Conditions. ^ Comparison Rate Warning. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR
Fees & charges apply. Australian Credit Licence 237391. See Terms & Conditions. ^ Comparison Rate Warning. Star Rating for a $500k owner occupier variable rate P+I loan at 80% LVR

About split home loans

If you’re keen to fix a portion of your loan, but don’t want to miss out on some of the appealing features of a variable home loan, a split home loan is a commonly-used compromise.

What is a split home loan?

A split home loan allows borrowers to split their home loan into two separate loans: one with a fixed rate and the other variable. It can be an option to consider for borrowers who want a level of certainty for their repayments and budget – via the fixed portion – and some of the flexibility typically offered by a variable loan.

Most lenders offer borrowers the ability to split their loan, but not necessarily on all of their products, so it can be worth checking whether a particular loan you are considering can be used as part of a split arrangement by using the table above.

How does a split loan work?

Split home loans generally work similarly to solely fixed or variable loans when it comes to how they are assessed by the lender and, if approved, the day-to-day running of the loan.

However, when you make your application you would need to outline:

  • that you would like to split your loan
  • which eligible fixed and variable products you wish to base the split on
  • how much of the loan you want to fix and how much to make variable

Some lenders allow the borrower to decide how much to fix, but consider checking whether your lender applies a minimum dollar or percentage level for how the loan is divided.

As a hypothetical, a borrower might choose to split their loan so that 60% is fixed and 40% is variable. If the balance of the loan is $500,000, in this example the borrower would be charged a fixed rate of interest on $300,000 and a variable rate on the remaining $200,000 of the balance.

You can use Canstar’s split loan calculator to work out what your repayments would be based on different interest rates and split levels.

The borrower typically makes separate regular repayments on each of the loans, but may be able to arrange for these repayments to be made on the same day to help make budgeting more manageable.

If your loan is split, you usually have access to some or all of the features of each of the loan types, such as the ability to make additional repayments on the variable portion.

What happens at the end of a split loan fixed term?

At the end of the fixed term, the fixed portion of the loan is closed and the entire remaining balance will revert to a variable rate, unless you lock in a new split loan or other arrangement with your lender. Depending on the conditions of the loan, the revert rate could be the rate that applies to the variable portion of the split loan or a different, potentially higher, variable rate. Consider checking your lender’s policy for what happens at the end of the fixed term.

Frequently Asked Questions about split home loans

The main differences between split, fixed and variable loans are how interest is charged and the features of the loan.

  • Fixed loan

With a fixed rate loan, the interest rate and regular repayments are set at the start of your loan agreement and won’t change until the fixed term ends or you choose to end it prematurely (the lender usually charges a fee if you do this). Fixed loans typically come with fewer features than variable loans, and there are usually restrictions on making extra repayments.

  • Variable loan

With a variable rate loan, the interest rate can change at any time, meaning your regular repayments could go up or down. You may have access to additional features that some fixed loans don’t offer, such as the ability to make extra repayments without penalty, use a redraw facility to withdraw extra repayments, or use an offset account to reduce the amount of interest you’re charged.

  • Split loan

A split loan offers a combination of fixed and variable. It means your repayments on the fixed portion will not change, but could on the variable part. However, if rates do go up, you will be less exposed to the increase, as only part of your loan is variable. On the other hand, if rates go down, you will only get part of the benefit.

  • Flexibility

With a split loan, you can generally decide what portion of the loan to fix and how much to have at a variable rate, so it can be set up to suit your preferences and financial needs.

  • Security

Because part of the loan is at a fixed rate, you can be confident that even if interest rates change, the repayments on that portion of the loan will stay the same. While this may be advantageous if interest rates go up, it will also mean you don’t benefit with this part of the loan if interest rates drop. However, it could help you to balance your overall risk.

  • More features

On the variable portion of the loan, you may have access to features that could help you save on interest, such as an offset account. Be sure to check which features are available on your loan and if there are any restrictions or limits that apply to using those features on a split loan.

Fewer options

Not all home loans can be split, so you will generally have a smaller selection of products to compare if you go with this option.

Complexity and cost

A split loan essentially means having two separate loans – one variable and one fixed – meaning there is more to consider when choosing the products and making your application. Depending on the lender and products you choose, you may also end up paying fees on two loans instead of just one. If you chose to switch loan or provider during the fixed term of your split loan, you could face break fees.

Potential for budgeting uncertainty

Compared to fixing your entire loan, a split loan means that on the variable portion you could still see an increase in your repayments if interest rates rise.

Some of the factors you may want to consider when deciding what percentage of your split loan to fix and how much to have at variable rate include the interest rates available, your budgetary needs and how much interest you may be able to offset via the variable portion of the loan.

  • Interest rates: If the fixed rate is lower than the variable rate, you may decide to dedicate more of the loan balance to the fixed rate to save on interest, or vice versa.
  • Your budgetary needs: If a greater level of budgetary certainty is appealing, you might decide to fix more of the loan to reduce the impact of possible rate increases. Of course, if rates go down, you might wish you had a higher proportion at a variable rate.
  • Offsetting interest: If the variable portion of your loan comes with an offset account, you may want to consider how much money you will have in this account when deciding how much of your loan to have at the variable rate.

When comparing split loan options, it could be worth considering the same factors that you would with either a fixed or variable loan, plus some other split-loan-specific ones.

Interest rate: Shopping around for competitive rates on each of the loan components could be a good place to start. The potential added flexibility of a split loan may not be worth it if the rates you’re paying are not competitive, including the loan revert rate when the fixed term ends.

Fees: With a split loan, because you could be facing multiple fees, it can be particularly important to shop around to keep fees down.

Features: Ensuring your loan comes with features such as a redraw facility and/or an offset account could help you reduce interest costs.

Split options: Are the lender’s most competitive loans available for splitting or is the selection limited? Can you select the portion to fix based on your needs? And can you change this down the track if your situation changes?

You can compare home loans that allow for a split with Canstar using the table at the top of the page. Change the selector to suit your circumstances.

Latest in home loans

Canstar Star Ratings and Awards

Looking for an award-winning product or to switch providers or brands? Canstar rates products based on price and features in our Star Ratings and Awards. Our expert Research team shares insights about which products offer 5-Star value and which providers offer outstanding value overall. We also reveal which providers have the most satisfied customers in our dedicated Customer Satisfaction Awards.

Home Loan Awards  Refinance Home Loan Awards

About the authors

Nina Rinella, Editor-in-Chief

Nina Rinella
As Canstar’s Editor-in-Chief, Nina heads up a team of talented journalists committed to helping empower consumers to take greater control of their finances. Nina has written countless articles about finance and has been interviewed on finance topics by media organisations including The Australian, Realestate.com.au, Domain, the Herald Sun and the Sydney Morning Herald. Previously Nina founded her own agency where she provided content and communications support to clients around Australia for 8 years. She also spent four years as the PR Manager for American Express Australia, and has worked at a Brisbane communications agency where she supported dozens of clients, including Sunsuper and Suncorp. When she’s not dreaming up ways to put a fresh spin on finance, she’s taking her own advice by trying to pay her house off as quickly as possible and raising two money-savvy kids. Nina has a Bachelor of Journalism and a Bachelor of Arts with a double major in English Literature from the University of Queensland. She’s also an experienced presenter, and has hosted numerous events and YouTube series. You can follow her on LinkedIn and Canstar on Facebook. Meet the Canstar Editorial Team. Have a media enquiry, and interested in featuring Nina as a financial expert and commentator? Contact Canstar’s Media Team today.

Joshua Sale, GM, Research

Joshua Sale

As Canstar’s Ratings Manager, Josh Sale is responsible for the methodology and delivery of Canstar’s Home Loans Star Ratings and Awards and the Home Loan Refinance Awards. With tertiary qualifications in economics and finance, Josh has worked behind the scenes for the last five years to develop Star Ratings and Awards that help connect consumers with the right home loan for them.

Josh is passionate about helping consumers get hands-on with their home loans, always reminding home buyers that finding the right loan can be as important for your finances as negotiating a fair property purchase price. Josh has been interviewed by media outlets such as the Australian Financial Reviewnews.com.au and Money Magazine, discussing topics including home loan equity and wider finance trends.

When it comes to Josh’s own property journey, the home loans expert once bought two houses in the same transaction when he ensured the cubby house his daughter loved was listed on the purchase contract for his new home.

You can follow Josh on LinkedIn, and Canstar on Twitter and Facebook.


Important information

For those that love the detail

This advice is general and has not taken into account your objectives, financial situation or needs. Consider whether this advice is right for you.

Canstar may earn a fee from its Online Partners for referrals from its website tables, and from sponsorship or promotion of certain products. Fees payable by product providers for referrals and sponsorship or promotion may vary between providers, website position, and revenue model. Sponsorship/promotion fees may be higher than referral fees. If a product is sponsored or promoted, it’s an ad and it is clearly marked as such. An ad might appear in different places on our website, such as in comparison tables and articles. Ads may be displayed in a fixed position in a table, regardless of the product's rating, price or other attributes. The location of an ad doesn’t indicate any ranking or rating by Canstar. Payment of fees for ads does not influence our Star Ratings. See How We Get Paid to find out more. Payment of fees for ads does not influence our Star Ratings or Awards.

Home loan Star Ratings are updated daily. During periods of significant market fluctuations, such as adjustments to the reserve bank's cash rate, star rating updates will be paused for variable home loans until the market has stabilised. However, advertised interest rates of products will continue to be updated as advised by lenders. The results don’t include every provider in the market and we may not compare all features relevant to you. Current rates and fees are displayed and may be different to what was rated. You can find a description of the initial sort order below the table. You can use the sort buttons at the top of each column to re-order the display. Learn more about our Home Loans Star Rating Methodology. The rating shown is only one factor to take into account when considering products. The table defaults to display only home loans available to somebody borrowing up to 80% of the property value, but you can use the filters to change this. Similar products might have different features and fees depending on the amount you borrow. Contact the lender for details.

The products and Star Ratings in the table might not match your exact inputs in the selector. Sometimes the methodology uses profiles with categories or bands (e.g. income, loan amount or monthly spend), but sometimes a single methodology, without any categories or bands, is applied.  The results will show the products that most closely match your selection, based on our profiles. If you are unsure about any terms used in the comparison table please refer to the glossary.

What is a Target Market Determination?

A Target Market Determination (‘TMD’) is a document that explains which people particular financial products may be suitable for (the target market) and sets out any conditions around how financial products can be distributed to consumers.

Why do product issuers provide Target Market Determinations?

From 5 October 2021, TMDs are compulsory for most financial products.

Issuers and distributors of financial products must take reasonable steps that are likely to result in financial products reaching consumers in the target market defined by the product issuer.

We recommend that you consider the TMD before making a purchase decision. Contact the product issuer directly for a copy of the TMD.

Any advice on this page is general and has not taken into account your objectives, financial situation or needs. Consider whether this general financial advice is right for your personal circumstances. Canstar provides information about credit products. We’re not suggesting or recommending a particular credit product for you. If you decide to apply for a loan, you will deal directly with the provider, not with Canstar. Consider the Target Market Determination (TMD) before making a purchase decision. Contact the product issuer directly for a copy of the TMD. It’s important you check rates and product information directly with the provider. For more information, read our Detailed Disclosure. ^Read the Comparison Rate Warning.

Canstar is not providing a recommendation for your individual circumstances. We cannot and do not recommend that any particular product is suitable for you. 

We provide links to our Online Partners. These are brands that may pay Canstar a fee for referring you. Our tables default to display only our Online Partners’ products initially, you can adjust the Online Partner Filter to see all of the products available for comparison on Canstar’s website. We provide these links so that you can click through to the product provider’s website to get more information. The provision of these links does not constitute a recommendation by Canstar.

Before you elect to terminate or modify existing lending arrangements, we recommend you consider (i) your personal circumstances, and (ii) any associated fees, exit costs and application costs that may be applicable as well as the impact these changes could have on you. We suggest you consider seeking independent advice from a qualified adviser.

“Interest-only loan” generally means a loan where you will only pay interest during the interest-only term. That means you won’t be making payments which reduce debt during the interest-only term.