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What is a split home loan?

You can create a home loan that suits you with a combination of variable and fixed rate home loans, known as a split loan. A split loan aims to utilise the best features of both types of loans - the certainty of the fixed rate combined with the flexibility of the variable rate. While a portion of your split home loan will be locked into a fixed rate, you will have flexibility to make additional repayments on the variable rate portion and be able to redraw funds if required.

  • A great value home loan from RACQ Bank - Queensland's fastest growing bank*
  • Certainty of a fixed rate combined with the flexibility of a variable rate
  • Make additional repayments and redraw funds on the variable rate portion

How does a split loan work?

Home loans can be split any way you like. There are a couple of decisions you will need to make when splitting your home loan. These include deciding which fixed and variable product suits your needs, the portion of the loan you will fix vs. the portion of the loan you will keep variable, and the loan periods for each. You will then be able to determine your new monthly repayment amount. An RACQ Bank lender can help you identify which combination of fixed and variable rates are best suit your needs for your split home loan.

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Explore our home loans

At RACQ Bank we want you to reach your property goals sooner. Whether you’re a first home buyer, investor, refinancing or you’re looking for a change – we’ve got home loans to suit your lifestyle.

  • Competitive interest rates
  • Low fees
  • Flexible repayment options
  • Offset facility available
  • Variable rate, fixed rate and split loan options available

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Other ways we can help

Home Bundle

Save a bonus 15% off your Home and Contents Insurance for the life of your RACQ Bank Home Loan.^

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Borrowing power calculator

Use our borrowing power calculator to find out how much you can borrow and your repayments.

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Home and Contents Insurance

Protect the things that matter most and open the door to a lifetime guarantee on repairs, a trusted 24/7 claims service,...

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  1. Subject to the further terms and conditions below, the Home Bundle gives eligible RACQ Bank customers a 15% discount off combined Home and Contents Insurance, Home Building Insurance or Contents Insurance for the life of any eligible home loan.
  2. Subsequent to the initial policy being taken out, if the member makes any policy changes which require an additional premium, that premium will need to be paid by the member.
  3. The Home Bundle promotional offer is valid for new RACQ Bank home loan customers only. Home Loans must be approved by 5:00pm 30 June 2021 and funded within 90 days of approval. Offer is subject to change without notice and may be withdrawn at any time. Acceptance of the offer is optional.
  4. Valid for Owner Occupier, residentially secured home lending products only. Not available for businesses or companies. Lending terms, conditions, fees, charges and lending criteria apply. View our Loan rate schedule and fee schedule for a full list of RACQ Bank’s home loan rates, fees and charges.
  5. Please refer to the Important Information section for information on RACQ Bank Home Loans which are eligible for the Home Bundle promotional offer.
  6. The Home Bundle offer is not available to RACQ staff members.
  7. For refinanced home loans from other banks, Home and Contents Insurance policies will be created at or after loan is unconditionally approved.
  8. For property purchases, policies are to be created once purchase contract is signed or at loan submission, however Home Loan plus Home and Contents Insurance discounts are conditional on the home loan funding within 90 days of the date of the submitted application.
  9. Policyholders who already hold at least one insurance policy issued by RACQ Insurance Limited, may be eligible for a range of discounts, for the full breakdown of discounts please visit After the deduction of any available discounts, a further discount of 15% will be deducted to calculate the final premium. The calculated premium may then have additional taxes and charges applied. The Home Plus 15% discount offer is not available in conjunction with the online application discount of $75 for Home and Contents Insurance.
  10. Insurance products issued by RACQ Insurance Limited ABN 50 009 704 152. Conditions, limits and exclusions apply. Read the PDS and any relevant SPDS before making a purchase decision. Contact us for a copy.
  11. Refer to Important Information section of this page for RACQ Bank Home Loan disclaimers including the comparison rate warning.

* Based on APRA figures from October 2017 to April 2020 for loans published on 29 May 2020.

Loans are issued by Members Banking Group Limited ABN 83 087 651 054 AFSL and Australian Credit Licence 241195 trading as RACQ Bank. This information does not take your personal objectives, circumstances or needs into account. Read the disclosure documents for your selected product or service, including the Terms and Conditions, before deciding.

Except for RACQ Bank, any RACQ entity referred to on this page is not an authorised deposit-taking institution for the purposes of the Banking Act 1959 (Cth). That entity’s obligations do not represent deposits or other liabilities of RACQ Bank. RACQ Bank does not guarantee or otherwise provide assurance in respect of the obligations of that entity, unless noted otherwise.

Insurance products (excluding Travel Insurance and the Life and Income Protection Insurance suite of products) are issued by RACQ Insurance Limited ABN 50 009 704 152 (RACQ). Conditions, limits and exclusions apply. This is general advice only and may not be right for you. This information does not take your personal objectives, circumstances or needs into account. Read the PDS and applicable Supplementary PDS before making a purchase decision on this product.