If I split my home loan partially as a fixed component and partially as a variable component, what would that mean for our repayments?
Splitting home loans to provide a fixed rate component and variable rate component is becoming quite popular. In doing so, borrowers are diversifying their risks for rate rises by locking in a portion of their loan, and keeping the other portion on a variable rate basis to pay down quicker than minimum repayments.
With our Split Loan Repayments Calculator, you’ll find calculating the impact of fixing part of your loan while holding onto a variable interest rate throughout the life of your loan is made easy. Use the calculator below by entering your loan amount, fixed portion, fixed period, fixed interest rate, variable interest rate, loan term, and repayment frequency details. With this information, we’ll calculate what you can expect to pay in fixed monthly repayments, variable monthly repayments, and more, giving you a better understanding of your situation.
Using our Split Loan Repayments Calculator will let you fix the interest and repayments on a portion of your loan while allowing you to analyze how changes in your interest and repayments will impact your repayments. With variable market rates continually fluctuating, it’s easy to see how this calculator will provide you with the insight you need to know how different variables will affect your loan repayments.
For those who have a home loan allowing them to split their loan, this calculator can give you the security you need over a portion of your repayment amount. This is something this calculator does while providing you with a flexible structuring for the rest of your loan.
Credit approval is necessary when it comes to applying for finance. Any loan offer will include full terms and conditions you’ll need to look over. With this calculator, you’re receiving an estimate to provide you with general information contingent on the information you use. The numbers produced by this calculator are estimates.
If this sounds like a strategy you’re interested in, or if you need assistance working out your home loan strategy, get in touch! Looking for a better understanding of how split loan repayments can help you restructure your payments? The next step is to reach out to our home loan experts for more information. Contact us today for the help you need.