- Hedge your bets on interest rises
- More monthly repayment certainty
- Make additional payments
A split rate home loan is a loan that splits the loan into two (2) parts - a fixed rate portion and a variable rate portion. You choose how much to allocate to each portion.
- Provides some peace of mind for borrowers concerned about rate rises
- Allows for some degree of budgeting for monthly repayments
- Allows additional payments on the variable portion of the loan
- Allows extra payments on variable component only
- Repayments on variable portion will increase with increases in official rates
With hundreds of different loan products in the market from all lenders, it can be a daunting time to go shopping for a home loan if you are doing it yourself or don't know what to look for. The benefits of why you should use a professional Time Finance Mortgage Broker are guaranteed.