Definitions for "Split Loan"
Keywords:  partly, ona, variable, fixed, principle
Usually one loan formed in two parts. Generally the loan is split between fixed and variable.
A loan which is divided into a number of loan splits for the purpose of allowing the borrower greater loan flexibility. For example, a borrower can have one split at a variable rate, and the remainder at a fixed rate. Alternatively a borrower can arrange one split as principle and interest repayments and another as interest only repayments to separate out borrowings for owner occupied purposes and borrowings for investment purposes.
a credit facility taken out with a financial institution under which there is one loan with sub-accounts being maintained in respect of that loan