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Split Loan Calculator
A split interest loan gives you the security of fixed interest, while potentially allowing you to benefit from any interest rate cuts your financial institution may decide to apply following a cut by the Reserve Bank of Australia (RBA) to the official interest rate. Your lender can adjust your variable rates independently of the RBA’s monthly decision.
The results from this calculator provided by AFG are presented as an indication only and do not represent quotes or pre-qualifications for any product. Information such as interest rates quoted and default figures used in the assumptions are subject to change. This calculator is not intended to be relied on for the purposes of making a decision in relation to a financial product and you should consider obtaining advice from a financial services licensee before making any financial decisions.
You can split the loan straight down the middle, or choose a customised option, where you decide how much of it you want fixed and how much you want to be variable.
The iSelect Split Loan Calculator helps you work out how different options for splitting your loan may impact the overall cost by showing you the total interest you’ll be charged over the life of the loan.
How to use the Split Loan Calculator
To work out the best option for splitting your loan, simply enter:
- The loan amount.
- The loan period.
- The interest rate.
- Your repayment frequency – monthly, fortnightly or weekly.
Then fill in the details about the fixed component of the loan:
- The percentage of the loan that is the fixed portion.
- The fixed term.
- The fixed interest rate.
How to read the results
The Split Loan Calculator will show you the total interest amount if interest for the entire loan was charged at the variable rate compared to the amount of interest you’ll pay under the variable/fixed structure. The graph shows the amount left to pay on both the fixed and variable portions of the loan for each year of the loan.
iSelect powered by AFG does not compare all home loan lenders or products in the market. Some products may only be available from iSelect powered by AFG’s call centre. The availability of products may change from time to time. Not all products available from iSelect powered by AFG’s providers are compared due to commercial arrangements, your stated needs and circumstances. Not all products compared by iSelect powered by AFG will be available to all customers. Click here to iSelect powered by AFG’s range of lenders.
Home loans products arranged by iSelect Mortgages Pty Ltd (ACN 148 217 181) powered by AFG, is an authorised credit representative of Australian Finance Group Limited ABN 11 066 385 822 Australian Credit Licence Number 389087.
Any advice provided by iSelect powered by AFG is of a general nature and does not take into account your objectives, financial situation or needs. You need to consider the appropriateness of any information or general advice iSelect gives you, having regard to your personal situation, before acting on iSelect powered by AFG’s advice or purchasing any product. iSelect receives commission for each product sold.