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What is switching or splitting a home loan?

See all Home loans FAQs

Last updated 23 April 2019


Switching lets you change the type (e.g. fixed versus variable) and the repayment (e.g. principal and interest versus interest-only payments) of your existing home loan or investment home loan without completing a new loan application. If you do switch from a fixed rate loan, however, you may need to pay an administration fee and an Early Repayment Adjustment.

Your loan number stays the same when you switch, which means you don't have to worry about changing any direct debit or salary credit arrangements you've set up. At the end of a fixed-rate period your loan will automatically move at no cost to the variable rate, or you can switch to another set period.


Splitting lets you divide your home loan or investment home loan into multiple loans (e.g. fixed and variable rate loans or multiple loans of the same loan type such as variable/variable) without completing a new loan application.  

Splitting your loan into different components may help you to reduce the impact of interest rate fluctuations while retaining the features and benefits you want. For example, a fixed-rate loan gives you the confidence of knowing how much your repayments will be and protects you against rate rises. In comparison, a standard variable rate loan allows you to make extra repayments and gives you the flexibility to redraw them at any time.

Splitting one loan into multiple loans will result in more than one loan number.                                                                                                       

Take a look at the Switching Terms and Conditions brochure for more information.

Many loans can be switched. To see if your home loan is eligible for a switch or split, you can use our Switching matrix.

To discuss splitting or switching your home loan, call us on 13 2224.

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