Switch between fixed and variable interest rates or split your home loan

When you apply for your home loan, one of your key decisions is to choose a fixed interest rate, a variable interest rate, or a combination of both. Throughout the life of your home loan, you’ll have the opportunity to switch between a fixed or variable interest rate, or to switch to a split rate home loan.

The benefits of fixed interest rate, variable interest rate and splitting your home loans

Each type of loan offers benefits, so you’ll need to choose what suits your individual situation and your outlook on interest rate movements. We’ll help you with a home loan switch when you decide you’re ready to make a change.

Your home loan	The benefits
Fixed Interest Rate3	Choose a fixed rate term from 1 to 5 years Know exactly where you stand with your budget and what you’ll need to pay If you believe interest rates are on the rise, you may feel most comfortable with a Fixed Interest Rate home loan For new and maturing fixed rate loans, you can lock in an advertised fixed rate with Rate Lock1 By making a redraw request, redraw up to $10,000 per annum for loans fixed on or after 30 Nov 2009 or break costs may be payable.2
Variable Interest Rate	Get a competitive variable interest rate without being locked in for a set term Interest rates will move up and down with changes to financial market rates Standard Variable Home Loan flexible options like Mortgage Equaliser, our 100% offset and redraw to help you manage your loan and pay it off sooner.
Splitting your loan	Get the flexibility of a variable rate plus the security of a fixed interest rate with a split home loan Your variable rate portion will give you all the added features that can save you money and increase your flexibility, like making extra repayments or having 100% interest offset Your fixed rate portion will protect you against a potential rise in interest rates Learn more about our split rate home loan option – Flexible Choice

Thinking about switching? Want some advice? 

If you think it might be time to switch between fixed and variable rates, speak to one of our home loan experts on 13 13 76 or drop by any BankSA branch.