Split or Combined Home Loans
Split-Rate Home Loans, also called Combination Rate Home Loans, allow the borrowers to split-up their home loan into variable & partly fixed portions. This provides them with the necessary flexibility of any variable mortgage product & the added certainty that a fixed rate loan provides. These Split Rate Home Loans and Combined Home Loans are a mix of up to 2 smaller, and separate loan accounts. In combination, they form 1 home loan. You have the option of Fixed and variable Home loans to nominate one portion of the home loan to be fixed & the balance amount will be a variable loan. The services that they provide for the loan types are car or boat loans, personal loans, home loans and etc.
Take What Works
What’s interesting is that you also have the option to choose a proportion that suits you and your financial situation. With these split rate home loans and combined home loans, the fixed part of the loan is protected from the increases in interest-rates for a fixed period. You are still able to make additional payments & benefit from the interest offset if it has been provided on the variable part of the loan. In effect, this might help you pay-off that particular portion much faster. Mr Broker will be able to provide you complete information about how these Fixed and variable Home loans work and what kind of paperwork is required for them.
When Flexibility Counts
The important thing is that Split or Combined Loans give you certainty over repayments, and protect you from fluctuations in the interest rate. On the other hand, the variable port of the loan gives you easy access to a number of flexible features like the ability to make some extra repayments which help you pay-off the home loan sooner. You may also have the option to draw and this will let you access all the overpaid funds for financing your future goals. Contact Mr Broker with your exact requirement, via our website and we will provide you with complete information about Split or Combined Loans and variable home loan brokers according to your requirements.