Refinancing Calculator
Should you refinance your mortgage? Calculate your potential savings.
Your Current Mortgage
New Loan Details
Refinancing Could Save You Money
Break Fee Warning
If you're on a fixed rate, ask your current bank for a break fee quote before refinancing. Break fees can be substantial and may outweigh the savings from a lower rate.
When Refinancing Makes Sense
- +Rate savings of 0.5%+ with minimal break fees
- +Your fixed term is about to expire
- +You want to consolidate debts
- +You need better features (offset account, redraw)
Refinancing FAQs
Is it worth refinancing my mortgage NZ?
Refinancing is worth it if you can save at least 0.5% on your interest rate and plan to stay in your home for 2+ years. Factor in break fees, legal costs, and any cashback offers.
What are mortgage break fees in NZ?
Break fees apply when you exit a fixed rate early. They compensate the bank for lost interest and can range from a few hundred to tens of thousands of dollars depending on the rate difference and time remaining.
How much can I save by refinancing?
A 0.5% rate reduction on a $500,000 loan saves approximately $200/month or $2,400/year. Over the life of the loan, this can total $50,000+ in savings.
Should I take a bank cashback offer?
Cashback offers (typically $2,000-$5,000) can help offset switching costs, but check if the rate is competitive. Sometimes a lower rate without cashback saves more long-term.
How often can I refinance my mortgage?
You can refinance as often as you like, but it's usually only worthwhile every 2-3 years when fixed terms expire. Switching during a fixed term incurs break fees.
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.
Calculator outputs. Any figures produced by calculators on this site are mechanical estimates — they do not factor in establishment, legal, valuation, or break fees, and they assume a constant interest rate over the chosen term. For fixed-rate periods the rate typically resets at the end of the term. Treat calculator outputs as indicative only.
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.
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Machine-readable snapshot: /api/rates/facts.json.