Mortgage Refinance NZ

Compare refixing with your current bank against refinancing to another lender.

When refinancing maybe worth considering

Refinancing may be worth looking at when your fixed rate is ending, as this can be a good time to compare your current bank with other lenders. Another lender may offer a better overall deal, such as a more competitive rate, useful cashback, or loan features that better suit you. It can also be a chance to change your mortgage structure — for example, splitting your loan, using an offset account, or adjusting repayments. The key is to compare the overall benefit, not just the interest rate.

Fixed rate ending

Your fixed rate is ending or break costs are low.

Better overall deal

Another lender may offer a lower rate overall.

Cashback offer

Cashback can help offset costs or add to savings.

Change mortgage structure

Switch to a different loan structure or features.

Hi, I'm Lydia.

Licensed Mortgage Adviser

I’ll take a look at your situation, explain the options in the simple language, and help you understand what may be worth considering next.

Financial Advice Provider:

Apple Mortgage Limited

FSPR / Registration details

Lydia Chen is a Financial Adviser and is registered on the Financial Service Providers Register (FSPR). You can check my registration at FSP-Register NZ.

Contact details

Lydia Chen Licensed Mortgage Adviser
Phone: 02102467321
Email: Lydia@applemortgage.co.nz

Disclosure Statement

Important information about the advice services I provide, including who I act for and any potential conflicts of interest.

How Lydia may be paid

I may be paid by way of commission by lenders and/or a fee from you. The way I am paid will not influence the advice I provide.

Frequently asked questions

1. What is the difference between refixing and refinancing?

Refixing means staying with your current lender and choosing a new fixed interest rate or term. Refinancing means moving your mortgage to another lender. Refinancing normally involves a new lending assessment and may also involve legal and switching costs.

2. How early can I refix my mortgage in NZ?

It depends on your lender. For example, ANZ and Westpac currently allow eligible borrowers to lock in a new fixed rate up to 60 days before the existing fixed term ends. It can be useful to start reviewing your options several weeks before expiry rather than waiting until the last day.

3. What fixed term should I choose when I refix?

There is no single best term for everyone. Consider the rates available, how much repayment certainty you want, whether you may sell or make a large repayment, and how soon you are comfortable reviewing your mortgage again. Choosing between 6 months, 1 year, 18 months, 2 years or longer is one of the most repeated questions in NZ mortgage discussions.

4. Should I refix now or wait for mortgage rates to fall?

No one can reliably know where mortgage rates will be in a few months. Waiting may give you a lower rate, but rates could also move the other way. Rather than trying to pick the exact bottom, consider what repayment you can comfortably afford, how much certainty you want and how long you want to commit for. This “refix now or wait?” question appears repeatedly in NZ mortgage discussions.

5. Can I negotiate a better refix rate with my current bank?

It can be worth asking. The rate shown online may not always be the only rate available to an existing borrower. BNZ, for example, states that discounted rates may be available for selected terms when customers refix, while NZ borrowers regularly discuss asking their lender for better pricing before accepting a refix offer.

6. Should I split my mortgage across different fixed terms?

Splitting can reduce the risk of your entire mortgage coming up for refix at the same time. For example, part could be fixed for one year and another part for two years, with a smaller floating or offset portion if suitable. It can provide flexibility, but it does not guarantee a lower overall interest cost. Both NZ bank guidance and Reddit discussions regularly raise splitting as a refix strategy

7. Is refinancing worth it after break fees, legal costs and cashback?

A lower rate or cashback does not automatically mean switching banks is worthwhile. Compare the potential interest saving and cashback against costs such as:

break or early repayment costs
legal costs
valuation costs
cashback clawback from your existing lender
other switching costs

Sorted specifically recommends comparing all refinancing costs against the benefit, and BNZ lists legal fees, early repayment fees, cashback clawbacks and possible valuation costs among the expenses to consider.

8. Do I need 20% equity to refinance my mortgage?ed question surrounding your service

Not necessarily in every situation, but equity can affect which lenders, rates and refinancing options are available. Individual banks apply their own lending criteria. Some streamlined refinance packages specifically require at least 20% equity; for example, current Kiwibank and BNZ switch packages have a 20% equity requirement. Borrowers with less equity may still have options, but low-equity pricing or other restrictions can apply.