A split rate home loan allows you to divide your home loan into several accounts that can be used for different purposes. These can also be different loan products.
A common example is to split your home loan to obtain a variable interest rate on one portion of the loan and a fixed rate on the other.
For example: If you require a loan amount of $350,000, you can split your loan with $250,000 at a fixed rate and the remaining $100,000 at a variable rate. This gives you the flexibility a variable rate loan offers, while having certainty of a fixed rate on a portion of the loan.