Understanding split home loans

A split loan is when you divide your borrowing into multiple accounts. This allows you to take advantage of the benefits of both fixed and variable loans.

The benefits of splitting your home loan

Splitting your loan can give you flexibility and certainty.

The fixed portion of your loan protects you from interest rate rises during the fixed rate period. You know how much your repayments will be, which makes budgeting easier.

The variable portion of your loan offers flexibility. You can make extra repayments to pay off the variable loan faster. You’ll also have access to a redraw facility, which means you can use these funds to pay for things like renovations or unexpected expenses.

Variable rate loans can also offer offset accounts which could help you save on interest. They may also allow you to take repayment holidays, should you need one.

How to split your loan on mobile

These steps show you how to split your home loan on your mobile. You don’t need to speak to a banker and you can complete the process in 1-2 business days. How you decide to split your loan is completely up to you.

Remember, if you have a joint home loan the second person on your account needs to review and approve the change. Not sure how that’s done? Learn how to review and approve changes to joint loans on your mobile. 

  • 1

    Step 1

    Log into the app, select your home loan amount. Tap Make changes to your loan.

  • 2

    Step 2

    Eligible customers can select Split your home loan.

  • 3

    Step 3

    Review the information and tap, Yes, let’s start.

  • 4

    Step 4

    Enter the amount you want to split your loan by. This is your new fixed loan. 

  • 5

    Step 5

    Review your changes and tap Continue to fixed rate options.

  • 6

    Step 6

    Choose the term of your new fixed loan and tap Review changes.

  • 7

    Step 7

    Review your changes and tap Review loan terms.

  • Complete

    Read the important information. Select the check boxes and tap Agree and submit to consent.

Terms and Conditions

NAB app

This product is issued by National Australia Bank Limited. NAB recommends you consider the internet banking terms and conditions document before making any decisions regarding this product.

The NAB Mobile Banking app is compatible with Android OS  7.0 and above, and iOS 11.0 or later. Android is a trademark of Google LLC. The Google Logo is a registered trademark of Google Inc. iOS is a trademark or registered trademark of Cisco in the U.S. and other countries and is used under license.