A split loan means you can choose to set up part of your loan as fixed and another part as variable or set up a loan portion to represent a specific use of funds. Be assured that as interest rates increase you won’t be overwhelmed by large repayments. When interest rates go down your repayment amount also decreases.
You allocate the exact amounts to pay into each part of the split loan. You can make extra repayments and use the variable part as a redraw facility. What about the fees? Will I have to pay double? The answer to both questions is no!
Oak Lending will not double up on fees if you choose a split loan. For those needing the best features from variable and fixed loans, the split loan gives you the flexibility of a variable rate and the security of a fixed rate in one very practical product.