As things in your life change, you can adjust your home loan to fit your changing needs. Many of our home loans offer the flexibility for you to switch loans or adjust terms.
Switch repayment type
Interest Only vs Principal & Interest
Principal and interest repayments reduce your home loan balance and cover the interest owed each repayment. However, your minimum monthly repayment amount will be higher compared with an Interest Only loan
Interest-only payments will mean lower minimum monthly repayment amounts, but you'll pay more interest over the life of your loan
A split home loan is when you divide your loan into multiple parts – meaning you could nominate a portion of the loan to have a fixed interest rate, and the remainder to have a variable interest rate. How you decide to nominate the split of your loan is up to you.
To see if your home loan is eligible for a split, you can use our switching matrix. If you think splitting your home loan might work for you, our home lending experts can help you work out what’s right for you.