Refinance Your Mortgage in New Zealand
Most Kiwis stick with their bank and never check if there's a better deal. We compare your mortgage against 25+ lenders, and if we can save you money, we'll show you exactly how much.
Our service is free. We get paid by the lender, not by you.
How Much Could You Save by Refinancing?
The savings from refinancing depend on your loan size, your current rate, available rates in the market, and whether you combine refinancing with loan restructuring.
Small changes compound over time. On a large mortgage, even a 0.5% rate difference can mean tens of thousands over the life of the loan.
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Your current rate and termWhat you're paying now and how many years are left on the loan.
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Rates from 15+ lendersWhat every lender on our panel could offer you today.
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Any break fees that applyWhether leaving your current fixed rate early would cost you, and how much.
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Cashback offers you qualify forMany lenders pay cash contributions when you refinance. We'll show you which ones.
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Restructuring opportunitiesFortnightly payments, loan splits, and keeping repayments level when rates drop. Small tweaks that shave years off the loan.
How Mortgage Match Works
Most brokers help you refinance once and move on. We don't. Mortgage Match is our ongoing mortgage management system that keeps your home loan optimised long after settlement.
Refinance
We compare your current deal against every lender in the market. If someone's offering a better rate, we move you and handle all the paperwork.
Restructure
We optimise your loan structure by splitting across terms, switching to fortnightly payments, or keeping repayments at the higher level when rates drop. These "hacks" compound over time.
Monitor & Match
Every 6 to 12 months, we review your mortgage again. When rates move or a better deal appears, we act. You don't have to think about it.
Sound good?
Book a free Mortgage Match reviewWhen Should You Refinance Your Mortgage?
Not sure if now's the right time? Here are the most common triggers that tell us it's worth taking a look.
Your fixed term is expiring
The easiest time to switch. No break fees, full flexibility to move to the best deal. Start looking 4 to 6 weeks before expiry.
Rates have dropped since you fixed
If current rates are lower than what you're paying, it may be worth breaking early. The savings can outweigh the break fee. We'll run the numbers for you.
Your life has changed
New baby, pay rise, inheritance, partner moving in. Changes in income or expenses can mean your current structure no longer fits.
You've built equity
If your home has increased in value or you've paid down your loan, you may now qualify for better rates, especially if you've crossed the 20% equity threshold and can drop low-equity margins.
You've been with the same bank for years
Banks compete harder for new customers than existing ones. If you've never compared, you're almost certainly not on the best deal.
You want to consolidate debt
Rolling credit cards or personal loans into your mortgage at a lower rate can reduce total repayments. Just be careful: spreading short-term debt over 25 years means you pay more interest overall unless you increase repayments.
A free 15-minute chat is all it takes to find out if refinancing makes sense for you.
What About Break Fees?
This is the number one question people have about refinancing mid fixed term. Here's how it actually works.
What is a break fee?
A break fee (also called an early repayment charge) is what your bank charges if you repay or refinance a fixed-rate mortgage before the term ends.
Under the Credit Contracts and Consumer Finance Act 2003 (CCCFA), borrowers have the right to repay their loans in full at any time (Section 50). Lenders are allowed to charge a "reasonable estimate of their loss" on full prepayment (Section 54).
Source: Consumer Protection NZ, Credit Contracts and Consumer Finance Act
How banks calculate break fees
Most banks use what's called the "safe harbour formula", a standard method set out in the CCCF Regulations. According to the Commerce Commission, "if a creditor uses the safe harbour formula, it is assumed that its estimate of loss is reasonable." The formula is based on the movement in interest rates between when you fixed and now.
Banks are allowed to use their own method instead, but any alternative formula still has to produce a reasonable estimate of their actual loss.
Source: Commerce Commission, Mortgage break fees investigation
When are break fees low or zero?
Because break fees are based on the bank's actual loss, the direction of interest rates matters.
The bank hasn't lost anything by you leaving. They can re-lend that money at a higher rate, so break fees can be minimal or zero.
The bank would be re-lending that money at a lower rate, so the break fee reflects that gap.
| Scenario | Break Fee Likely | Worth Considering? |
|---|---|---|
| Rates have risen since you fixed | Low or zero | Often yes |
| Rates are similar to when you fixed | Small | Depends on cashback offers and the rate gap |
| Rates have dropped since you fixed | Can be significant | Run the numbers. Sometimes still yes. |
| Short time left on your fixed term | Usually smaller | Often better to wait until expiry |
The only way to know your exact break fee is to ask your bank directly. They'll give you a specific quote based on your loan and current rates. We can help you request this and compare it against your potential savings.
Book a Free ChatShould You Refinance or Just Refix?
Refinancing (switching to a different bank) isn't always the best move. Sometimes renegotiating with your current bank gets you a better result. The right choice depends on your specific numbers.
New banks compete hard for new customers and may offer better rates than you'd get sticking around.
Your current bank may match a competitor's offer if they know you're considering leaving.
Typically 0.85% to 1.25% of the loan amount, offered to attract new customers.
Rarely offered, but 0.3% to 0.5% when it is.
Full new application, credit check, and legal transfer.
Minimal. Usually just confirming a new rate.
Legal fees and a potential break fee if breaking early. Often offset by cashback.
Usually free.
Cashback is repayable on a pro-rata basis if you move again within the clawback period (typically 3 to 4 years).
None.
Takes weeks. New application, assessment, and legal transfer.
Can often be done in days.
We crunch the numbers on both options (the break fee if any, the new rate, the cashback, the clawback period, and the legal costs) and recommend whichever leaves you better off. If refixing with your current bank is the smarter move, we'll tell you and negotiate on your behalf anyway.
Bank Cashback Offers: What to Know
When you switch banks, the new lender often offers a cash incentive to win your business. It's worth understanding how these work.
How much cashback can you get?
Cashback is typically a percentage of the loan amount you're borrowing. SBS currently leads the market at a permanent 1.25%, with the main banks sitting between 0.80% and 1.00% and moving up and down with the refinance market.
Illustrative only. Actual offers depend on the lender, loan size, and eligibility at the time.
Most banks require a minimum loan size to qualify for cashback, often around $250,000. Simple refixing with your existing bank usually doesn't qualify. You need to be taking out a new loan, either buying a new property or refinancing from another lender.
What can cashback be used for?
You can use the cashback for whatever you like. In practice, most people put it toward:
The catch: clawback periods
Cashback isn't a free gift. If you leave the bank before a specified period is up, you'll need to repay some or all of it. This period, the "clawback period", is typically three to four years depending on the lender.
Cashback is a nice bonus, but it shouldn't be the main reason to switch. A better interest rate saves you far more over the life of the loan than a one-off payment. We focus on the total picture: rate, loan structure, break fees, and cashback combined. Not just the cashback headline.
Get a Full Refinance ReviewRestructuring Your Mortgage for Maximum Savings
Refinancing gets you a better rate. Restructuring makes sure your loan is set up to save you the most money over time.
We'll recommend the right combination based on your income, goals, and how quickly you want to be mortgage free.
What our clients say
Don't just take our word for it, hear from the people we've helped.
Why Refinance with Simpler?
Here's what you actually get when you work with us, and what each of those things means for you.
Refinancing FAQs
The questions we hear most from homeowners thinking about refinancing in NZ.
If you haven't compared rates in the last 12 months, there's a good chance you could save money. It costs nothing to check. We'll run the numbers and tell you honestly whether it's worth switching or staying.
A break fee is what your bank charges if you end a fixed-rate mortgage early. Under the Credit Contracts and Consumer Finance Act 2003, lenders can only charge a "reasonable estimate of their loss," so they cannot profit from break fees. If current rates are higher than your fixed rate, the break fee is often minimal or zero.
Our service is free. The main costs involved are legal fees for transferring the loan and any break fee on your existing fixed rate if you're breaking mid-term. In many cases, the cashback offered by the new bank more than offsets these costs, but we'll run the full picture for you before recommending a move.
It depends on the lender, the complexity of your application, and how quickly you can provide supporting documents. We handle the application, negotiate the rate, and coordinate with your lawyer. We'll give you a realistic timeframe once we know your situation.
Yes, though your options may be more limited and you might pay a low-equity margin with some lenders. If your home has increased in value since you bought it, you may have more equity than you think. We can check based on recent valuations.
Refinancing means switching to a different bank. Refixing means locking in a new rate with your current bank at the end of a fixed term. We compare both options and recommend whichever leaves you better off.
A mortgage application creates a credit enquiry, which has a small, temporary impact on your score. If you're refinancing (not taking on additional debt on top of your existing mortgage), it shouldn't be a significant concern.
When banks offer a cashback to attract new customers, the cashback typically comes with a clawback period (usually three to four years). If you refinance or repay the loan before the clawback period ends, you'll need to repay some of the cashback on a pro-rata basis. We factor this into any recommendation.
At a minimum, every time a fixed term expires. A proactive approach is to review every 6 to 12 months so you're never on a rate that's out of step with the market. That's exactly what our Mortgage Match service does.
See What You Could Save
Before you stick with your current lender, have a 15-minute chat with us. We'll help you work out:
- Whether breaking your fixed term now beats waiting it out
- Exactly what break fee your current lender will charge
- Which lender is offering the best cashback to switch right now
- How much you'd save in total over the life of your loan
