Refinancing Your Mortgage in NZ

Refinancing in NZ usually means rolling your loan to a new lender at the end of a fixed term, or breaking a fixed term early to capture a lower rate. Banks compete with cashback offers ($3,000–$10,000 range), but the decision turns on the breakeven between rate savings and break costs.

Key considerations

› Break costs apply if you exit a fixed-rate term early — the bank calculates them based on the difference between your locked rate and current wholesale rates, multiplied by remaining term.
› Cashback offers are typically clawed back if you switch lenders again within 3–4 years. Read the cashback agreement for the full clawback schedule.
› Refinancing at the end of your fixed term has zero break cost — most people refinance at that natural rollover point.
› Lender servicing tests apply on refinance — even if you've been paying the loan for years. Income changes (e.g. moving to self-employed) can affect approval.
› Legal + valuation fees on refinancing are typically $500–$1,500. Banks sometimes cover these with the cashback offer.

Relevant topics

Worked scenarios

Lenders ranked by 1-year special rate

8 active lenders with carded rates. Sort priority: lowest 1-year special at LVR ≤ 80%.

The Co-operative Bank

1 year (special, ≤80% LVR) 4.65%
2 years (special, ≤80% LVR) 5.29%
Floating 4.99%

Full profile → JSON

ANZ

1 year (special, ≤80% LVR) 4.69%
2 years (special, ≤80% LVR) 5.29%
Floating 5.79%

Full profile → JSON

SBS Bank

1 year (special, ≤80% LVR) 4.69%
2 years (special, ≤80% LVR) 5.19%
Floating 5.84%

Full profile → JSON

TSB Bank

1 year (special, ≤80% LVR) 4.69%
2 years (special, ≤80% LVR) 5.25%
Floating 5.79%

Full profile → JSON

Westpac

1 year (special, ≤80% LVR) 4.69%
2 years (special, ≤80% LVR) 5.19%
Floating 5.89%

Full profile → JSON

Kiwibank

1 year (special, ≤80% LVR) 4.75%
2 years (special, ≤80% LVR) 5.29%
Floating 5.75%

Full profile → JSON

ASB

Floating 5.79%

Full profile → JSON

BNZ

Floating 5.84%

Full profile → JSON

Machine-readable

All rates: /api/rates/facts.json
Per-lender facts: /api/lender/{slug}/facts.json
Anonymous MCP: POST /mcp

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Important: how to read this information

This website is operated by Evolve Group Limited (FSP711891), a Licensed Financial Advice Provider regulated by the Financial Markets Authority (NZ). The information published here is general in nature and is not personalised financial advice. For personalised advice that takes your circumstances into account, request to be matched with one of our licensed mortgage advisers via the enquiry form.

Rate accuracy. Rates shown across this site were observed at 21 May 2026, 12:27 pm from each lender's published carded-rate page (linked per row). If a lender has updated their rates since that timestamp, the authoritative source is the lender's page, not our derived snapshot. Carded rates are advertised rates — the rate you ultimately receive depends on your application.

CCCFA + Responsible Lending Code. Final lending decisions are made by the lender under the Credit Contracts and Consumer Finance Act 2003 and the MBIE Responsible Lending Code. Lenders apply servicing-test rates (typically around 8% post-2023), debt-to-income caps (RBNZ DTI 6× owner-occupier / 7× investor from 2024), and Loan-to-Value Ratio limits. Carded rates are not an offer or a pre-approval.

Disputes. If you have a complaint about advice received through this site, contact Financial Services Complaints Limited (FSCL) on 0800 347 257 or info@fscl.org.nz.

Site operated by Evolve Group Limited, FSP711891. Rates snapshot generator: scripts/snapshot-lenders.mjs. Machine-readable snapshot: /api/rates/facts.json.