Lower your interest rate, reduce payments, or access your home equity. Compare rates from 50+ lenders.
Compare Refinance RatesCurrent Average Rate
7.24%
Best Available Rate
6.29%
Potential Saving
0.95%
On a $500,000 mortgage, that's:
$4,750 per year
$395 per month | $91 per week
If rates have dropped since you first got your mortgage, or your financial situation has improved, you could qualify for a better rate and save thousands.
A lower rate or longer loan term can significantly reduce your monthly payments, freeing up cash for other expenses or investments.
Use the equity built up in your home for renovations, debt consolidation, investment property, or other financial goals. Learn about accessing equity →
Roll high-interest debt (credit cards, personal loans) into your mortgage at a much lower interest rate. See debt consolidation options →
Switch from floating to fixed rates, adjust your loan length, or change features like offset accounts or redraw facilities.
If your property value has increased or you've paid down your mortgage, you may no longer need to pay low equity fees.
Understanding the costs involved in refinancing helps you determine if switching is worthwhile.
If you're locked into a fixed rate, breaking early can cost thousands. Always check with your current lender first. If your fixed term is ending soon, wait to avoid these fees.
You'll need a lawyer to handle the refinancing paperwork. Some banks offer cashback deals that can cover these costs.
New lenders may require a property valuation. Many banks waive this fee or use automated valuations for free.
Your current lender charges this to remove their mortgage from your property title.
If you're saving $4,000+ per year on a lower rate, refinancing pays for itself in less than a year.
Cash Back Offers: Many banks offer cash incentives ($2,000-$5,000) when you refinance to them, which can cover most or all of your refinancing costs.
Shop around and compare rates from multiple lenders. Even a 0.5% difference can save thousands over the life of your loan. View current rates →
Compare rates nowIf you have a fixed rate, contact your current lender to find out if there are any break fees. These can be significant, so factor them into your decision.
Submit your application to the new lender. You'll need proof of income, property valuation, and details of your current mortgage.
The new lender will assess your application and conduct a property valuation. Approval typically takes 1-2 weeks.
Your lawyer will handle the paperwork, including discharging your old mortgage and registering the new one.
Your new mortgage is in place and you'll start making payments at your lower rate. Time to enjoy the savings!
Timeline: The entire refinancing process typically takes 4-6 weeks from application to settlement.
It depends on the rate difference. A 0.5% reduction on a $500,000 mortgage saves approximately $2,500 per year. A 1% reduction saves around $5,000 annually. Use our comparison tool to see your specific savings.
Yes, temporarily. Credit enquiries from lenders cause a small, short-term dip (usually 5-10 points). However, this recovers quickly, and the long-term benefits of a better mortgage typically outweigh the temporary impact.
It's more difficult but not impossible. You may need more equity in your home (30%+) and will likely face higher interest rates. Some specialist lenders work with borrowers who have credit issues.
Always compare! Your current bank may offer a loyalty rate, but you'll often find better deals by switching. Banks usually offer their best rates to attract new customers rather than retain existing ones.
Most lenders require at least 20% equity. With 10-20% equity, you'll likely pay a low equity premium. Below 10% equity, refinancing options are very limited.
Yes! Investment property refinancing follows similar rules, though you may need more equity (typically 30-35%). Rental income can be used to support your application.
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Last updated: March 24, 2026 | Rates and information verified with RBNZ